New York, NY 3 Jan 2020 : 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.
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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.
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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.
About Polaris Market
Research
Polaris Market Research is a
global market research and consulting company. The company specializes in
providing exceptional market intelligence and in-depth business research
services for our clientele spread across different enterprises.
Contact Us:
Polaris Market Research
Phone: 1-646-568-9980
Email:
sales@polarismarketresearch.com
Web:
www.polarismarketresearch.com
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