global precision agriculture market analysis & forecast (2014 2022)

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GLOBAL PRECISION AGRICULTURE MARKET ANALYSIS & FORECAST (2014-2022) Technology (VRA, Soil Mapping, Yield Monitoring, Precision Irrigation)

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Precision Farming is an area of farming techniques associated with management of variability of soil, nutrients, water, crop and environmental factors. In conventional agriculture practices, fields subject to farming are considered to be uniform and thus applied with uniform rates of agrochemicals and fertilizers. The world population is estimated to hit the 9 billion mark by the year 2050. With per capita arable land decreasing by the day due to rapidly increasing population, efficient agricultural techniques are the need of the hour. Precision Agriculture presents significant potential in enhancing food productivity while at the same time providing sustainable management of resources. The global precision farming market is estimated to grow at a CAGR of 13.09% from 2015 to 2022, to reach over $6.43 billion by 2022.

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Page 1: Global precision agriculture market analysis & forecast (2014 2022)

GLOBAL PRECISION AGRICULTURE MARKET ANALYSIS & FORECAST (2014-2022)

Technology (VRA, Soil Mapping, Yield Monitoring, Precision Irrigation)

Page 2: Global precision agriculture market analysis & forecast (2014 2022)

Global Precision Agriculture Market Analysis & Forecast (2014-2022)

Technology (VRA, Soil Mapping, Yield Monitoring, Precision Irrigation)

BIS Research is a leading market intelligence and technology research company. BIS Research

publishes in-depth market intelligence reports focusing on the market estimations, technology

analysis, emerging high-growth applications, deeply segmented granular country-level market

data and other important market parameters useful in the strategic decision making for senior

management. BIS Research provides multi-client reports, company profiles, databases, and

custom research services.

Copyright © 2014 BIS Research

All Rights Reserved. This document contains highly confidential information and is the sole

property of BIS Research. Disclosing, copying, circulating, quoting or otherwise reproducing

any or all contents of this document is strictly prohibited. Access to this information is provided

exclusively for the benefit of the people or organization concerned. It may not be accessed by,

or offered whether for sale or otherwise to any third party.

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Global Precision Agriculture Market Analysis & Forecast (2014-2022)

Technology (VRA, Soil Mapping, Yield Monitoring, Precision Irrigation)

1 EXECUTIVE SUMMARY

Precision Farming techniques have prevailed since the early 1990s and have steadily

penetrated the agriculture industry. Initially having entered in the American market, the

technology has rapidly found feet throughout the world helping enhance yields and improving

efficiency. The briskly increasing population and growing climatic changes are driving the rapid

adoption of precision farming technologies that are estimated to reach over $XX billion by 2022

growing at a CAGR of XX% from2015 to 2022.

The report identifies the key components in the precision farming industry to be automation

and control systems, sensing & monitoring devices and farm management systems.

FIGURE 1

PRECISION FARMING COMPONENTS MARKET STATISTICS,

(2014-2022)

Source: BIS Research

The above figure illustrates the expected trend to be observed with the growth of the above

mentioned components.

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Global Precision Agriculture Market Analysis & Forecast (2014-2022)

Technology (VRA, Soil Mapping, Yield Monitoring, Precision Irrigation)

Automation and control systems currently occupy the largest market share with a revenue

generation of $XX billion as of 2014. This figure is estimated to rise to $XX billion by 2022

growing at a rate of XX% CAGR. Farm management systems currently occupy the lowest

market share accounting for XX% of the market revenue.

These technologies serve an array of application verticals such as yield monitoring, variable

rate application, farm mapping, soil monitoring, crop scouting and precision irrigation. In

accordance with the report, yield monitoring is the application vertical that accounts for the

highest share of revenue generation as of 2014.

FIGURE 2

YIELD MONITORING MARKET STATISTICS (2014-2022)

Source: BIS Research

The above figure gives the estimated revenue generation associated with yield monitoring over

the forecast period and the year on year growth rate. The revenue generated by yield

monitoring was $XX million as of 2014 is estimated to reach at $XX billion in 2022 growing at a

CAGR of XX%.

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Global Precision Agriculture Market Analysis & Forecast (2014-2022)

Technology (VRA, Soil Mapping, Yield Monitoring, Precision Irrigation)

2 REPORT DESCRIPTION

Report description Precision Farming is an area of farming techniques associated with

management of variability of soil, nutrients, water, crop and environmental factors. In

conventional agriculture practices, fields subject to farming are considered to be uniform and

thus applied with uniform rates of agrochemicals and fertilizers. However, there exist large

amounts of variability in soil properties and vegetation density throughout the field. These

variability conditions are what precision farming primarily deals with, consequently enhancing

efficiency. The world population is estimated to hit the XX billion mark by the year 2050. With

per capita arable land decreasing by the day due to rapidly increasing population, efficient

agricultural techniques are the need of the hour. Precision Agriculture presents significant

potential in enhancing food productivity while at the same time providing sustainable

management of resources. The global precision farming market is estimated to grow at a

CAGR of XX% from 2015 to 2022, to reach over $XX billion by 2022.

