Research Nester recently published report titled “Yield Monitoring System Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the yield monitoring system in terms of market segmentation by technology, by component, by application and by region.
The market is segmented by technology into guidance system and remote sensing system; by component into hardware and software; and by application into variable rate application, crop scouting, field mapping and others. The global yield monitoring system market is anticipated to record a significant CAGR over the forecast period i.e. 2019-2027.
Cost Efficient Technology
Precision agriculture technology is widely used to enhance the farm management system. It provides the detailed, timely and site-specific information about the production in farm. These information helps in substantial reduction in cost due to valuable inputs pertaining to fertilizers, chemicals, seeds and fuel. According to USDA’s Agricultural Resource Management Survey 2018, four technologies are the most commonly used: yield mapping, soil mapping, auto-guidance machinery steering, and variable rate technologies (VRT), out of which yield mapping system highly reduces the cost of crop management. Further, due to its advanced technical feature and low processing cost, the market is expected to witness growth over the forecast period.
Advancement in Technology
There are number of mapping software such as yield mapping, VRT technologies and other advanced technique helps to increase the profitability, sustainability and productivity of crops. The new technologies offer better insight to identify and impart the information to farmers. Smart agriculture techniques such as adoption of Artificial Intelligence (AI), Global Positioning System (GPS), Satellite imagery and data analytics to optimize the crop yield leads to increase the output of crop and decrease the losses in crop production. The demand for food is increasing, with the increasing population across the globe has further enhance the pressure on farmers to produce large amount of crops. These factors are expected to boost the market growth over the forecast period.
The yield monitoring system requires technological knowledge to understand the functioning of system which further requires skilled farmers. Furthermore, low awareness about the system and lack of utilization of yield data for management is expected to limit the market growth in near future.
The market in North America is expected to display a significant growth owing to increasing adoption of yield technology by farmers for crop management. Further, the Europe market is anticipated to induce a growth on the back of rising government subsidies to improve the infrastructure of agricultural system and crop management.
The market in Asia-Pacific is estimated to witness highest growth rate on account of large amount of land present for agriculture system and the GDP of countries in this region majorly depends on farming. These factors boosts to fuel the market growth in the region over the forecast period.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the yield monitoring system market which includes company profiling of AGCO Corporation, Raven Industries Ltd., Mouser Electronics and Case IH. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the yield monitoring system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.