Precision Farming is an advance method for farm management with help latest applications and information technology (IT), to make sure that the crops and soil receive exact amount water, fertilization and various other products that are needed for development of crops and maintenances of soil. Precision farming is supported by advance equipment, software & hardware, and strong IT services.
The precision farming is trending and more farmers are approaching it, because it make optimized use of available resources and focus on improve the quality and quantity of crops at same time minimizing the cost of production. Earlier precision farming was limited due lack resources, knowledge, and technology the growth was put onto hold. However, with change of time, strong technology infratsrucer was deployed, along with strong IT backup service.
The precision farming have helped the farmers to achieve a productivity, flexibility, and environmental protection and market will expand more in coming years. Looking at this phenomenal growth, Market Research Future’ recently gave out the market insight till 2022. According to this MRFR analysis the global precision farming market is expected to reach USD $7 billion and set to grow at CAGR of 12% during the forecast period.
Farm survey by drone: Using the survey drone for understanding yield variants, mapping the weeds and analyzing the soil. The survey drone collect the data and farmer can access this data for decision making regarding the development of farm. The drone is one factor in development of this industry. Without the aerial images the precision farming is not possible.
Smart Tractor: The smart tractor new innovation that can be controlled by GPS systems and drive to given location without driver, this will save the time and fuel. The farmers can track the movement of vehicles with help GPS systems and guide the direction whenever they want.
Apart from this growing population, the awareness for more efficient farming, and government taking initiatives for more approach and expanding the benefits of this technology across the small regions. This all are the factors driving the growth of the global precision farming market.
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The industry for precision farming is segmented as follow,
By Components - Hardware (Displays, Sensors, Drones, GPS Systems, Mobile Devices among others), Software (On Cloud, On Premise) and Service (Managed Services and Professional Services)
By Application - Yield mapping, Quality mapping, Soil properties analysis, Inventory Management, Labor management, Crop Scouting among others.
By Region - The regions are categorized on the basis of North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
December 2017- ‘Maharaja Institute of Technology’ under the ‘Maharaja Research Foundation in association with Agriculture Department, Government ‘Karnataka’. The Institute conducted, one day workshop on precision farming. Around more 1000 of farmer have attend the workshop explain the importances, advantages, and how technology playing an important role in precision farming.
Industry - Competitive Outlook
Key players are approaching new techniques and affordable devices in the precision farming. The same would improve market performance. Heavy investments are made by major players in the R&D sector.
The prominent players identified in the market of Precision Farming are- AG Leader Technology, AgEagle Aerial Systems , Aglytix Inc., AgGateway , Precision Planting ,AGCO Corporation , and Deere & Company.