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Precision Farming Market Will Be Worth $3,721.27 Million by 2018, at an Estimated CAGR of 13.36%.

[327 Pages Report] Precision Farming Market categories the Global Market by Technology (GIS, GPS/GNSS, Remote Sensing & VRT), Components (Automation & Control, Sensors, FMS), Applications (VRA, Mapping, Yield Monitoring, Soil Monitoring, Scouting) & by Geography

 

Dallas, TX -- (ReleaseWire) -- 07/07/2014 -- According to a new market research report "Precision Farming Market by Technology (GPS/GNSS, GIS, Remote Sensing & VRT), Components (Automation & Control, Sensors, FMS), Applications (Yield Monitoring, VRA, Mapping, Soil Monitoring, Scouting) - Global Forecast & Analysis (2013 - 2018)" published by MarketsandMarkets, the overall Global precision farming market will be worth $3,721.27 million by 2018, at an estimated CAGR of 13.36%.

Technology and data are the prime factors that define precision farming. The development of devices and equipment has progressed quite quickly; with most of the equipment manufacturers aiming to secure a reasonable market share. Continues research and developments are undertaken by most of the major market players to develop systems that are reliable, and easy to integrate and operate. It was observed that these devices had a limited compatibility with other manufacturers systems. As the number of different systems increases, and each becomes more complex, the task of getting some standardisation in communication and data protocols becomes more difficult.

For the past few years, the amount of electronic equipment in machinery has gradually increased, as manufacturers build more functional, and with enhanced productivity and performance features in their equipment. Most of these equipment have been comprising an individual user interface mounted in the tractor, which could typically control only one specific piece of equipment. It was observed that to provide inter-operability between the electronic systems on different tractors— implements and user interfaces, and standardization of the electronics were required. This led to the development of ISO 11783 standard, designed by the working group across North America.

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ISO 11783 or ISOBUS is a communication protocol for agriculture equipment; it specifies a data network for control and communication, on agriculture implements. ISOBUS system is based around one central communication cable called a “BUS”, to which all the equipment is attached. When a piece of equipment is attached to the BUS for the first time, it will automatically install the software required for the user to control it, onto the Virtual Terminal Screen. Today, most of the tractors come with ISOBUS compliance; and farmers using precision farming equipment look for devices that are compliant. It is expected that within the next 3-4 years, the full implementation of the ISOBUS would be completed.

Browse 94 market data tables and 64 figures spread through 327 pages and in-depth TOC on "Precision Farming Market".

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The ever increasing global food demands and environmental issues have plagued the countries across the globe; there are growing concerns to tackle both the issues, simultaneously. In this challenging situation, precision farming presents a way ahead by offering increasing yields, and at the same time, reducing the wastage and environmental degradation. Precision farming is a technology based in field management system that optimizes the overall farming practices and input resources. The major drivers for the global Precision Farming Market are profitability & enhancement in the yields, government assistance, energy & cost saving, and the growing agro industry. The restraints for the growth of this market are high initial investments, and lack of technical know-how. The UAV (Unmanned Aerial Vehicle) and penetration by broadband and mobile technologies are the key opportunities in the Precision Farming Market.

The global Precision Farming Market covers the entire industry on the basis of technology, hardware & software component, application, and geography. The technology section covers different GPS and variable rate technologies, along with their current and future estimations. Of all the major technologies, variable rate technology is expected to register higher adoption rates for mass markets. The application section covers yield monitoring, variable rate application, field mapping, soil monitoring, crop scouting, and others. The applications such as variable rate applications and yield monitoring are expected to be the major revenue generators for the Global precision farming market. The geographical analysis covers Americas, Europe, APAC and ROW regions.

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The major companies involved in the global precision farming industry are Deere & Company (U.S.), Trimble Navigation Ltd. (U.S.), Raven Industries (U.S.), Precision Planting Inc. (U.S.), and AgJunction Inc. (U.S.), among others. The U.S. will remain the leading market for the Americas precision farming, throughout the forecasted period, due to their high adoption rate, financially strong growers, and continuous development.

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