Wide availability of low cost sensors to spur precision farming market revenue growth
The cost and size of different sensors such as load sensors, vibration sensors, and temperature sensors has reduced in the last decade because of continuous technological advancements in the semiconductor industry coupled with cutthroat manufacturer competition. Furthermore, there is an increasing acceptance of M2M monitoring across domains. Machine to Machine essentially allows devices to seamlessly communicate with each other sans any human intervention. M2M is a core component of the Internet of Things and offers a number of benefits to both business and industry. The agricultural application of M2M is anticipated to gain substantial traction and is poised to drive the growth of the precision farming market in the coming years.
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Imaging technologies used to great effect in the precision farming market
Several small and medium-sized precision agricultural solution providers are focusing on introducing precision farming solutions that use drones and imaging technology sensors. These companies are trying to provide data services that assist farmers in enhancing resource utilization and maximizing yield capacity. For e.g. – In March 2016, TerrAvion, an American aerial imagery service provider, unveiled aerial data services for farmers with the help of drones and thermal imaging technology. This is anticipated to enhance data imagery analytics that should in turn assist farmers in boosting productivity. The North America precision farming components market is on track to be valued at almost US$ 7.8 Bn by the end of the forecast period, making it an extremely lucrative opportunity for stakeholders.
Sustainable farming technology that responds to climate change essential
Technologies related to agriculture fall under four major areas – Food, Engineering, Automation, and Sensors. Technologies that enable agriculture to expand its reach to new economic areas, places, and means are quality seedling sowing, production, fertilization, inter-cultivation, and other techniques. Climate change is predicted to dramatically impact worldwide agricultural production in the days ahead. Farmers in emerging economies are expected to bear the brunt by way of drought, adverse weather, floods, and reduced crop harvests. Therefore, the rapid deployment of precision farming equipment will play a large role in improving efficiency and crop yield.
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Lack of standards and high costs critical barriers in the precision farming market
Data management and data aggregation are major restraints in the precision farming market. The lack of industry-wide standards for data management applications in smart-agriculture solutions prevent the most efficient use of data. This difficulty is rooted in the need to standardize data management systems throughout the farming industry to ensure operational uniformity. In addition to this, precision farming technology is still comparatively expensive making it unaffordable to smaller farmers in developed regions and most farmers in emerging economies. While larger farmers are able to shoulder the cost of precision farming equipment, smaller farmers may be resistant to make the switch because of higher initial costs. The European Agricultural Machinery Industry Association estimates that only a quarter of small farmers can afford advanced precision farming equipment.
Hardware segment key in the precision farming component market
The global precision farming market by hardware is likely to grow with an exponential CAGR of 14.6% from 2017-2025 and be worth more than US$ 10 Bn by end 2025. The market attractiveness of the hardware segment is considerably higher than all other segments in the precision farming market, making it well worth the time and effort of companies actively involved in the precision farming market.