Following a comprehensive research on precision farming and extensive assessment of the

market scenario, the report carries out an impact analysis of the key industry drivers,

challenges and opportunities, listed in the market dynamics segment. Burgeoning population

and endangered concept of food security, Modern technologies and IT pushing the demand of

precision farming techniques, The inextricable link between precision farming and sustainable

development, The economic boom in the Asia Pacific region, and The feature of nutrient

management are the key market drivers identified in the report which will provide the forward

push to the industry in the forecast period. The major pain points, however, for the industry

include Paucity of awareness and absence of dedicated education of precision farming among

the farming sector; Processing, storing and managing vital and enormous amount of data;

Lack of standards and constraints on exchange of data between systems; High upfront

investment and Feasibility with the usage of drones.

The report further gives an extensive outlook on the multifarious applications portfolio served

by the precision farming technologies. These applications include Yield Monitoring, Variable

Rate Applications (VRA), Soil Monitoring, Crop Scouting, Farm Mapping and Precision

Irrigation. The applications segment further gives a brief overview of the benefits involved with

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Global Precision Agriculture Market Analysis & Forecast (2014-2022)

Technology (VRA, Soil Mapping, Yield Monitoring, Precision Irrigation)

these applications as well as the different technologies and components such as Farm

management systems, Sensing and monitoring devices and Automation and Control systems.

An exhaustive study of the geographical scenario of the industry is included in the geographical

analysis section. The geographical analysis provides detailed insights on the key trends of the

industry in the listed geographies identifying the demographic impact and the involvement of

governmental and non-governmental organizations. The report has identified three key

geographical regions served by the industry including Americas, Europe and Asia Pacific. These

regions are further segmented listing the major countries in each region. The report identifies

U.S. to be the largest market for the industry accounting for over XX% of the net market

revenue (as of 2014) followed by Germany and Canada. The geographical analysis section also

mentions the key market players driving the industry in the respective markets.

The report also includes the Competitive Landscape, benchmarking the key market participants

on the basis of their involvement in the industry over the past 3 years. The study has also

incorporated the detailed profiles of 18 top market players across the value chain of the

industry, including component manufacturers, Original Equipment Manufacturers (OEMs),

precision irrigation equipments providers and software and data management companies.

Some of the key private players in the industry include AgLeader, Ag Integrated, AgNav,

AgSense, AgSync, Ally Precision Industries, Amazone GmbH, Arvus, Bestway Inc., CropMetrics,

Dickey-john Corp., Micro Trak Systems, TeeJet technologies, Tru Count and ZedX Inc. among

others.

The key public players in the industry include AGCO, AgJunction, John Deere & Company,

Lindsay Corp., Monsanto, Syngenta, Toro Company, Trimble Navigation, Valmont, and Yara

International among others.

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3 RESEARCH METHODOLOGY

3.1 BIS RESEARCH METHODOLOGY

We exhaustively use both primary sources (in-house experts, industry thought leaders, market

players, and independent consultants) and secondary sources (a host of paid and unpaid

databases) along with analytical tools to build our forecast and predictive models.

FIGURE 3

BIS RESEARCH METHODOLOGY

Need Analysis Identif ication of business problems Literature review

Research Design & Planning Questionnaire & discussion guide preparation Segmentation, needs and want assessment

Data Collection & Synthesis Extensive use of secondary & primary sources

Data Analysis Compiling market data Market sizing, market penetration and market share analysis

Strategic Insights & Recommendation Necessary analysis utilizing appropriate analytical f rameworks & tools Synthesize & validate f indings

Source: BIS Research

This research study involves the usage of extensive secondary sources, directories, company

websites, and annual reports. It also makes use of databases such as IEEE, Hoovers,

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Bloomberg, Business-week, Factiva, and One-Source to collect useful and effective information

for an extensive, technical, market-oriented, and commercial study of the global market.

The primary sources are comprised of industry experts from agriculture, technology, and

related industries as well as preferred suppliers, manufacturers, distributors, administrators,

solution providers, technology developers, alliances, standards & certification organizations

from companies, and other organizations related to the segments of this industry’s value

chain. All primary sources were interviewed to obtain and verify critical qualitative &

quantitative information and assess the future prospects.

