Global Precision Farming Equipment Market 2014-2018
Mar. 26 2014
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Precision farming refers to the use of advanced satellite communications technology such as GIS, GNSS, and GPS in farming to analyze factors such as soil, crops, yields, weed, requirement of
fertilizers, and manure and provide better information. This type of farming uses several advanced sensors, monitors, and controllers to help farmers accurately move agricultural equipment. Precision farming provides precise information and data analysis, which helps farmers understand which areas are to be focused on and what requirements are needed for better yield. This type of farming increases crop yield and reduces pollution, making it a popular alternative among farmers.
Despite the above drivers, certain challenges hinder the growth of the Global Precision Farming Equipment market. One of the main challenges restricting market growth is the high cost associated with precision farming. This methodology requires farmers/agriculturists to make high initial investments as it involves the use of advanced technology and satellite systems such as GNSS for farming, data collection, and analysis. Currently, precision farming is restricted to developed economies such as the US, countries in Western Europe, and Japan, which is also proving to be a major challenge for market growth.
The global market is also witnessing the emergence of some trends that are expected to exert a positive impact on its growth during the forecast period. One such major trend being witnessed is the focus of vendors to provide better user-interfaces that will make the precision farming process easy to use. The increase in the use of telematics is another major trend emerging in the global market. Hence, modernization and the rising demand for precision farming in developing economies is expected to drive the market in the coming years.
The report forecasts the Global Precision Farming Equipment market will grow at a CAGR of 13.07 percent over the period 2013-2018. One of the key factors contributing to this market growth is the improved profitability that can be obtained by the adoption of precision farming technology. The Global Precision Farming Equipment market has also been witnessing the launch of improved and easier-to-use user interfaces, making the technology easier to operate. However, the expensive nature of this product could pose a challenge to the growth of this market.
Deere and Co., Precision Planting Inc., Raven Industries Inc., Trimble Navigation Ltd., AgJunction Inc., AGLeader Technology Inc., IntegriNautics Corp., Schmidt and Sons Inc., and Spraying Systems Co.
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