Precision farming market to reach US$6.43bn by 2022

Precision Farming in Minnesota Natural Colour partPrecision Farming in Minnesota, USA. (Image source: NASA Earth Observatory, Jesse Allen/Commons)The Global Precision Farming market accounted for US$2.81bn in 2014 and is expected to grow at a CAGR of 12.53 per cent to reach US$6.43bn by 2022

The market is expected to benefit from promising market investments that are lifting the standards of agriculture, which offer high yields and profits. The growing demand for food is pushing the growers to adopt precision farming techniques and optimize their resources efficiently with minimum wastages. The factors such as high initial investment costs, lack of technological skills, and reluctance to adopt the latest technologies for farming practices are inhibiting the market growth.

The increasing eminence of telematics technologies is expected to fuel the market growth during the forecast period. Government interventions and energy & cost efficiency are the driving factors for the growth of global market. Huge economic development and growing population in Asia Pacific are the major factors responsible for market growth in this region.

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Some of the key players in the global precision farming market include; ACGO Corporation, Dickey-John Corporation, Syngenta AG, Ag Leader Technology, John Deere & Company, Micro Trak Systems, Teejet Technologies, Lindsay Corp., Precision Planting Inc., Raven Industries Inc., Monsanto, Novariant Inc., Topcon Precision Agriculture, SST Development Group Inc., Agjunction Inc., and Trimble Navigation Limited.

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