Precision farming is a farming management which is based on measuring, observing and responding to inter and intra-field variability in crops. It is mainly an information technology based farm management system. Precision farming is also known as site specific crop management or satellite farming. With the advancement in data management, precision farming has a significant impact on traditional approaches of farming. Data management advancement along with growth of latest technology such as geo-location tracking helps precision farming to optimize yield and detect operating efficiencies. Precision farming helps to reduce fuel uses and cut down the input and labor cost. Precision farming market is expected to grow at a rapid pace during forecasted period.
Precision farming helps farmers to get proper information about harvesting and planting. It also suggests proper amount of pesticides and fertilizers needed for better yield production. Due to various innovations practices in precision farming, farmers get benefitted from across the globe. Major contributing factors such as improved yield and profitability act as a key driver for precision farming market. Some other factors such as energy and cost saving along with governmental assistance help in the growth of global precision farming market. Larger initial investment and lack of awareness and their impact acts as restrain for precision farming market. On the basis of technology precision farming market is segmented in three categories such remote sensing, guidance systems and variable rate technologies. By component, precision farming market is further segmented into automation & control systems, sensing & monitoring devices and farm management systems (FMS).
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Some of the leading company such as Trimble Navigation System, Deere & Company and Ag Leader offers most innovative precision farming equipment with emphasis on latest technology. Growing investment over research and development on precision farming technology further helps in the growth of global precision farming market.
North America is one of the prominent markets for precision farming market. In North America, U.S.is observed as matured market and it is expected to see various upgrades in during forecasted period. Precision farming market is already progressing well in developed countries and it is also expected to grow well even in the developing nations due to the ever growing food demands. Precision farming market in Asia Pacific and Europe is in earlier stages of adoption life cycle and expected to grow with double digit rate during forecasted period. China and India are the two major countries in Asia pacific region which holds the highest share in precision farming market. Growth in various farming operating is Asia Pacific regions further boost the precision farming market. The global precision farming market is expected to grow in a double digit growth rate during forecasted period 2014- 2020.
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Some of the major players in the global precision farming market are AgJunction Inc., Case IH, Ag Leader Technology, Ag Business & Crop Inc, Dickey-John Corporation, Teejet Technologies, Deere & Company, Trimble Navigation System, Ag Nav Inc., Precision Planting Inc., Jain Irrigation Systems Ltd., ACGO Corporation, Topcon Precision Agriculture, SOYL Precision Farming, American Sensor Technologies Inc, Echelon Ag Inc, The Toro Company and Raven Industries Inc.