Precision Farming Market in the US 2015-2019
About Precision Farming
Precision farming is a farm management process, which is bringing about a paradigm shift in agriculture. It relies on technology to measure agricultural variables such as soil content, yield, and weed and utilizes precise information about agricultural resources, and subsequently apply specific treatments. This enables the producer to micromanage farming practices and improve production and profits while keeping resource use to a minimum.
Technavio's analysts forecast the precision farming market in the US to grow at a CAGR of 16.04% during 2014-2019.
Covered in this Report
The report covers the present scenario and the growth prospects of the precision farming market in the US for 2015-2019. To calculate the market size, the report considers the revenue generated from the sales of precision farming systems and services.
Technavio's report, Precision Farming Market in the US 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Precision Farming Market in the US 2015-2019
Technavio recognizes the following companies as the key players in the Precision Farming Market in the US: Ag Leader Technology, AgJunction, Deere, Dickey-John, Teejet Technologies and Trimble Navigation
Other Prominent Vendors in the market are: AGCO, CNH Industrial, Derr Equipment, Monsanto, MTS Systems, Raven Industries, Site-Specific Technology Development Group and Topcon Precision Agriculture
Commenting on the report, an analyst from Technavio’s team said: “As farmers in the US grow increasingly wary of the effects of agriculture on the environment, they are taking steps to practice sustainable forms of farming. The environmental effects of farming can be reduced significantly by using precision farming methodologies, which help reduce the negative impact of agricultural pollutants, such as fertilizers and pesticides, on biodiversity and water quality through prescription farming. It can also help reduce the emission of greenhouse gases by reducing fuel use. Using eco-friendly and efficient agricultural equipment has thus become an important component in the shift toward sustainable agriculture. The adoption of eco-friendly plowing and cultivation machineries is expected to increase during the forecast period due to farmers' efforts to maintain environmental balance through the sustainable production of agricultural products.”
According to the report, along with the growth in the global population, the demand for food is rising. The US is a significant producer and exporter of certain agricultural crops, such as corn and soybeans, and thus plays an important part in the global food supply chain. However, the area of arable land in the US has been stagnant, limiting food production potential. Farmers are thus facing pressure to maximize production under strict limitations and are seeking out progressive techniques to make their farmlands more efficient. These factors, collectively, are expected to drive the popularity of precision farming technologies in the market, as they allow farmers to manage their lands more effectively and thus increase production in a sustainable manner.
Further, the report states that the high initial costs of precision technologies are, however, deterring their adoption among farmers.
Ag Leader Technology, AgJunction, Deere, Dickey-John, Teejet Technologies, Trimble Navigation, AGCO, CNH Industrial, Derr Equipment, Monsanto, MTS Systems, Raven Industries, Site-Specific Technology Development Group, Topcon Precision Agriculture