DUBLIN, November 12, 2013 /PRNewswire/ --
Research and Markets ( http://www.researchandmarkets.com/research/6hvn7z/precision_farming) has announced the addition of the "Precision Farming Market by Technology, Components & Applications - Global Forecast & Analysis 2013 - 2018" report to their offering.
'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)'The growth of the market is expected to be remarkable, and is estimated to reach $3.72 million by 2018, at an estimated CAGR of 13.36% from 2013 to 2018. The major players in this industry are Deere & Co. (U.S.), Trimble Navigation (U.S.), Topcon positioning systems (U.S.), Raven Industries (U.S.), Precision Planting (U.S), AGCO (U.S.), and so on. The major drivers for this market are augmented yield & profitability, energy & cost saving, and government assistance. Major restraints such as high initial investments and lack of awareness and their impact analysis are also covered under this study. North America, currently, leads the market share for precision farming as this region has the maximum adoption. APAC is the emerging market for precision framing and has been enjoying the highest growth rate among all the geographic regions. It is believed that the APAC market will grow at a CAGR of 25.16% from 2013 to 2018. The report covers all the technologies, components, and applications of precision farming; it provides a detailed analysis of the current market scenario and estimation for the next five years. Major applications like field mapping and yield monitoring are driving the market. Moreover, the market is driven by important technologies like Global Positioning System (GPS) and variable rate technologies. This market is already progressing well in developed countries and it is also expected to grow well in the developing nations as a result of their ever growing food demands. This study describes the value chain for precision framing market by considering all the major stakeholders in the market, and their role analysis. The report also performs a detailed scrutiny of the Porter's five force analysis for the market. All the five major factors in these markets have been quantified using the internal key parameters governing each of them.