The Precision Farming Market is set to grow from its current market value of more than $3.4 billion to over $10 billion by 2024; driven by rising demand for food due to rapidly increasing population and increasing investment in agriculture technology.
The meteoric rise of the global precision farming market can be rightly accredited to the rapidly evolving automated solutions that have enhanced agricultural practices followed across the world. These innovative solutions have ensured a marked increase in farm efficiency, higher waste reduction, and have further acted as pivotal proponents to ramp up the overall agricultural productivity. It would be prudent to mention that the rise of numerous start-ups has provided a new ray of hope to the farming sector, whose growth has been perpetually marred by innumerable challenges in the recent times. While observing the transforming landscape of the farming sector, it is quite undeniable that the launch of innovative precision tools by these next-gen start-ups has, in turn, boosted the growth trajectory of the overall precision farming industry. In fact, as per a research report compiled by Global Market Insights, Inc., the estimated y-o-y growth rate of the precision farming market has been cited to stand at an outstanding 14% over the timeframe of 2017-2024.
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While the competitive spectrum of the precision farming industry consists of numerous top-notch companies, a sizeable portion of the growth of this business space can be attributed to the emergence of start-ups. Following is a brief outline of the contributions of a few major start-ups which have generated waves of anticipation in the precision farming market over the recent years:
After establishing a rather formidable reputation in the epicenter of the global precision agriculture arena i.e. Israel, CropX has now built advanced software systems for adaptive irrigation which has been receiving massive applause across the U.S. Reportedly, the Tel Aviv based agro-analytics firm places high-tech sensor stations on large farms as per the directives given by a GPS-enabled smartphone app which further transmits data regarding soil condition. Moreover, the system not only informs farmers about the amount of fertilizer, pesticide, and water required by each patch on the farm at precise times but can regulate the whole irrigation setup as well. Apparently, with the development of an assortment of such innovative precision tools, CropX has rightly been termed by experts as a trendsetter of sorts in the global precision farming industry.
A Berlin-headquartered start-up, Infarm is known to build in-store farming units to manage the growth of crops in the vertical farming domain. The farms are apparently operated by the firm’s robust precision farming platform which monitors thousands of distinct data points and personalizes the farm to suit the needs of that particular unit. Each module is further equipped with a customized ecosystem that tailors the temperature, nutrients, light spectrums, and pH which ensures the agricultural produce is being grown as perfectly as possible. Apparently, the innovative products of upcoming precision farming market firms like Infarm are likely to reshape the agricultural landscape of cities, re-empower people to take ownership of their food, and re-introduce forgotten or rare varieties of crops over the ensuing years.
Based on the research conducted at Israel’s Ministry of Agriculture’s Volcani Institute, an emerging precision farming industry player Tevatronic has developed an irrigation technology that collects precise soil-related data from specific zones of the farmland. A smart controller converts this data in real time to release predefined amounts of fertilizer and water with zero human interference. The latest system has been praised extensively across the precision farming industry as it accentuates the agricultural productivity from 15% to 31% and further saves up to 75% on fertilizer and water. Needless to mention, such cutting-edge tools would acquire an imminent position in the overall precision farming market over the forthcoming years.
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In a bid to tackle various impediments such as rising cost of production, fragmented land holdings, restricted employment opportunities, and diminishing natural resources, the farming community across the globe appears keen to readily embrace advanced precision tools which would accelerate the growth prospects of the precision farming industry. In addition to this, numerous regional governments have been undertaking commendable initiatives to combat declining agricultural productivity and augment the rapidly lowering incomes of farmers. Furthermore, a large number of precision farming market participants have been concentrating on releasing novel products to accomplish greater sustainability, reduce environmental loss, and assist the farming fraternity to realize higher financial benefits. Considering the aforementioned statements, the growth potential of the precision farming industry looks promising with the overall business space forecast to surpass USD 10 billion by 2024, as per reliable estimates.
Report Content
Chapter 1. Methodology & Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope, definition and research parameters
1.2. Data Sources
1.2.1. Primary
1.2.2. Secondary
Chapter 2. Executive Summary
2.1. Precision Farming industry 360º synopsis, 2014 - 2024
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Component trends
2.1.4. Technology trends
2.1.5. Application trends
Chapter 3. Industry Insights
3.1. Introduction
3.1.1. Components of precision farming
3.2. Industry segmentation
3.3. Precision farming market
3.4. Precision farming ecosystem analysis
3.5. Precision farming evolution
3.6. Technology & innovation landscape
3.7. Regulatory landscape
3.7.1. National Pollutant Discharge Elimination System (NPDES).
3.7.2. Emergency Planning & Community Right to Know Act (EPCRA)
3.7.3. Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA)
3.7.4. EPA Office of Pesticide Programs Endangered Species Protection Program
3.7.5. Integrated Administration and Control System (IACS)
3.8. Industry impact forces
3.8.1. Growth drivers
3.8.1.1. Rising demand for food due to rapidly increasing population
3.8.1.2. Proliferation of Big Data
3.8.1.3. Increasing investment in agriculture technology
3.8.1.4. Adoption of IoT in agriculture
3.8.2. Industry pitfalls & challenges
3.8.2.1. Low adoption in the developing countries
3.8.2.2. Management of data
3.9. Growth potential analysis
3.10. Porter's analysis
3.11. PESTEL analysis
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