The report "Precision Farming Market by Technology (Guidance System, Remote Sensing, Variable Rate Technology), Offering (Hardware Automation & Control System, Sensor & Monitoring Device, Software, Services), Application, and Geography - Global Forecast to 2022", published by MarketsandMarkets, The precision farming market is expected to grow from USD $3.20 Billion in 2015 and is expected to reach USD $7.87 Billion by 2022, at a CAGR of 13.47% between 2016 and 2022.
The increasing focus on farm efficiency and productivity and increasing global demand for food are some of the significant drivers for the growth of the precision farming market.
Hardware component expected to lead the precision farming market
The hardware component is expected to hold the largest share of the precision farming market between 2016 and 2022. The hardware components include automation and control systems, and sensing and monitoring systems. Automation and control systems such as Global Positioning System (GPS) receivers, guidance and steering devices, and Variable Rate Technology (VRT) devices form a major part of the precision farming market. These hardware components have the largest share of the overall market owing to their extensive use in precision farming.
Precision farming market for weather tracking and forecasting expected to grow at the highest rate between 2016 and 2022
Weather tracking is one of the important parameters in precision farming as this application facilitates up-to-date information on prevailing climatic conditions, such as temperature, rain, wind speed and direction, solar radiation, and so on. There are various kinds of devices used for this application which include handheld instruments, on-field weather stations, and so on. Weather tracking helps in taking decisions before severe and potentially dangerous conditions occur, thereby protecting a farmer's family or business.
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