The three key approaches adopted to estimate and validate the global market potential across

each technology, application, and geography are listed below.

3.1.1 RESEARCH METHODOLOGY FOR PRECISION FARMING MARKET

FIGURE 4

DIFFERENT PHASES OF RESEARCH METHODOLOGY FOR PRECISION

FARMING MARKET

GeographicalAnalysis

Demand Side & Supply Side

Analysis

Data Synsthesis &

Bridging

Source: BIS Research

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3 . 1 . 1 . 1 Geographical Analysis

The Geographical Analysis of the report covers the region-wise trends in the precision

agriculture market. The market statistics for each of the major geographies are also given in

this chapter. Besides identifying the key growth enablers in the precision agriculture market

based on a detailed “push and pull” forces analysis, the chapter also undertakes an extensive

PESTLE (Political, Economic, Social, Technological, Legal, Environmental factors) analysis. The

PESTLE analysis of each country under study is followed by a summary of the current market

dynamics, and market size and potential.

In estimating and forecasting the geographical market size and potential, purchasing power

parity GDP (Gross Domestic Product) estimates for the benchmark year (2013) is derived from

a host of sources such as the national income and products accounts from the Organization for

Economic Co- Operation and Development (OECD), the European Bank for Reconstruction and

Development (EBRD), the World Bank, Eurostat, the U.S. Central Intelligence Agency (CIA)

and individual countries' statistical bureaus. The GDP data for individual countries are then

converted to U.S. dollars by valuing each country's output at the U.S. prices for the benchmark

year, thereby addressing the issue of fluctuating exchange rate.

3.1.1.2 Demand Side & Supply Side Analysis

As the goal of the study was to estimate demand and identify growth opportunity in the

market segment, a thorough analysis of demand side dynamics was undertaken. In this

process various suppliers were interviewed and probed to understand the buying behaviour

across different demography. With detailed analysis (both primary and secondary) of suppliers

(manufacturers, and channel partners) the supply side dynamics were understood, to get a

complete picture of the market and triangulate the market data.

For each of the technology and application types precision farming, a detailed secondary and

primary (suppliers) interview was done to understand the dynamics of the industry leading

players from both the organized and unorganized sector were interviewed and researched

upon. Some of the key factors that were probed during this process include market size

(volume and value), market share (by product type and by region), Market channels and key

segments, and regulations among others.

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3.1.1.3 Data Synthesis & Bridging

Following comprehensive market engineering which involves calculations of market statistics,

market size estimations, market share analysis market forecast, market crackdown, and data

triangulation further primary research was undertaken to gather missing information, verify,

and validate the critical numbers arrived at industry trends, and key players of each type of

product and application market.

For the complete market engineering done for the total market crackdown, top-down and

bottom-up approaches are used extensively along with several data triangulation methods to

perform market estimation and market forecast for the overall segment and sub-segment

markets listed in the research scope. Extensive qualitative and further quantitative analysis are

also undertaken from all the numbers arrived at in the complete market engineering process,

in order to list key information throughout the study.

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4 PRECISION FARMING MARKET BY APPLICATIONS, TECHNOLOGIES, & COMPONENTS

4.1 INTRODUCTION

Precision farming technologies serve an array of applications. These applications constitute the

complete chain of activities involved in farming. The various applications served by precision

farming technologies are shown in the figure below.

FIGURE 5

PRECISION FARMING APPLICATIONS

Yield Monitoring

Variable Rate Application

Soil Monitoring

Crop Scouting

Farm Mapping

Precision Irrigation

Benefits of Yield Monitoring Yield Monitoring Components

Benefits of VRA VRA Control Systems

Benefits of Soil Monitoring Soil Monitoring Components

Benefits of Crop Scouting Components of Crop Scouting

Benefits of Farm Mapping Farm Mapping Technology

Benefits of Precision Irrigation Precision Irrigation Components

Source: BIS Research

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The figure identifies yield monitoring, variable rate application (VRA), soil monitoring, crop

scouting, farm mapping and precision irrigation to be the major application verticals for

precision farming.

