The precision farming market is estimated to reach $4.8 Billion by 2020, at a CAGR of 11.7% between 2015 and 2020.
Guidance systems, in terms of value, are expected to hold the largest share of the precision farming market by 2020. GPS technology under guidance systems provides various benefits for precision farming such as it minimizes overlapping and spraying gap, reduces fertilizer and chemical costs, and has less impact on environmental.
It helps in monitoring complete field activities and marking the field ready for effective and efficient crop production.
Major players involved in the development of precision farming include:
- Ag Junction (U.S.),
- Deere & Company (U.S.),
- Raven Industries Inc. (U.S.),
- Trimble Navigation Ltd. (U.S.),
- AGCO Corporation (U.S.),
- Precision Planting Inc. (U.S.),
- SST Development Group, Inc. (U.S.),
- AG Leader Technology (U.S.),
- TeeJet Technologies (U.S.),
- Topcon Precision Agriculture (U.S.).