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Precision Agriculture Market: Need of Technologies to Combat Climate Change will Drive the Demand
Field crops comprise the mainstream traditional farm produce that the agriculture industry majorly focuses on for its daily revenue generation
By: Bis Research
Report Overview is available at: https://bisresearch.com/
The precision irrigation market is expected to grow at a significant rate during the forecast period, enabling farmers to efficiently use water and reduce wastage of nutrients, water, and chemicals. Field monitoring applications also present colossal market growth opportunities. The advent of complete field monitoring solutions has proved to be one of the most beneficial applications of precision agriculture technologies. Traditional approaches, such as manual crop inspection and soil monitoring, are not only time-consuming but can also be inaccurate. Thus, the application of precision technology in the field monitoring process of collecting georeferenced data and other related information reduces potential threats and boosts viable economic opportunities.
Precision agriculture technologies are changing the way farmers used to traditionally manage their farms. The major driving force behind the increasing adoption is the value addition it brings to all farmers to overcome the challenges such as shortage of labor, climate change, and farm management, and agriculture businesses in the industry.
Asia-Pacific is expected to dominate the global precision agriculture market in the coming years. One of the primary reasons for high growth in the market is the benefits that software and hardware services provide to the farmers. Major emerging countries in the region are currently facing the issues of extreme climate conditions and inadequate resource accessibility coupled with mounting demand for food, owing to the rising population and economic growth. Thus, the adoption of effective farming solutions has become indispensable.
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The competitive landscape for the precision agriculture market demonstrates an inclination toward companies adopting strategies such as partnerships and collaborations along with new product launches to introduce new technologies or develop further on the existing product portfolio. Moreover, acquisition activities have increased in the market between 2015 to 2020. With increasing growth in the global precision agriculture market, companies operating in the industry are compelled to come up with collaborative strategies to sustain themselves in the intensely competitive market. Some of the leading companies operating in the global precision agriculture market are Kubota Corporation, AGCO Corporation, CLAAS Group.