BCC Research has published an important analysis of the development and prospects for the global precision farming technology market.
The report assesses the latest thinking and technology innovations that are – and will – improve crop health, yield and management while lowering production cost and environmental impact.
The global market for precision farming technologies was estimated to be US$2.9 billion in 2015, and the market is expected to grow to nearly US$3.3 billion by the end of 2016. Further, driven by new products and uptake in developing countries, the market is expected to accelerate to reach US$5.9 billion by the end of 2021, growing at a CAGR of 12.4% from 2016 through 2021.
Of the technology areas analyzed in the report, guidance systems dominate, with US$1.1 billion in 2015 and forecast to achieve a 15.9% CAGR to hit US$2.6 billion by 2021. The key reason for the high growth rate of the guidance system sector is the expected ongoing adoption in emerging economies. Other technologies are witnessing slower pickup rates in these otherwise high growth markets, but as under-developed regions move towards the adoption of technology in agriculture, they will increasingly start adopting remote sensing and variable rate technologies as well.
Speaking at the launch of the report, BCC Research Editorial Director, Kevin Fitzgerald, said, “The world needs to be fed and farmers must ensure that every acre of cultivated land is maximally and sustainably productive. As the population expands, precision farming technologies will be essential in meeting growing demand for food, and the implications and opportunities for equipment manufacturers and software developers are considerable”.
BCC Research’s Precision Farming: Technologies and Global Markets is a comprehensive research report which presents expert analysis of the current market, future value, market trends, technical developments and the companies which are shaping precision farming markets worldwide.