New York City, 02 April 2019: The global precision
agriculture market is anticipated to reach over USD 13,016 million
by 2026, According to a new study published by Polaris Market Research. In
2017, the yield monitoring application dominated the global market, in terms of
revenue. North America is expected to be the leading contributor to the global
market revenue during the forecast period.
There has been an increasing
adoption of precision farming across the world owing to growing agricultural
industry, and high-demand for food crops. The global precision farming market
is driven by the increasing need to improve the quality of crops produced,
maximizing crop production, and enhanced crop monitoring. Technological
advancement along with government subsidies further boosts the market growth.
However, high initial investment and lack of awareness limit the precision
farming market growth.
Request for Sample Pages
:
North America generated the
highest revenue in the precision agriculture market in 2017, and is expected to
lead the global market throughout the forecast period. This is due to high cost
of labor, and presence of large farmlands in the North American region.
Increasing investments and subsidies in the agriculture sector by governments
boost the precision farming market growth during the forecast period in the
region. Increasing need to improve food quality and productivity along with
increased industrialization of farming equipment further supplements market
growth.
Various applications of
precision farming include irrigation management, crop scouting, yield
monitoring, weather tracking and forecasting, field mapping, inventory
management, and farm labor management. In 2017, yield monitoring accounted for
the largest share in the global market, and was estimated at $1,974 million in
2017, registering a CAGR of 13.2% during the forecast period. This is
attributable to the benefits offered by yield monitoring such as reduced cost,
improved yields, and enhanced decision making. Yield monitoring is further
divided into on-farm yield monitoring, and off-farm yield monitoring.
Browse Research Report
On Precision Farming Market Analysis :
The well-known companies
profiled in the report include Ag Leader Technology, AGCO Corporation, Deere
and Company, Topcon Corporation, Trimble, Inc., The Climate Corporation,
Farmers Edge Inc., and AgJunction, Inc. among others. These companies launch
new products and collaborate with other market leaders to innovate and launch
new products to meet the increasing needs and requirements of consumers.
For more information on this
press release visit:
About Polaris Market Research
Polaris Market Research is a
global market research and consulting company. We provide unmatched quality of
offerings to our clients present globally. The company specializes in providing
exceptional market intelligence and in-depth business research services for our
clientele spread across different enterprises. We at Polaris are obliged to
serve our diverse customer base present across the industries of healthcare,
technology, semi-conductors and chemicals among various other industries
present around the world. We strive to provide our customers with updated
information on innovative technologies, high growth markets, emerging business
environments and latest business-centric applications, thereby helping them
always to make informed decisions and leverage new opportunities.
For more information: https://www.polarismarketresearch.com/
