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LONDON, GREATER LONDON, UNITED KINGDOM, December 19, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
Will the Yield Monitoring System Market Continue Its Rapid Growth?
The yield monitoring system market size has been growing rapidly in recent years and this trend is expected to continue. In 2023, the market was valued at $2.76 billion, and by 2024, it is forecast to reach $3.04 billion, equating to a compound annual growth rate CAGR of 10.2%. The total is expected to grow to $4.51 billion by 2028, a CAGR of 10.3%. The factors behind this growth include an increase in the adoption of precision farming techniques, increased demand for food due to population growth, a heightened need for real-time data analytics in agriculture, a growth in demand for sustainable agricultural practices, and increased learning among farmers about the benefits of yield monitoring systems.
What Is Fuelling The Growth of the Yield Monitoring System Market?
The dramatic rise in the yield monitoring system market can largely be attributed to the increasing agricultural productivity. With advances in technology, efficient farming practices, improved crop varieties, and access to quality inputs, along with adequate land and water management, agricultural productivity has been on a steady rise. This increased productivity is providing more accurate and abundant data, enabling yield monitoring systems to fine-tune their measurements, improve predictive models, and offer sharper insights for future planting and management decisions. This process leads to optimized farming practices. For instance, in January 2024, the US Department of Agriculture reported the average yield for all US rice was estimated at 7,649 pounds per acre in 2023, up from the 2013 average yield of 7,385 pounds per acre, illustrating how increasing agricultural productivity is stimulating the yield monitoring system market.
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Who Are The Key Industry Players in the Yield Monitoring System Market?
Major companies playing imperative roles in this market growth are Deere & Company, Yara International ASA, CNH Industrial N.V, AGCO Corporation, GEA Group AG, Hexagon AB, Trimble Inc., Helena Agri-Enterprises LLC, Mouser Electronics Inc., DeLaval Inc., Topcon Corporation, Kverneland Group, Raven Industries Inc., Iteris Inc., Precision Planting LLC, CLAAS KGaA mbH, Ag Leader Technology, Grains Research and Development Corporation, Farmers Edge Inc., Taranis, CropX Inc., AgEagle Aerial Systems Inc., Conservis Corporation, Sentek Technologies Pty Ltd, SPL Technologies Pvt. Ltd. These entities are looking towards adopting climate view trackers to enhance agricultural efficiency by integrating climate data for improved crop yield analysis, indicative of the current major trend in the market.
Which Segments and Regions Dominated the Yield Monitoring System Market?
The yield monitoring system market focuses on several key areas such as:
1 By Component: Hardware, Software, Services
2 By Technology: Guidance System, Remote Sensing
3 By Application: Variable Rate Application, Crop Scouting, Field Mapping, Yield Mapping, Other Applications
4 By End User: Farmers, Agriculture Consultant, Research Bodies, Other End-Users
On a regional basis, North America was the largest region in the yield monitoring system market in 2023. The regions covered in the yield monitoring system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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