APAC Precision Farming Market Ripe for Growth
In the Asia-Pacific region, the precision farming industry is steadily taking root through joint ventures between global agri-tech players and local companies. Let’s explore further.
The Asia-Pacific Precision market is projected to grow at a compound annual growth rate (CAGR) of 16.4 per cent to reach $2.62 billion by 2026, according to a report by Markets and Markets. The increasing use of cloud-based technology, the growing adoption rate of modern farming techniques to enhance productivity and growing food demand are the major factors driving the precision agriculture market. The growing need to increase food production in the available agricultural land and government initiatives to increase the usage of modern technologies in agriculture are propelling the market growth. However, the requirement of high initial investment and lack of awareness among the farmers are becoming obstacles to growth. The silver lining, though, is that in the Asia-Pacific region, the precision farming industry is steadily taking root through joint ventures between global agri-tech players and local companies. Let’s explore further.
AGCO Corporation, a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology from the US and Trimble, a global technology company delivering solutions from the US on April 1 announced the closing of their joint venture (JV) transaction. The JV, known as PTx Trimble, combines Trimble’s precision agriculture business and AGCO’s JCA Technologies to form a new company that will better serve farmers with factory fit and retrofit applications in the mixed-fleet precision agriculture market.
The formation of PTx Trimble enhances AGCO’s comprehensive technology offering around guidance, autonomy, precision spraying, connected farming, data management and sustainability. Both these companies have a strong presence in the Asia Pacific region.
PTx will serve farmers around the world including Asia Pacific region through three go-to-market approaches. Specialised precision ag dealers will help farmers retrofit almost any make or vintage of equipment they already own with the latest technologies. PTx will also expand its relationships with more than 100 original equipment manufacturer (OEM) partners that can integrate products from the PTx portfolio directly at the factory.
The strategic alignment of these brands will facilitate the rapid growth of AGCO’s technology transformation and will support the future development and distribution of next-generation ag technologies for farmers and OEMs in the region.
FMC India, an agricultural sciences company in March 2024, has launched its innovative precision agriculture platform Arc Farm Intelligence in India. It is aimed at encouraging smarter agricultural practices for farmers, advisers and channel partners. By combining real-time data and predictive modelling, Arc farm intelligence assists farmers in monitoring field conditions and pest pressure. Farmers can then ensure precise application of the recommended crop care products to optimise yield and achieve higher returns on investment.
Satyukt, a leading global Ag-tech company from India at the forefront of harnessing satellite data, advanced technology, and machine learning, and ASSOCHAM UP-UK and GNET have forged a strategic alliance in India poised to revolutionise precision farming using Sat2Farm technology in March 2024. This collaboration extends to agribusinesses and researchers, who leverage integrated data to gain valuable insights into regional agricultural trends, enabling strategic resource allocation and fostering sustainable growth across the agricultural value chain of Uttar Pradesh.
In February 2024, Satyukt and Zuari FarmHub entered into a strategic alliance to redefine the landscape of precision farming through Satyukt’s APIs. Leveraging the power of the Application Programming Interface (API), Satyukt will provide access to farm management solutions to farmers and other stakeholders associated with Zuari FarmHub.
Besides, we see many companies joining hands with other regional and global firms in the precision agriculture space to provide farmers with cutting-edge tools for decision-making and automation. This integration of advanced technology enhances the effectiveness and efficiency of farming practices, driving further adoption among tech-savvy farmers.
The scalability, accessibility, and data integration capabilities of cloud-based precision farming software provide farmers with essential tools to optimise their operations, enhance productivity, and promote sustainability. Leveraging the power of cloud technology, farmers can access real-time insights into their operations, empowering them to make data-driven decisions that drive efficiency and effectiveness.
In the Asia-Pacific region, rising investment in the adoption of precision farming technologies such as drones, automated harvesting systems and driverless tractors are expected to create lucrative opportunities for the precision agriculture market players. The growing use of real-time and multimodal systems in the agricultural field is expected to support the growth of the precision farming market in the future.
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In the Asia-Pacific region, the precision farming