DUBLIN--(BUSINESS WIRE)--The "Precision Farming Market by Technology (Guidance System, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Irrigation), Offering (Hardware-Sensors, GPS/GNSS, Yield Monitors, Software, Services) & Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The precision farming market is estimated to be worth USD 5.09 billion in 2018 and is projected to reach USD 9.53 billion by 2023, at a CAGR of 13.38% between 2018 and 2023.
Major factors driving the growth of the precision farming market include pressure on global food supply owing to growing world population, substantial cost cutting made possible by precision farming, and government initiatives to adopt modern agricultural techniques. Major restraints for the precision farming market include high initial investment and the lack of technical knowledge among farmers. Precision farming requires large initial investment, efficient farming tools, and skilled labor.
The wide adoption of VRT in precision farming is because of the various benefits associated with it. VRT allows input application rates to be varied across fields for site-specific management of the field variability. This technology helps in reducing the input usage, thereby decreasing environmental impacts such as greenhouse gas emission, soil erosion and degradation, and genetic erosion. The market for VRT is expected to grow at a higher CAGR than that for other technologies as this technology helps in applying the right amount of input at the right place on the field, which minimizes the input waste and increases land and crop productivity.
Increasing demand for climate information services owing to their benefits that enable farmers to deal with climate change and variability to improve decision-making in agriculture is the major reason behind the high growth of the market for weather tracking and forecasting between 2018 and 2023. Moreover, the increasing demand of cloud platform for climate services is a major factor propelling the growth of the precision farming market for this application.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Precision Farming Market, By Offering
8 Precision Farming Market, By Technology
9 Precision Farming Market, By Application
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
- Deere & Company
- Raven Industries
- AG Leader Technology
- SST Development Group
- Teejet Technologies
- Topcon Positioning Systems
- Dickey-John Corporation
- Hexagon Agriculture
- Prospera Technologies
- Autocopter Corp.
- The Climate Corporation (Subsidiary of Monsanto)
- Descartes Labs
- Decisive Farming
- Autonomous Tractor Corporation
For more information about this report visit https://www.researchandmarkets.com/research/26bfgz/precision_farming?w=4