Dallas, TX -- (SBWIRE) -- 05/18/2014 -- According to a new market research report "Precision Farming Market by Technology (GPS/GNSS, GIS, Remote Sensing & VRT), Components (Automation & Control, Sensors, FMS), Applications (Yield Monitoring, VRA, Mapping, Soil Monitoring, Scouting) - Global Forecast & Analysis (2013 - 2018)" published by MarketsandMarkets, the overall Global precision farming market will be worth $3,721.27 million by 2018, at an estimated CAGR of 13.36%.

For the past few years, the amount of electronic equipment in machinery has gradually increased, as manufacturers build more functional, and with enhanced productivity and performance features in their equipment. Most of these equipment have been comprising an individual user interface mounted in the tractor, which could typically control only one specific piece of equipment. It was observed that to provide inter-operability between the electronic systems on different tractors— implements and user interfaces, and standardization of the electronics were required. This led to the development of ISO 11783 standard, designed by the working group across North America.

Browse 94 market data tables and 64 figures spread through 327 pages and in-depth TOC on "Precision Farming Market".

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The ever increasing global food demands and environmental issues have plagued the countries across the globe; there are growing concerns to tackle both the issues, simultaneously. In this challenging situation, precision farming presents a way ahead by offering increasing yields, and at the same time, reducing the wastage and environmental degradation. Precision farming is a technology based in field management system that optimizes the overall farming practices and input resources. The major drivers for the global Precision Farming Market are profitability & enhancement in the yields, government assistance, energy & cost saving, and the growing agro industry. The restraints for the growth of this market are high initial investments, and lack of technical know-how. The UAV (Unmanned Aerial Vehicle) and penetration by broadband and mobile technologies are the key opportunities in the Precision Farming Market.

The report covers the global market on the basis of technology, components, application and geography. The technology section covers guidance systems such as GPS, GIS, remote sensing; and variable rate technology categories, along with their current and future adoption rates. The components section covers automation & control systems such as display, GPS receivers, and auto-steer; sensing & monitoring devices such as sensors, and yield monitors; and the farm management systems, which include software and services. The application section covers different verticals like yield monitoring, variable rate application, field mapping, soil monitoring, crop scouting, and others. The geographical analysis covers Americas, Europe, APAC, and ROW regions.

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The global Precision Farming Market covers the entire industry on the basis of technology, hardware & software component, application, and geography. The technology section covers different GPS and variable rate technologies, along with their current and future estimations. Of all the major technologies, variable rate technology is expected to register higher adoption rates for mass markets. The application section covers yield monitoring, variable rate application, field mapping, soil monitoring, crop scouting, and others. The applications such as variable rate applications and yield monitoring are expected to be the major revenue generators for the Global precision farming market. The geographical analysis covers Americas, Europe, APAC and ROW regions.

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The major companies involved in the global precision farming industry are Deere & Company (U.S.), Trimble Navigation Ltd. (U.S.), Raven Industries (U.S.), Precision Planting Inc. (U.S.), and AgJunction Inc. (U.S.), among others. The U.S. will remain the leading market for the Americas precision farming, throughout the forecasted period, due to their high adoption rate, financially strong growers, and continuous development.

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