Global Yield Monitoring Market - 2021-2028
The global yield monitoring market valued USD XX million in 2020 and is estimated to reach USD XX million by 2028, growing at a CAGR of XX%.
Yield monitoring is a process of precision agriculture that provides the farmers with important information related to yield productivity. Yield monitoring system is the recent development in the field of agriculture industry which provides information about the moisture levels, properties of the soil, crop yield, and its characteristics. Yield monitoring system is an advanced system which allows producers to calculate local yield variations caused by fertility management, factors related to weather and crop management. Yield monitoring systems give an idea to the farmers about when to harvest and how to harvest, which ultimately facilitates the process of cultivation. Increasing demand for yield monitoring systems for precise farming across the globe is ultimately accelerating the market growth of the yield monitoring systems significantly. Advantages such as easy computer interface and availability of data in various formats make yield monitoring system user-friendly.
Rapid adoption of precision farming across the globe is driving the yield monitoring market growth
Precision farming is one of the prominent trends in the field of agriculture industry that has changed the method of conventional farming. Precision farming helps farmers to take efficient decisions associated with yield production and harvesting. Rapidly increasing adoption of precision farming across the globe to maximize the yield production is driving the yield monitoring market. Furthermore, constant capital investment in the field of agriculture industry by various countries to raise yield production is also boosting the yield monitoring market. Technological improvement associated with the yield monitoring systems such as mass flow sensing, GPS receiving systems, and moisture mapping is propelling the yield monitoring market growth. Mandatory guidelines for precision farming to strengthen the agricultural production is also boosting the yield monitoring market growth. For instance, recent guidelines for the development of precision farming were approved in Italy by European Union.
On the other hand, lack of knowledge associated with the modern farming method in a few underdeveloped regions is one of the restraints that is hampering the yield monitoring market growth. Continuous adoption of conventional farming methods in these regions is also hindering the yield monitoring market growth. Moreover, in spite of yield monitoring offering several advantages for precise agriculture, the high cost of implementation is a potential challenge for the farmers in countries such India, Indonesia and Brazil, which restricts large scale adoption across these emerging markets.
Moisture sensors segment to hold major market revenue share in the year 2020
Moisture sensor is used to monitor the moisture of the soil by measuring volumetric water content of soil using principle of capacitance. Globally demand for soil moisture sensor is being driven by gradual shift in the climatic conditions and increasing awareness among government agencies. Soil moisture sensors are easy to use. The rainfall pattern, crop evapotranspiration rate, and soil type determine the amount and type of irrigation needed in the region to produce high yield. Due to unpredictable weather conditions, it is difficult to maintain consistent crop irrigation. Excess irrigation leads to increase in cost of production which further leads to runoff, waterlogging and soil nutrients leaching which reduces yield. Hence measuring moisture content helps growers reduce negatives effects on environment.
North America is expected to dominate the global yield monitoring market
Countries such as the US, and Canada in the North America are the early adopters of precision farming technologies, which is the major reason for the high share of this region in the yield monitoring market. Farmers or growers in this region are increasingly adopting advanced farming systems and equipment such as steering and guidance systems, sensors, display devices, and farm management software. Rising adoption of advanced technologies in various agricultural applications, reducing number of labors, consolidation of farms, growing population, and increasing requirement for high productivity from the existing farm areas are some of the other factors fueling the growth of the yield monitoring market in the North America. Moreover, public sector investment in agricultural R&D has made the agricultural industry in the US one of the largest contributors to state-of-the-art technologies in agricultural technology in the world. In the US, the Senate Appropriations Committee's fiscal year 2020 agriculture appropriations bill would provide USD 23.1 billion in discretionary funding with USD 3.172 billion specifically for agriculture research.
Furthermore, the yield monitoring market in the APAC region is anticipated to witness high growth rate over the forecast period due to the continuously increasing crop production, especially in countries such as India and China. Capital investment by various countries in this region to enhance the agriculture industry is ultimately fueling the yield monitoring market growth.
The premium cosmetics market is fragmented with global and local companies. Some key companies contributing to market growth include Trimble Inc., AGCO Corporation, Raven Applied Technology, Ag Leader Technology, Mouser Electronics, Inc., and Corporate Farming Solution among others. The major companies are implementing various growth strategies such as product launches, acquisitions, and collaborations, contributing to yield monitoring market growth globally. Moreover, manufacturers are focused on expanding their product line to generate maximum revenue and sustain in the market. For Instance, Topcon, one of the prominent yield monitoring system manufacturers had announced the expansion of its product portfolio by launching products such as YieldTrakk yield monitoring system. In March 2020, AGRIVI, one of the global market-leading farm management software companies, has announced new products within its digital agriculture solution offerings, such as AGRIVI Precision Field and AGRIVI Farm Fleet.
COVID-19 Impact: Pandemic had a positive impact on global yield monitoring market
The yield monitoring market is expected to witness a marginal dip in 2020 due to the COVID-19 pandemic as the movement restriction and lockdowns has resulted in the disruptions in the supply chain and led to a shortage of equipment, however the use of remote sensing and farm management software tools could lead to higher adoption during post COVID-19 period. COVID-19 has disrupted the supply chain in the yield monitoring market, and companies are exploring new opportunities to interact with growers and farmers by leveraging technologies. Companies have started focusing more on wireless platforms to enable real-time decision making with respect to yield monitoring, crop health monitoring, field mapping, irrigation scheduling, and harvesting management. For instance, SensoTerra launched new wireless systems in May 2020 to improve farm connectivity and field data analysis on the cloud. These sensor systems improve connectivity and can also be used for crops with large canopies with minimum manual support. Growers can access data in real time via a web-based interface or an app installed in their smartphones.
The impact of COVID-19 pandemic is expected to be for shorter duration and the market is expected to offer lucrative growth in medium to long term. IoT device installations in agriculture farms around the world are projected to witness a compound annual growth rate of 14%. COVID-19 is further expected to accelerate the installation of IoT devices in agriculture farms across the world to optimize irrigation scheduling with reduced labor requirements in the field. The number of connected agricultural devices is expected to witness a promising growth in medium to long term.
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Excel data sheet with valuable data points of the global yield monitoring market - Regional and Country level segmentation
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Market share analysis covering business revenues ($) and revenue share (%) of key market players
The global yield monitoring market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages
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