Precision Farming Technology Adoption to Soar at 12% CAGR Through 2029, Notes Fact.MR
Prominent players in the precision farming market are focusing on awareness programs addressing issues of soil degradation, and are informing farmers about the benefits of implementing precision farming techniques.
Precision Farming Market - Key Takeaways
• The global precision farming market is expected to triple its market value by the end of the forecast period.
• Hardware offerings such as variability detectors will account for the majority of share on the back of preference among farmers for new machines over cloud-enabled advanced software.
• Services such as weather forecasts and soil assessment are expected to witness substantial growth owing to their ability to improve product yield.
• Variable-rate technology is expected to provide significant revenue opportunities while growing at a stupendous CAGR of 16% during the forecast period.
• Owing to their efficiency in security, maintenance, and preventive care of the farming grounds, the guidance systems will account for more than 40% over market value.
• Invigorated by surging adoption, North America will remain the most lucrative region for manufacturers in the precision farming market.
Precision Farming Market - Key Driving Factors
• The precision farming technology is further gaining traction, owing to government initiatives supporting modern farming techniques to produce higher quality and quantity of crops
• Rigorous change in weather patterns on the back of global warming is propelling the demand for precision farming as farmers across the world are on the lookout for helpful solutions.
• Increasing trends of plant-based and vegan diets are further increasing the demand from farmers who are focusing on expanding production.
• Rising labor costs and low availability of skilled labor is driving farmers to implement advanced solutions to ensure healthy crop production, thereby increasing the sales.
Precision Farming Market - Key Restraint
• Lack of technological knowledge among the end-users and lower adoption rates in emerging economies are likely to affect the rapid growth of the market.
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Some of the key players in the precision farming market are Deere & Company, Trimble, Agco, Agjunction, Raven Industries, AG Leader Technology, SST Development Group, Teejet Technologies, Topcon Positioning Systems, Dickey-John Corporation, and Cropmetrics.