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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