Global Precision Farming Market to reach $9.78 Billion by 2025

A global population expansion is expected in the coming decade with population estimates expected to grow fro 7.3 billion currently to around 8.5 billion by 2025.
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( | Press Release | 2017-05-16 18:19:20 )
The Global Precision Farming market revenues estimated to grow from $3.96 Billion in 2017 to $9.78 billion by 2025 at a double digit CAGR of 11.97% from 2017 to 2025.

In the past decade, precision farming has moved from being a good science to a good farming practice and in most of the developed nations currently, around 70% to 80% of all new agriculture machinery sold ha some component of precision farming technology.

The market has also seen a rapid influx of a both multinational corporations and Small and Medium Enterprise (SME) manufacturers. There has also been a steady increase in the adoption rate of precision agricultural due to its benefits in optimizing machine utilization and minimizing overlapping cost.

The major application of precision agriculture in farms is to address inefficiency in operations across crop types. From reducing the time and improving the accuracy of scouting to measuring growth rates, precision agriculture, and the real-time data helps farmers make the best decisions with regard to planting, fertilizing and harvesting crops. Efficient productivity use of technology will make farming more productive and profitable, reduces waste and costs, and has a lower impact on the environment. Technologies like satellite mapping, image processing, drones, and robotics have seen increased in uptake with increasing awareness in the farming community for more efficient processes.

The technology enables the farmers to manage their resources as well as access real-time information through their smartphones and other devices, thereby offering greater mobility and ease of operation. The real-time data management from the fields will provide a solid base for farmers to adjust strategies at any time.

Variable rate technology is the most recent development and important developments in the precision agriculture technologies It provides the capability to change the rate of fertilizer/pesticide or seed being applied using VRT. With more advanced features to have sectional control, VRT is poised for rapid growth in the future with penetration higher in developed economies, growing at a CAGR of 14.57% from 2017 to 2025.

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Rahul Nadendla


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