According to a new market research report "Precision Farming Market by Technology (GPS/GNSS, GIS, Remote Sensing & VRT), Components (Automation & Control, Sensors, FMS), Applications (Yield Monitoring, VRA, Mapping, Soil Monitoring, Scouting) - Global Forecast & Analysis (2014 - 2018)", the overall Global precision farming market will be worth $3,721.27 million by 2018, at an estimated CAGR of 13.36%.
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For the past few years, the amount of electronic equipment in machinery has gradually increased, as manufacturers build more functional, and with enhanced productivity and performance features in their equipment. Most of these equipment have been comprising an individual user interface mounted in the tractor, which could typically control only one specific piece of equipment. It was observed that to provide inter-operability between the electronic systems on different tractors— implements and user interfaces, and standardization of the electronics were required. This led to the development of ISO 11783 standard, designed by the working group across North America.
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The global market covers the entire industry on the basis of technology, hardware & software component, application, and geography. The technology section covers different GPS and variable rate technologies, along with their current and future estimations. Of all the major technologies, variable rate technology is expected to register higher adoption rates for mass markets. The application section covers yield monitoring, variable rate application, field mapping, soil monitoring, crop scouting, and others. The applications such as variable rate applications and yield monitoring are expected to be the major revenue generators for the Global precision farming market. The geographical analysis covers Americas, Europe, APAC and ROW regions.
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Precision Farming is the system of agriculture which is broadly based on technology application and information analysis that enables growers to manage the crop production across a field. Precision farming has revolutionized the way agriculture was done before. Cost saving and high yield output is propelling farmers to adopt precision farming; moreover, government assistance in many countries, for adoption, is further fueling the market growth.
The major drivers for this market are augmented yield & profitability, which are the major contributing factors for farmers to go for precision farming; other drivers like energy & cost saving, and government assistance have also been contributing to the market growth. Major restraints like high initial investments, and lack of awareness and their impact analysis are also covered under this study.
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