Dublin, May 10, 2019 (GLOBE NEWSWIRE) -- The "Global Precision Agriculture Market By Technology (Guidance Systems, Remote Sensing and Variable Rate Technologies), By Component, By Application (Yield Monitoring, Field Mapping and Others), By Region, Competition, Forecast & Opportunities, 2024" report has been added to ResearchAndMarkets.com's offering.
The global precision agriculture market is projected to grow from $ 4.84 billion in 2018 to $ 10.16 billion by 2024, exhibiting a CAGR of over 13% during the forecast period, owing to several government initiatives towards adopting modern agricultural processes. A rising population is resulting in huge demand for food supply, which can be achieved by the adoption of advanced farming technologies. Moreover, changing weather conditions and the need to increase crop yields and enhance the productivity of farms are expected to aid the precision agriculture market, globally, during the forecast period.
The precision agriculture market can be segmented based on component, technology and application. On the basis of component, the market can be bifurcated into hardware and software. The hardware segment dominated the market in 2018 and is expected to continue its market dominance during the forecast period, as farmers are adopting automation and control devices in order to improve the productivity. In terms of application, the market can be segmented into yield monitoring, field mapping, crop scouting, weather tracking & forecasting, among others. Yield monitoring is anticipated to account for the largest market share, as it makes use of different kinds of sensors to collect crucial data related to crop for optimal planning and crop management. Based on technology, the market can be split into guidance systems, remote sensing and variable rate technologies. The guidance systems segment is the dominating as well as fastest growing segment in the global precision agriculture market. The segment is poised to grow at a high rate, as technologies such as GPS, GNSS and GIS are employed to collect field related information, which is then analyzed to take decisions related to planting, harvesting and crop fertilizing.
Precision agriculture is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and the Middle East & Africa. In 2018, North America dominated the global precision agriculture market, backed by the presence of leading market players and adoption of advanced technologies by countries across the region. The Asia-Pacific precision agriculture market is anticipated to grow at the fastest rate in coming years, owing to the surging demand for food, as a result of rising population in developing economies such as India and China.
Objective of the Study:
To analyze and forecast the global precision agriculture market size.
To classify and forecast the global precision agriculture market based on component, technology, application and regional distribution.
To identify drivers and challenges for the global precision agriculture market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global precision agriculture market.
To conduct the pricing analysis for the global precision agriculture market.
To identify and analyze the profile of leading players operating in the global precision agriculture market.
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Analyst View
4. Voice of Customer (VOC)
5. Global Precision Agriculture Outlook
6. North America Precision Agriculture Market Outlook
7. Europe Precision Agriculture Market Outlook
8. Asia-Pacific Precision Agriculture Market Outlook
9. South America Precision Agriculture Market Outlook
10. Middle East & Africa (MEA) Precision Agriculture Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Competitive Landscape
14. Strategic Recommendations
Bayer CropScience AG
Deere & Company
Farmers Edge, Inc.
Ag Leader Technology
For more information about this report visit https://www.researchandmarkets.com/r/7equge
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Related Topics: Agriculture