Market Size of Crop Monitoring Technology in Precision Farming Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 12.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Crop Monitoring Technology in Precision Farming Market Analysis
The crop monitoring technology in the precision farming market is expected to register a CAGR of 12.6%, during the forecast period (2021 - 2026). As technology has been evolving since its inception, crop monitoring is increasingly becoming critical for making the best use of geospatial technologies and site-specific crop management practices.
- The convergence of IT with agriculture, coupled with government initiatives and decline in sensor prices, is driving the growth of the market.
- A growing number of applications for telematics in agriculture are anticipated to drive the demand for crop monitoring over the forecast period. Telematics services include tracking devices using Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes.
- The adoption for these solutions is found to be high in areas where labor costs are high and land costs are relatively inexpensive.
- The increasing demand for UAVs and the recent success of precision farming in increasing the productivity of major crops are expected to open up new growth opportunities in the near future.
- Further, measures taken by various governments to meet the increasing food demand is stimulating the market growth. For instance, the US Department of Agriculture, NASA, and NOAA contribute to precision farming, by the development of advanced technologies in GPS navigation. Also, the Indian government provides 100% cost subsidy to Precision Farming Development Centres (PDFCs).
- However, low awareness and high initial costs may hamper the growth of the market. Besides, due to low penetration, presently, the technology is majorly used in developed countries.
