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| Precision Agriculture Market 2024 Overview |
Surging adoption of new
farming technologies in order to boost agricultural production to drive global
precision agriculture market through 2024
According
to TechSci Research report, “Global Precision Agriculture Market By Technology, By
Component, By Application, By Region, Competition, Forecast &
Opportunities, 2024”, global precision agriculture
market is projected to grow at a CAGR of more than 13% during 2019-2024,
backed by increasing demand for food production from limited labor and limited
farm size. Farmers are adopting precision agriculture methods to close the
supply-demand gap and ensure high yield and protection to the environment.
Rising awareness pertaining to the application of precision agriculture and support
from the governments for sustainable farming technologies are expected to positively
influence the market in coming years.
Browse 120 Figures spread through 110
Pages and an in-depth TOC on "Global Precision Agriculture
Market"
Precision
agriculture market, globally, can be segmented based on component, technology,
application and region. In terms of component, hardware segment is likely to
lead the market due to huge installation of hardware components. Moreover,
increasing crop yield is compelling vendors to introduce new hardware devices. Based
on the technology, the market can be segmented into guidance systems, remote
sensing and variable rate technologies. Guidance system is the leading market segment
and is poised to grow at the highest CAGR through 2024 due to early adoption of
the technology by farmers. The guidance systems segment is further segmented
into Global Positioning Systems (GPS), Global Navigation Satellite Systems (GNSS)
and Global Information Systems (GIS). Farmers are readily adopting guidance
systems, as these devices provide real-time data insights on improving the
efficiency of crops.
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Bayer CropScience AG, Trimble Inc., Deere & Company, Iteris, Inc.,
AgJunction Inc., Farmers Edge, Inc., Ag Leader Technology, CropMetrics, AGCO
Corporation and Teejet Technologies are some of the leading players operating
in global precision agriculture market. Companies operating in the market are
using organic strategies such as product launches, mergers and collaborations to
boost their share. In the end of 2017, AGCO entered
into an agreement with Lely Group to acquire its forage division and strengthen
AGCO’s product offerings.
“North America is
expected to witness the extensive adoption of precision agriculture, on the
back of increasing awareness pertaining to the crop quality and initiatives
taken by the government to bring innovation in the sector. Moreover, several
rules and regulations such as precision agriculture connectivity act in the US
and Canada are likely to positively influence market growth in the region
during forecast period.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Precision Agriculture Market By Technology,
By Component, By Application, By Region, Competition, Forecast &
Opportunities, 2024” has
evaluated the future growth potential of global precision agriculture market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global precision agriculture market.
About TechSci Research
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Research is serving clients across 11 different industrial verticals. TechSci
Research specializes in research based consulting assignments in high growth
and emerging markets, leading technologies and niche applications. Our
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