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Precision farming market to grow at 12% to $4.55 billion by 2020
Nov. 7, 2014
According to the report “Precision Farming Market by Technology, Components, Application and Geography - Global Forecasts to 2020”, the total precision farming market size is expected to grow at a CAGR of 12.2% from 2014 to 2020 and reach $4.55 billion by 2020.
Major drivers for this market are augmented yield and profitability, which are contributing factors for farmers to opt for precision farming; other drivers like energy & cost saving, and government assistance have also been contributing to the market growth. Major restraints like high initial investments, and lack of awareness and their impact analysis are also covered under this study.
Precision farming is observed to be in its matured phase in the U.S. market. Outside the U.S., South America, APAC, and Europe; particularly, Brazil, Argentina, Eastern Europe, and China – are fuelling a strong double-digit growth as they are in early stages in the adoption life cycle; also, due to the large consolidated farming operations in those regions.
The major companies contributing significantly in precision farming market includes AgJunction Inc. (U.S.), Ag Leader Technology (U.S.), Dickey-John Corporation (U.S.), Teejet Technologies (U.S.), Deere &Company (U.S), Trimble Navigation System (U.S.), Precision Planting Inc.(U.S.), ACGO Corporation (U.S.), Topcon Precision Agriculture (U.S.), and Raven Industries Inc. (U.S.).
Source: MarketsandMarkets (M&M)
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