Global Yield Monitoring Devices Market was valued $2.50 Bn in 2019 and is expected to reach $XX Bn by 2026, at a CAGR of XX% during the forecast period.
Global Yield Monitoring Devices Market Introduction
Farmers can use yield monitoring equipment and services to collect yield data while harvesting to assess the impact of weather, fertilizers, pesticides, and soil characteristics on yield output. The adoption of novel technology linked to yield monitoring devices has resulted in a continuous improvement in agricultural production in recent years, allowing producers to significantly boost their profitability. The use of these gadgets and services primarily aids in the improvement of site-specific farming.
Global Yield Monitoring Devices Market Dynamics
With the advent of novel technologies in standardization, automation, and mechanization, farmers are seeing a significant rise in crop production, the global yield monitoring devices market is positioned for rapid growth. The yield monitor shows important data such as coverage, grain flow, global position, and grain moisture. Yield monitors offer farmers a field production map that provides an accurate evaluation of the field's yield variance. Farmers can use yield monitoring systems to analyze the impact of fertilizers and insecticides, as well as soil characteristics and weather, on yield output.
The major growth driver for the yield monitoring devices market is projected to be significant cost savings realized as a consequence of valued inputs such as fertilizers, chemicals, seeds, and gasoline. Subsidies from the government to help farmers use yield monitoring equipment are likely to have a positive influence on market growth. Yield monitoring systems have had unequal regional acceptance, with the adoption rate being highest in places with high commodity prices, plentiful land, and little labor. In the United States, yield monitoring devices and services have reached the end of their product life cycle, and existing systems are likely to be upgraded significantly.
Recent technical advances in yield monitoring services have helped to significantly reduce input costs for seeds, pesticides, fertilizers, and fuel use, which is a key driver driving market growth. Furthermore, government initiatives in the form of subsidies urge farmers to use various yield monitoring systems, giving the market a boost. The development of Unmanned Aerial Vehicles (UAVs) for yield monitoring is expected to provide substantial market growth prospects. Furthermore, the use of high-end technology such as the Internet of Things (IoT) in relation to yield monitoring has enormous potential for market growth. A significant market issue that leading market competitors must solve in order to acquire a foothold in the market is the accurate and exact calibration of yield monitoring equipment.
However, the market's growth is hampered by a lack of knowledge of yield monitoring services, a scarcity of specialists, and a lack of use of yield data.
Global Yield Monitoring Devices Market Segment Analysis
The GPS segmented accounted for a significant share of xx% in 2019. The global positioning system receiver (GPS), mass flow sensor, yield monitor, and moisture sensor are the four key components of yield monitoring and mapping. During the harvest, these technologies are placed on a combined harvester and are in use. Sensors capture data, which is then saved in a device inside the combine. A GPS receiver is a remote sensor that measures the position of a combine, as well as height, speed, and other variables. It keeps track of geo-referenced data that may be turned into useful maps for farmers to use. The significance of these findings is enormous. Farmers may assess various yield parameters and enhance yield management using information obtained from these sources.
In addition, they have a comprehensive picture of the yield situation, which allows them to manage regions that need to be watered more and figure out why other fields aren't generating any produce at all. They may also plan future nutrition strategies and adjust the in-field management method based on yield potential. Their decision-making process gets easier and more trustworthy as a result of all of this knowledge. The above-mentioned factors are expected to drive the segment’s growth during the forecast period.
Global Yield Monitoring Devices Market
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Global Yield Monitoring Devices Market Regional Insights
Global Yield Monitoring Devices Market 1
In 2020, the Yield Monitoring Devices and Services market in the United States was worth US$652.6 million. The region is a technology, early adopter. Increased government incentives for the use of new agriculture technology, as well as increasing infrastructure, have all contributed to the regional market's high income. In the worldwide market, the country held a 29.54% stake.
Over the forecast period, Asia Pacific is expected to grow significantly. From 2020 to 2026, the region is anticipated to grow at a rate of above xx%. In emerging nations like India, Sri Lanka, and Nigeria, several government programs are underway to stimulate the adoption of sophisticated precision agricultural technology, therefore increasing production. China, the world's second-biggest economy, is expected to reach a market size of US$620.0 million by 2026, with a compound annual growth rate of xx%.
Japan and Canada are two additional significant regional markets, with growth forecasts of xx% and xx%, respectively, from 2020 to 2026. Germany is expected to grow at a CAGR of around xx% in Europe, while the rest of the European market (as defined in the report) is expected to reach US$XX million by 2026.
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Global Yield Monitoring Devices Market Report Scope:
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Global Yield Monitoring Devices Market 2
Global Yield Monitoring Devices Market, by Region
• North America
• Europe
• South America
• MEA
• Asia Pacific
Global Yield Monitoring Devices Market Key Players
• Ag Leader Technology
• Deere & Company
• Precision Planting Inc.
• Raven Industries Inc.
• AgJunction Inc.
• AGCO Corporation
• Trimble Navigation Limited
• Case IH
• TeeJet Technologies
• Topcon Precision Agriculture
• Mouser Electronics
• Syngenta Thrive
• Bosch
• Farmers Edge, Inc.
• Granular, Inc.
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