Precision farming market to reach $4.80 billion by 2020
Guidance systems, in terms of value, are expected to hold the largest share of the precision farming market by 2020. GPS technology under guidance systems provides various benefits for precision farming such as it minimizes overlapping and spraying gap, reduces fertilizer and chemical costs, and has less impact on environmental.
It helps in monitoring complete field activities and marking the field ready for effective and efficient crop production.
The market for precision farming is expected to grow at a high CAGR between 2015 and 2020.
This is mainly because benefits provided by the software application in farming such as efficient crop, higher yield, low input wastage, reduction in financial losses, and others.
Software allow growers to utilize the accumulated data over the past few years to analyze the average yield data, create formula-based prescriptions, import soil test results, and generate profit maps.
The APAC precision farming market is expected to grow at the highest CAGR between 2015 and 2020; China is the fastest-growing country in the APAC precision farming market. Chinese scientists from domains such as agronomy, agro-engineering, information technology, and geography have been involved in this research.
The Government of China has put in lots of efforts to promote precision farming research and funded several projects. ■