Industry Analysis & Industry Trends
After experiencing relatively stable growth over the past five years, demand will continue to pick up as more farmers adopt industry technology. Over the five years to 2019, innovations will play a significant role in this growth, as technical change typically entices purchases. Furthermore, government incentives will drive farms to invest in the technology, with the extension of the 2008 Farm Bill particularly spurring growth.... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
IBISWorld analysis reveals that the Precision Agriculture Systems and Services industry has characteristics of a growing industry. First, the industry's value added (IVA) is forecast to grow at an annualized rate of 4.2% during the 10 years to 2019. This rate outpaces a projected 2.7% increase in US GDP during the same period. The higher growth rate of IVA typically points to a growing industry because it is contributing an increasing share to the US economy each year.
While well-capitalized farms in the Agribusiness industry (IBISWorld report NN004) have been keen to adopt efficiency-enhancing systems and practices, smaller farms that lack as much capital have been slower to invest... purchase to read more