Precision Agriculture Is Cost Effective for Farms of 5,000 Acres
Advanced Technologies and Systems Deliver Maximum Gains When Fully Integrated and Deployed on Large Farms, Lux Research Says
BOSTON, MA -- (Marketwired) -- 12/17/13 -- Precision agriculture is a quantified approach to cultivation that employs sensing, input modulation, and data analytics to enhance the efficiency of agriculture and increased crop yields. While individual tools are not typically cost-effective, and often not relevant for small farms, combining these technologies into integrated solutions for large farms leads to gains -- cost savings plus revenue increases -- of up to $66.50 per acre for U.S. winter wheat, according to Lux Research.
In the Lux Research study, the best-case scenario assumed wireless-transmitting soil moisture sensors, combined with weather forecasting service and integrated decision support on farms of 5,000 acres. While savings from input costs averaged $24.5 per acre, output gains were $42.0 per acre.
"The key to effective precision agriculture is legitimate decision support, closing the loop from measurements, through recording and analysis, to seamlessly link on-farm conditions with actionable advice," said Sara Olson, Lux Research Analyst and the lead author of the report titled, "Every Input Is an Opportunity: How Precision Agriculture Is Redefining the Business of Cultivation."
Lux Research analysts evaluated the potential of precision agriculture technologies and the opportunities for those looking to make a play in this field. Among their findings:
The report, titled "Every Input Is an Opportunity: How Precision Agriculture Is Redefining the Business of Cultivation," is part of the Lux Research Agro Innovation Intelligence service.
About Lux Research
Lux Research provides strategic advice and ongoing intelligence for emerging technologies. Leaders in business, finance and government rely on us to help them make informed strategic decisions. Through our unique research approach focused on primary research and our extensive global network, we deliver insight, connections and competitive advantage to our clients. Visit www.luxresearchinc.com for more information.
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