Increasing farm mechanization in developing countries, increasing labor cost owing to shortage of skilled labor, increasing strain on the global food supply owing to increasing population, substantial cost savings associated with precision farming techniques, and government initiatives to adopt modern agricultural techniques are the major factors driving the market. Hardware segment is expected to hold the largest share owing to the high adoption of automation and control devices–drones/UAVs, GPS/GNSS, irrigation controllers, guidance and steering systems, yield monitors, and sensors. The increasing adoption of new technologies and advanced devices for farming industry is expected to drive the growth of the market for hardware. Guidance technology is expected to hold the largest share owing to the early adoption of this technology by farmers or growers. GPS-based guidance technology allow growers to reduce overlapping of equipment and tractor passes, thus saving fuel, labor, time, and soil compaction. The main components needed for a guidance technology based system or device are a GPS/GNSS, DGPS receiver, antenna, controller, guidance & steering, handheld devices and display, along with the accompanying wiring harness.
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Yield monitoring is the most widely used application in farming as it plays a vital role in understanding field variability and helps farmers in maximizing their yields. Yield monitoring is a tool to collect data and identify the yield variability in the field precisely. The interpretation of this data facilitates a farmer to take effective decisions in precision farming market. Yield monitors are combinations of various components that include mass flow sensors, moisture sensors, ground speed sensors, GPS receivers, and a task computer that is located in the vehicle that controls the integration and interaction of these components.
The Americas region is expected to hold the largest share. Countries such as the US and Canada in the Americas are the early adopters of precision farming technologies, which is the major reason for the high share of this region in the precision farming market. Farmers or growers in this region are increasingly adopting advanced farming systems and equipment such as steering and guidance systems, sensors, display devices, and farm management software.
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Key players include Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US), Precision Planting (US), The Climate Corporation (US), CropMetrics (US), Agribotix (US), Topcon Positioning Systems (US), Descartes Labs (US), ec2ce (Spain), Gamaya (Switzerland), and Decisive Farming (Canada).
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