Precision Farming Market to Grow Rapidly Owing to Rising Adoption of Drone Technology to Monitor Crops, Identify Planting Flaws, Detect & Control Pests Till 2025 | Million Insights
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The precision agriculture market is segmented based on component, technology, application, and geography. By component, the segmentation spans hardware (sensors, automated steering system, drones, camera, UAV, mobile device, GNSS & GPS, and others), software, and service (consulting & training, maintenance & updates, managed services, integration, and other professional service). By technology, the market comprises high precision positioning system, geomapping, remote sensing, integrated electronic communication, and VRT. By application, the segmentation constitutes weather monitoring, yield monitoring, field monitoring, irrigation management, waste management, financial management, and others.
By geography, the segmentation says North America, Europe, Asia Pacific, LATAM, and MEA. North America holds the largest market share; thanks to growing awareness regarding crop quality coupled with initiatives by the federal government of the U.S. to bring about innovation. Plus, in 2018, the same government did pass "Precision Agriculture Connectivity Act" for meeting connectivity requirements in this regard. Asia Pacific comes in second.
The players contributing to the precision farming market include Topcon Positioning Systems, Inc.; Raven Industries, Inc.; Trimble Navigation Ltd.; Precision Planting; Monsanto Company; GEA Group AG; CropX Inc.; Farmers Edge Inc.; Delaval Corporation; Dickey-John Corporation; Deere & Company; AgSmarts Inc.; CropMetrics LLC; AGCO Corporation; Boumatic LLC; AgSense LLC; and Agribotix LLC. Inorganic growth is on the anvil. For instance – AGCO, in Sep 2017, acquired Precision Planting LLC equipment business from "The Climate Corporation" (Monsanto Corporation's subsidiary). The basic objective of this acquisition was to strengthen ACGO's position as full-line partner for farmers at the global level.
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