North America Precision Farming Market

North America Precision Farming Market Size (2024 to 2032)

The North American precision farming market was expected to be valued at USD 2.15 billion in 2023 and is anticipated to reach USD 2.41 billion in 2024 from USD 6.01 billion by 2032, growing at a CAGR of 12.1% from 2024 to 2032. 

Precision farming is one of the advanced farming techniques. It involves measuring, observing, and responding to the variability in crops, farming field, and weather. The objective of precision farming is to aid the farmers in making precise decisions and to increase the output to input ratio through the optimal use of resources.

It reduces human efforts in the field through the use of automated and semi-automated agricultural devices which can be controlled from a distance with the help of remote sensing and satellite guiding technology. With the use of installed sensors in the field, temperature, soil humidity, and soil nutrient levels can be analyzed and take appropriate actions.

The increasing use of cloud-based technology, the growing adoption rate of modern farming techniques to enhance productivity, and growing food demand are the major factors driving the precision agriculture market. The increasing need to increase food production in the available agricultural land and government initiatives to increase the usage of modern technologies in agriculture are propelling the market growth. However, the requirement of high initial investment and lack of proper awareness among the farmers are hindering market growth.

This research report on the North American precision farming market is segmented and sub-segmented into the following categories.

North America Precision Farming Market Analysis By Offering

• Hardware
  • Automation and control systems
  • and Sensing and Monitoring Devices
• Software
  • Web-based
  • cloud-based software
• Services

Automation and control systems dominate the market in this segment as they heavily reduce human effort and aid in the increase of productivity. Cloud-based software is the fastest-growing segment due to its vast database and high demand.

North America Precision Farming Market Analysis By Technology

• Guidance systems
• Variable rate technology
• remote sensing

The guidance system is the largest market segment as it precision agriculture is highly relied on using GPS and GIS systems.

North America Precision Farming Market Analysis By Application

• Yield Monitoring
• Field Mapping
• Crop Scouting
• Weather Tracking & Forecasting
• Irrigation Management
• Inventory Management
• Farm Labor Management
• Financial Management

Irrigation management holds the largest market share in the precision farming market due to the increasing scarcity of water and increasing adoption of micro-irrigation control systems in agriculture. However, yield monitoring is expected to be the fastest-growing segment due to the growing food demand with the rapidly growing population.

COUNTRY ANALYSIS

• USA
• Canada

On the basis of region, the North America Precision Farming market is segmented into the USA and Canada. The USA leads the market in this region due to the presence of many key manufacturers of precision farming equipment and high technological awareness among people in this region.

KEY PLAYERS IN THE NORTH AMERICA PRECISION FARMING MARKET

Some of the major players in the Precision Farming market are Raven Industries, Deere & Company, AGCO Corporation, Trimble Navigation Ltd, Monsanto Company, Dupont, Agjunction, Inc, Precision Planting, Inc, SST Development Group, and Dickey-john Corporation.