NEWARK, Del, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The Global Yield Monitor Market size is projected to be worth US$ 2.9 Billion in 2023. The market is likely to surpass US$ 5.1 Billion by 2033 at a CAGR of 6.0%.
The future analysis for the yield monitor industry is positive, with continued development projected. Future Market Insights (FMI) mentions that the global demand for yield monitors grew at a CAGR of 6.9% from 2018 to 2022.
The yield monitor industry refers to the segment of the agricultural sector engaged in the development, manufacture, and distribution of yield monitor systems. These systems are vital tools used by farmers and agricultural experts to collect, analyze and manage data related to crop yield during harvest.
The primary purpose of a yield monitor is to provide real-time data and information on yield changes in a farm or field. These devices are often integrated with harvesting equipment, such as combiners, harvesters, or forage harvesters, to record and measure yield information as crops are harvested.
Key components of a yield monitor typically include GPS technology, sensors, and data storage and display. Sensors measure crop flow, humidity, and other relevant parameters during the harvesting process.
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GPS technology enables accurate mapping of topographical and geolocation data, while facts storage retains the collected information. Display units allow farmers to visualize and interpret data while making informed decisions.
Demand for yield monitors has witnessed steady growth due to the growing adoption of precision farming techniques around the world.
Governments and several organizations have promoted the adoption of precision agriculture to address worldwide challenges such as food security, population growth, and climate change. As a result, the demand for yield monitors and related technologies is anticipated to continue to grow in the coming years.
The yield monitor industry plays an important role in modern agriculture by providing farmers with valuable data. This enhances crop yields and promotes sustainable farming practices. As technology advances, the market is likely to see innovations and increased integration with other precision farming technologies.
Key Takeaways from the Yield Monitor Market Report:
- Yield monitor sales in the United States are expected to reach US$ 1.6 billion by 2033, growing at a CAGR of 4.9%.
- The yield monitor industry in China is anticipated to reach a market share of US$ 438.3 million, expanding at a CAGR of 7.0% during the forecast period.
- Based on the technology, the remote sensing segment is projected to continue dominating the yield monitor industry with a CAGR of 5.9% from 2023 to 2033.
- The yield monitor industry in Japan is expected to reach US$ 370.3 million by 2033, growing at a CAGR of 5.4%.
- The yield monitor industry in the United Kingdom is estimated to reach a market share of US$ 259.5 million, expanding at a CAGR of 5.2% during the forecast period.
“Substantial cost savings from valuable inputs from sectors like chemicals, fertilizers, seeds, and fuels are projected to be the key growth drivers for the yield monitor industry. Government subsidies supporting farmers to approve yield monitoring devices are estimated to have a favorable impact on market development.” – says a lead analyst at Future Market Insights (FMI)
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Competitive Landscape:
Key players in the yield monitor market uphold their competitiveness by directing on product excellence and consistency and investing in research and development for product innovation and diversification.
Key companies are implementing several growth strategies such as acquisitions, product launches, and partnerships, contributing to the growth of the global yield monitors market. Furthermore, manufacturers are focusing on expanding their product lines to generate maximum revenue and sustain the market.
For instance,
- In March 2020, AGRIVI, leading provider of farm management software, announced their new product in its digital farming solution packages, such as AGRVI Farm Fleet and AGRIVI Precision Field.
Top Manufacturers in Global Yield Monitor Market
- AGCO Corporation
- AGJUNCTION INC
- Ag Leader Technology
- Deere & Company
- Case IH
- Precision Planting
- Raven Industries, Inc
- TeeJet Technologies
- Topcon Precision Agriculture
- Trimble Navigation Limited
Segmentation Analysis of the Yield Monitor Market
By Hardware Component & Software Service:
- Hardware Component
- Sensors
- GPS/GNSS Devices
- Display Devices
- Guidance Steering
- Software & Services
- Yield Data Management Software
- Consulting & Training Services
By Technology:
- Guidance System
- Global Positioning System - GPS
- Geographic Information System - GRS
- Remote Sensing
- Handheld
- Satellite
By Application:
- Variable Rate Application - VRA
- Map-Based VRA
- Sensor-Based VRA
- Field Mapping
- Boundary Mapping
- Drainage Mapping
- Soil Monitoring
- Moisture Monitoring
- Nutrient Monitoring
- Crop Scouting
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About the Testing Equipment Division at Future Market Insights (FMI)
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