LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global precision viticulture market to grow at a CAGR of over 9% during the forecast period, according to their latest market research report.
The growing demand for premium wines is one of the major trends being witnessed in the global precision viticulture market 2018-2022. With the growing consumption of premium wine worldwide, the global wine market is growing rapidly across the world. As the premium wines are made from the best varieties of grapes, growing these grapes in large quantities requires the application of precision viticulture in vineyards. Therefore, the trend of premiumization is expected to continue during the forecast period, which might accelerate the adoption of precision viticulture techniques in vineyards.
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According to Technavio analysts, one of the key factors contributing to the growth of the global precision viticulture market is the government support for precision viticulture projects:
Global precision viticulture market: Government support for precision viticulture projects
Viticulture research is being supported by governments worldwide. For instance, in 2017, the National Institute of Food and Agriculture (NIFA) funded an ongoing project (from 2015 to 2019) for precision vineyard management. In the US, the ARS that is part of the USDA organizes grape workshops in which the discussions are based on precision technologies in viticulture. These support initiatives are helping improve the technologies and also reduce the cost of adopting precision viticulture solutions.
According to a senior analyst at Technavio, “Major vendors in the market are adopting innovative technologies for improving vineyard improvement. The use of precision technologies enables sampling, monitoring, and yield mapping of small sections of the vineyard. The adoption of advanced technologies will boost the growth of the market.”
Global precision viticulture market: Segmentation analysis
The global precision viticulture market research report provides market segmentation by product (hardware and software and services) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The EMEA region held the largest share of the market in 2017, accounting for more than 66% share, followed by the Americas and APAC respectively. The EMEA region will continue to dominate the global market with the highest incremental growth during the forecast period.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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