4.1.1 MARKET STATISTICS

TABLE 1

PRECISION FARMING MARKET REVENUE, BY APPLICATIONS,

2014-2022 ($MILLION)

Applications 2014 2015 2016 2018 2020 2022 CAGR

Yield Monitoring XX XX XX XX XX XX XX%

Variable Rate Application XX XX XX XX XX XX XX%

Farm Mapping XX XX XX XX XX XX XX%

Soil Monitoring XX XX XX XX XX XX XX%

Crop Scouting XX XX XX XX XX XX XX%

Precision Irrigation XX XX XX XX XX XX XX%

Total XX XX XX XX XX XX XX%

Source: BIS Research

Precision farming presents endless possibilities for the agriculture sector not only to enhance

yield quantity but also to reduce the input costs and efforts without any tradeoffs. Yield

Monitoring, Variable rate application, Farm mapping and others are the prominent revenue

generating applications in the market. Yield monitoring is the largest revenue generating

application accounting for almost $XX million in 2014 and is expected to grow over $XX billion

by 2022 at a CAGR of XX% from 2015 to 2022.

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5 GEOGRAPHICAL ANALYSIS FOR PRECISION FARMING MARKET

5.1 INTRODUCTION

5.1.1 MARKET STATISTICS

TABLE 2

PRECISION FARMING MARKET REVENUE, BY GEOGRAPHY,

2014-2022 ($MILLION)

Region 2014 2015 2016 2018 2020 2022 CAGR

Americas XX XX XX XX XX XX XX%

Europe XX XX XX XX XX XX XX%

APAC XX XX XX XX XX XX XX%

ROW XX XX XX XX XX XX XX%

Total XX XX XX XX XX XX XX%

Source: BIS Research

The precision farming market accounted for revenue of $XX billion in 2014 which is expected

to grow over $XX billion by 2022 at an estimated CAGR of XX% from 2015 to 2022. The

Americas have been identified to be leading the market with a market share of $XX billion in

2014, expected to grow over $XX billion by 2022.

APAC has been identified as the fastest growing sector in the market, primarily due to the

growing population in countries like Japan and China and developing economies in countries

like India. The revenue from the APAC region is expected to account for over $XX billion by

2022 at an estimated CAGR of XX% from 2015 to 2022.

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5.2 AMERICAS

5.2.1 NORTH AMERICA

5.2.1.1 Canada

FIGURE 6

FACTORS DRIVING ADOPTION OF VRT IN CANADA

Source: BIS Research

The above figure enlists the various factors that have driven the adoption of Variable Rate

Technologies (VRT) in the Canadian market.

The country has seen a number of precision farming companies establish themselves striving

to achieve innovative and cutting edge products. One such example is Precision Hawk

established in 2011. The company since its establishment has been driving the cause of

unmanned aerial vehicles (UAVs) also known as drones to be adopted for multifarious farming

activities. Established IT companies have also taken interest in the technology and have

assisted precision farming companies to develop advances systems. Intel, for instance,

provided a $XX million funding to Precision Hawk to assist in building future versions of the

company’s UAVs.

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Apart from large private sector companies taking interest in the technology in this region, the

Canadian government has established programmes and policies that have promoted the

adoption of technology in the region.

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5.3 EUROPE

The following figure is used to suggest the pros and cons of using precision farming in Europe.

FIGURE 7

TO USE OR NOT TO USE PRECISION FARMING IN EUROPE?

Source: BIS Research

Of the endless possibilities that precision farming presents the prominent applications for the

European market are yield mapping, GPS guidance, and Spray boom section control. Apart

from the mentioned technical applications, there are several agronomic applications such as

Site-specific crop management that is widely put into use across agricultural practices in the

region. Since 2009, there has been noticeable increase in the farm portions adopting precision

agriculture practices. The largest increase observed is for the GNSS (Global Navigation Satellite

System), which is approximately XX% currently. Other increased values are in the sectors of

soil mapping, variable rate application (VRA), and yield mapping.

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6 COMPETITIVE LANDSCAPE

6.1 COMPETITIVE BENCHMARKING

The percentage share of various development activities undertaken by a company does not

give true picture of the impact of those development activities on the company and the

market. For this reason through our analysis and inputs from industry experts we have arrived

at a weighted score by attributing specific score to different development activity. The score

has been given on a scale of 1 to 3. The allotment scores product launch-3, partnership/ joint

venture/collaboration-2, business expansion/contract-2, mergers/acquisitions-2, product

upgrade-1 and events-1.

