Precision farming is about managing variations in the field accurately, to grow more food using fewer resources and by reducing production costs. It can make a difference in food production, facing the challenge of a growing world population, and can help farmers achieve: greater sustainability, environmental protection, higher productivity, and economic benefits.
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Highest adoption rates of precision farming are seen in the United States, Germany, Australia, and Brazil, while Asia-Pacific is expected to show record high rates of adoption in the forecast period. With the governments of various countries providing subsidies to farmers for the use in their cultivation, the adoption rates are expected to increase in the other regions as well. Various technologies dominating the market are GNSS/GPS Systems, GIS, Remote Sensing and VRT, where VRT is the fastest growing segment with a robust CAGR of 16% during the forecast period.
AGCO Corporation acquired Cimbria, a Dutch equipment supplier of grain, seed, and powders. The acquisition of Cimbria will help expand and strengthen their business geographically in Denmark. The company also offers mobile tools that offer access to large data and information related to crop, which further improves farming. John Deere acquired Monsanto’s Precision Planting. This acquisition will help the company maximize digital agriculture and helps in seamless collection of infield agronomics data.
Precision Farming – Market Dynamics
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