The global yield monitoring devices market is poised by high growth, with the introduction of innovative technologies in the standardization, automation, mechanization resulting in farmers experiencing a substantial increase in crop yield.
The yield monitor displays crucial information including area coverage, grain flow, global location, and grain moisture. Yield monitors provide the farmers with a yield map of the field which gives an accurate assessment of the variation in the yield of the field. Yield monitoring devices enable farmers to assess the effects of fertilizers & pesticides, soil properties, and weather on yield production. Lack of yield monitoring specialists, low awareness, and under-utilization of yield data are factors expected to pose a challenge to market growth.
Substantial cost savings achieved as a result of valuable inputs pertaining to fertilizers, chemicals, seeds, and fuel is expected to be the primary growth driver for the yield monitoring devices market. Government subsidies assisting farmers to adopt yield monitoring devices are expected to favorably impact market growth.
Yield monitoring technologies have been characterized by uneven geographic adoption, with the adoption rate being high in regions where commodity prices are high, the land is abundant, and labor is limited. In the U.S. market, yield monitoring devices and services are in the matured phase of the product life cycle; this market is expected to witness considerable upgrades in the existing systems.
The yield monitoring devices market can be segmented based on application, technology, and component. On the basis of application, the various sectors include Variable Rate Application (VRA), crop scouting, yield monitoring, and field mapping. The technology comprises remote sensing and guidance. On the basis of the component, the market can be bifurcated into software and hardware.
Key market players include Trimble Navigation Ltd., Topcon Precision Agriculture, Ag Leader Technology, Case IH, Deere & Company, AgJunction Inc., TeeJet Technologies, Raven Industries Ltd., and AGCO Corporation.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.