FIGURE 8

WEIGHTED AVERAGE

XXXXXXXXXXXXXXXXXXXX

Source: BIS Research

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7 KEY COMPANY PROFILES

7.1 AG LEADER TECHNOLOGY

7.1.1 AG LEADER TECHNOLOGY SUMMARY

Particular Specific (as of 2013)

Website www.agleader.com

Contact Details

2202 S. Riverside Dr. Ames, Iowa 50010 U.S.

Phone: 515-232-5363

Fax: 515-232-3595

Year of Establishment 1986

Ownership Type Private

Company Type Manufacturer

Number of Employees 300+

Competitors John Deere & Company, AGCO, AgJunction, Novariant

Products

Display, Guidance & Steering, Seed Command, Direct Command,

Yield Monitoring Technology, Intelliscope Tile Plow Control system,

AgFiniti Cloud based platform

Source: Ag Leader Technology Website, BIS Research

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7.1.2 SWOT ANALYSIS

The following figure gives a SWOT analysis for AgLeader:

FIGURE 9

SWOT ANALYSIS

The industry is still not following a unique standardand lack of such existing standards projects aweakness for existing companies to integrate theirproducts.

A pioneer precision farming company, Ag Leaderhas several cutting edge products such asIntegra, Versa and Compass displaymodules, Seed and Direct Command, yieldmonitoring systems, SMS advanced and basicsoftware assisting in a whole range of farmingapplications.

Strong collaboration with dealers and regionalsales representatives in the U.S. and Canada.

WEAKNESSSTRENGTHS

The company operates majorly in the NorthAmerican region where demand for agriculturalequipment is expected to decrease.

Precision agriculture is still an emerging conceptand growing agricultural demand means threat ofnew entrants and incessant need for technologicalimprovement.

Development of breeding and biotechnology thatwill make farmers capable of producing more yieldwith fewer resources.

Potential growth in demand for higher farm yieldacross the globe will drive the opportunities for theprecision farming products . Developing countriespresent the maximum opportunities.

THREATSOPPORTUNITIES

Source: BIS Research

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7.1 AGCO CORP.

7.1.1 AGCO CORP. SUMMARY

Particular Specific (as of 2013)

Website www.agcocorp.com

Contact Details 4205 River Green Parkway Duluth, Georgia 30096 U.S.

Phone +1.770.813.9200

Year of Establishment 1990

Ownership Type Public

Company Type Manufacturer

Number of Employees 22111

Competitors Ag Leader, Topcon, Toro Company, Dickey-john, John Deere &

Company

Relevant Products

AgCommand, VarioDoc, TaskDoc, AutoGuide and VarioGuide

steering solutions, AgControl, Section Control systems, FieldStar ll

integrated monitor, Grain drying, monitoring and control systems

Other Products Tractors, Combine Harvesters, Seeding & Tillage equipments, Hay

& Forage Solutions, Ground Care machinery, Generators

Source: AGCO Corp. Website, BIS Research

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FIGURE 10

AGCO CORP. FINANCIALS BY GEOGRAPHY 2011-2013

XX%

XX%

XX%XX%

2013

EMEA

South America

North America

Asia Pacif ic

XX%

XX%

XX%XX%

2012

EMEA

South America

North America

Asia Pacif ic

XX%

XX%

XX%XX%

2011

EM

So

No

As

Source: AGCO Corp. Annual Report, BIS Research

7.1.2 KEY DEVELOPMENTS

Date Strategy Description

Oct 2014 Event AGCO Corp. attended the conference to support Precision

Farming at inaugural CAPA Event in Washington, D.C.

May 2014 Collaboration

AGCO Corp. and DuPont Pioneer announced a global

collaboration to bring wireless data transfer technology

solutions to farmers in leading agricultural markets,

including the U.S., Canada, Brazil and key European

countries.

Feb 2014 Business Expansion

AGCO announced the launch of the Global Fuse Contact

Center, a new customer support resource to assist

customers with setup, calibration, and operational support

on all AGCO precision agriculture and machine

communication technology products.

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Date Strategy Description

Feb 2014 Event

AGCO Corp. announced that it will participate in the 2014

Barclays Industrial Select Conference in Miami on February

20, 2014.

Sep 2013 Joint Venture

AGCO Corp. and Russian Machines, part of the Basic

Element group, announced the creation of a new joint

venture in order to manufacture and distribute agricultural

equipment and replacement parts in Russia.

Aug 2013 Event

AGCO Corp. announced that it will participate in the 2013

Jefferies Industrials Conference in New York on Thursday,

August 15, 2013.

Jul 2013 Business Expansion AGCO Corp. announced the launch of precision farming

business strategy Fuse Technologies.

Nov 2012 Product Launch

AGCO Corp. announced the availability of AGCO’s latest

global mobile application built to serve agriculture

professionals on-the-go, allowing them to manage their

operation from anywhere, anytime. “AGCO’s industry-

leading telemetry service, AGCOMMAND®, has gone

mobile.

Jun 2012 Business Expansion AGCO Corp. launched a 150 hectare (371 acre) farm and

learning center near Lusaka, Zambia.

Source: AGCO Corp., BIS Research

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