Technavio analysts forecast the global GNSS devices market in the agriculture sector to grow at a CAGR of over 18% during the forecast period, according to their latest market research report.
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Technavio analysts forecast the global GNSS devices market in the agriculture sector to grow at a CAGR of over 18% by 2022. (Graphic: Business Wire)
The emergence of precision agriculture is one of the major trends being witnessed in the global GNSS market in agriculture sector 2018-2022. Precision agriculture includes the use of technology to map, monitor, and respond to variations in crop yields. The use of precision agriculture enables farmers to obtain data regarding crop health and yield. Precision agriculture offers an ideal solution through improved automation and precise control of farming operations.
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According to Technavio analysts, one of the key factors contributing to the growth of the global GNSS devices market in the agriculture sector is the increasing need to optimize crop inputs:
Global GNSS market in agriculture sector: Increasing need to optimize crop inputs
Lower yields and expanding population require an increase in agriculture productivity. This, in turn, requires the optimization of agricultural inputs along with the adoption of technical devices that can overcome the challenges faced by farmers. By integrating GNSS devices such as receivers, antennas, and base stations into the agricultural machinery, farmers can maximize the yield by knowing the exact requirement for the crop growth.
According to a senior analyst at Technavio, “GNSS devices enable farmers to create a drive map and aid them to reduce any overlaps and gaps in different agriculture operations. Therefore, the accurate mapping and system control ensured by GNSS devices aid in optimizing agricultural inputs.”
Global GNSS market in agriculture sector: Segmentation analysis
The global GNSS devices market in agriculture sector research report provides market segmentation by the application (tractor guidance, auto steering, VRT, and asset management), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major applications, the tractor guidance segment held the largest market share in 2017, contributing close to 41% of the market. This application segment will dominate the global market throughout the forecast period due to the increase in the number of tractors equipped with GNSS devices in various regions.
The Americas held the largest share of the market in 2017, accounting for close to 54% share. It was followed by APAC and EMEA respectively. The Americas held the highest market share due to the region’s technologically advanced agriculture sector that has a large installed base of GNSS devices.
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