Precision Agriculture Market- what to look out for

Precision Agriculture Market

 

Agriculture – The Foundation for Human Existence

Agriculture is essential given that it is the major source of food globally. Proper farming methods ensure that the crops grow without any pests or diseases. Different farming and agriculture techniques help analyze the rotational patterns to keep the soil nourished and fertile for a longer duration.

In spite of major challenges such as increasing labor costs, degradation of the environment and low selling price, farmers are willing to try out new methods. One such recent development in the field of agriculture is the utilization of precision methods. Precision agriculture is a modern farming practice that enables farmers to work better with site-specific crop management or SSCM. Rotating crops have been proven to improve the diversity of soil and enrich it with the lost nutrients.

What is Precision Agriculture?

Soil environment plays a vital role in the crop health. Thus, precision agriculture practice involves adding proper fertilizers, better quality seeds, and adequate irrigation channels for optimum growth. These techniques have not only helped farmers grow a humongous amount of crops at a lower price but also manage it well when it comes to dealing with vendors.

Market potential for Precision Agriculture

Technical advancements is one of the major factor driving the Precision Agriculture Market. As per latest reports, the global precision agriculture market is estimated to grow from 3.67 billion dollars in 2016 to 7.29 billion dollars by the end of 2021. With an annual compound growth rate of 14.7%, the forecasted numbers have been overwhelming. This type of farming has intense technical features such as GPS and GIS satellite and is definitely a great market right now.

How is precision agriculture helping farmers?

The major driver for the market consists of the need for optimizing production levels. Older data would have concentrated on the uncertainty of the agricultural market. However, it is no longer the case right now.

  • Implementation of advanced technologies and specific devices has been successful in ruling out uncertainty from the trade.
  • Real-time monitoring of growth, forecasting of weather, field specification studies is helping farmers to look into the intricacies of the processes that can play a crucial role in minimizing waste and human effort.
  • Additionally, a booming human population across Asia in countries such as India and China has created a surplus demand for the development of the Precision Agriculture Market.

As the population starts moving to urban areas, the demand for food and housing will grow along with it. The absence of superior farming methods only limits the supply of crops for consumption. Increased output and better food quality is the need of the hour and precision agriculture method focuses on achieving that with ease.

Adopting a sustainable technology and better farming methods is a lucrative option. Proper awareness programs, better education concerning modern farming techniques, information sharing is essential to drive the global precision agriculture market. Increasing demand for organic food products is expected to provide a nourishing substrate for the growth of the market.

Making it easier for Farmers through precision Agriculture –Summary

Accessible applications synced with the smart-phones can help farmers to track real-time developments making the process of operations a cakewalk. However, some of the features of precision agriculture are the main causes of restraints when it comes to developing the base of the market. Limited numbers of people are aware of the recent developments of the Precision Agriculture Method. Therefore, creating awareness becomes a challenging task.

Technical developments have paved the way for involving major cloud services with the functional aspects of the equipment. Cloud services help in a centralized storage system, virtual interfaces, and automated functions that allow ease of accessibility. Extracting information from various sources helps in making reliable predictions that then can be followed to reach optimum production levels.

  • Remote sensing devices, Variable Rate technology, and telematics form a significant chunk of the technology segment.
  • Hardware and software devices such as sensors, drones, automated steering systems, crop management software, inventory management tools, financial management tools, make it easier to track and manage the entire process.
  • GPS holds the major chunk of the segmented market and GIS is expected to follow suit.

Flourishing markets for Global Precision Agriculture – an Overview

The precision agriculture market can focus on its target audience based on their interest in technology, component, and even geography. North America, Europe, Asia Pacific, Latin America, Middle East, and Africa have been identified as potential markets for the Precision Agriculture Equipment. The best region for the market to gain traction is Asia Pacific followed by the Middle East and Africa respectively.

Check out Market Data Forecast’s comprehensive reports with in-depth analysis about the Precision Agriculture Market and a free research sample can also be availed. Stay tuned for trending news stories about the latest technologies and interesting Agriculture tit-bits.

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