The detailed report published by Market Research Future (MRFR) projects that the global satellite farming market is marked to exhibit significant expansion at a CAGR of 12% during the forecast period from 2016 to 2022.
The global satellite farming market is also anticipated to reach the market valuation of USD 7 Bn by the end of the review period. Rapid incorporation of technologically advanced solutions for identifying the variability of any farm and its productivity in order to optimize the farming process for increasing crop yield and overall productivity, expansion of agriculture industry as a result of rapid rise in demand for food caused due to increasing population, and increased emphasis on farming solutions that provide economic benefits as well as environmental protection are majorly propelling the growth of the global satellite farming market during the assessment period.
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Global satellite farming market: Segmental Analysis
The global precision farming has been segmented on the basis of components and application. Based on components, the global satellite farming market has been segmented into hardware, software, and service. The hardware segment has been further sub-segmented into Displays, Sensors, Drones, GPS Systems, Mobile Devices, and others. The software segment has been further sub-segmented into On Cloud and On-Premise. The service segment has been further sub-segmented into Managed Services and Professional Services. Based on Application, the global satellite farming market has been segmented into Yield mapping, Quality mapping, Soil properties analysis, Inventory Management, Labor management, Crop Scouting among others.
Global satellite farming market: Regional Analysis
Geographically, the global satellite farming market has been segmented into four major regions such as Asia Pacific (APAC), North America, Europe, and the rest of the world. The North America region commands the dominant share of the global satellite farming market during the forecast period. The factors such as rapid incorporation of technologically advanced solutions for identifying the variability of any farm and its productivity in order to optimize the farming process for increasing crop yield and overall productivity, expansion of agriculture industry as a result of rapid rise in demand for food caused due to increasing population, and increased emphasis on farming solutions that provide economic benefits as well as environmental protection are majorly propelling the growth of the global satellite farming market in the North America region. The Asia Pacific region is emerging as the fastest growing market for precision farming in the global market owing to the increased government initiatives for the development of agriculture sector, increasing awareness regarding precision farming and increasing adoption of technologically advance farming solutions in this region.
Global satellite farming market: Key Players
The key market players profiled by Market Research Future (MRFR) that are operating in the global satellite farming market are AGCO Corporation (the U.S.), Deere & Company (the U.S.), AG Leader Technology (the U.S.), AgEagle Aerial Systems (the U.S.), Aglytix Inc. (the U.S.), AgGateway (the U.S.), Precision Planting (the U.S.), AgJunction Inc. (the U.S.), Agribotix (the U.S.), and Dickey-John Corporation (the U.S.). Some other important players operating in the global satellite farming market are Raven Industries, Topcon Positioning Systems, Inc., AquaSpy, CropMetrics, Farmobile, Granular, IBM Watson and others. The players in the global satellite farming market are introducing innovative and technologically advanced solutions to ensure high quality and efficiency of the products in order to expand their businesses in the global satellite farming market. Strategically planned mergers and acquisitions along with collaborations in multiple projects are aiding these players in sustaining the competition in the global satellite farming market during the assessment period.
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