Global Precision Agriculture Market 2015-2019
Overview of the precision agriculture market
Technavio’s research analyst predicts the global precision agriculture market to grow steadily at a CAGR of 14% during the forecast period. The limitations of land use and the need to maximize food production are driving the growth of this market. The area of arable land has been declining and has limited the food production potential. Farmers are facing the pressure of maximizing production within these limitations and are pursuing progressive techniques to make their farmlands more efficient. Precision agriculture techniques aid in managing farm lands more effectively thereby increasing food production in a sustainable manner.
The rising prominence of telematics technologies is also anticipated to fuel the market growth during the forecast period. Telematics records the processes of the equipment and transmits the data through a modem placed on the farm machinery. It provides the location, fuel usage, speed, and condition of the machinery and can help improve the efficiency and yield through smooth operations. For instance, New Holland, a CNH Industrial brand, upgraded its PLM Connect telematics system during 2015 in a bid to connect farmers with their operations, thus enabling real-time, informed decision making.
Product segmentation and analysis of the precision agriculture market
- Farm management systems
- Sensing and monitoring devices
- Automation and control systems
The automation and control systems segment dominated the market during 2014, with a market share of 51%. The report predicts this segment to retain its leadership until the end of 2019. This segment includes display systems, guidance and steering, GPS/GNNS system, and flow and application devices.
Geographical segmentation and analysis of the precision agriculture market
- Latin America
- North America
North America accounted for 69% of the market share during 2014 and is expected to grow at a CAGR of 13% during the forecast period. The high costs of labor in this region are driving the market growth for precision farming. The USDA (United States Department of Agriculture), NASA, and NOAA (National Oceanic and Atmospheric Administration) are the key agencies contributing to precision farming revolution in large-scale agriculture in this region.
Competitive landscape and key vendors
The global precision agriculture market is dominated by international providers. These vendors compete on the basis of cost, efficiency, ease of use, and customer access, of the systems and services. The competitive environment in this market is expected to intensify further due to the increase in product/service extensions, technological innovations, and mergers. International players are anticipated to grow inorganically by acquiring regional or local players.
The leading vendors in the market are -
- Ag Leader
- Deere & Co
- Trimble Navigation
Other prominent vendors in the market include CNH Industrial, Derr Equipment, DICKEY-John, Monsanto, MTS Systems, Raven Industries, Site-Specific Technology, and TeeJet.
Key questions answered in the report include
- What will the market size and the growth rate be in 2019?
- What are the key factors driving the global precision agriculture market?
- What are the key market trends impacting the growth of the precision agriculture market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the global precision agriculture market?
- Trending factors influencing the market shares of the APAC, Europe, Latin America, MEA, and North America?
- What are the key outcomes of the five forces analysis of the precision agriculture market?
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