The North America Precision Farming Market would witness market growth of 6.4% CAGR during the forecast period (2021-2027).
Precision farming is a site-specific crop management (SSCM) technique used by farmers to increase crop yield and quality in their fields. It makes use of cutting-edge technology like GPS, GIS, telematics, and remote sensing. Precision farming is a more efficient farming method than traditional ones. Farmers have been forced to move to precision farming due to rising food demand and rapid expansion in the agriculture business. Furthermore, the market's growth is bolstered by its unrivaled features, such as weather forecasting, soil research, and agricultural yield collecting and analysis. Moreover, farmers may acquire real-time crop data using a variety of components such as sensors, drones, agriculture software, and GPS.
Precision farming has enhanced production while lowering labor costs because of the use of technologies including VRT, remote sensing, GPS, GIS, and guiding technology. Similarly, agricultural equipment based on cutting-edge technology has allowed for the most effective utilization of resources. Precision farming equipment based on innovative technologies not only enhances agricultural operations while cutting labor expenses. Weeding, fertilizer application, and site inspections are procedures that take place prior to harvesting. Precision farming uses drones with cameras for spraying, trimming, weeding, and harvesting. These drones take hyperspectral pictures, allowing farmers to keep an eye on their farms from afar.
Growing awareness of crop quality and the introduction of new efforts to bring innovation to the sector are the key trends in the regional market. In 2018, the US government enacted the Precision Agriculture Connection Act to address the precision farming industry's connectivity demands in the United States. A task group was established by the regulatory authority to study and make policy suggestions on how to increase broadband internet connectivity in croplands.
The region is an early adopter of Precision Farming technologies. Moreover, the region has witnessed increased government incentives for the adoption of modern agriculture technologies, as well as enhanced infrastructure. To raise awareness among farmers, the National Institute of Food and Agriculture (NIFA), which is part of the United States Department of Agriculture, runs geospatial, sensor, and precision technology projects. Moreover, NIFA assists farmers in developing robust sensors, accompanying software, and instruments for modeling, monitoring, and evaluating a wide range of complex biological materials and processes in collaboration with Land-Grand universities.
The US market dominated the North America Precision Farming Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $3,355.8 million by 2027. The Canada market is exhibiting a CAGR of 8.8% during (2021 - 2027). Additionally, The Mexico market would display a CAGR of 7.9% during (2021 - 2027).
Based on Technology, the market is segmented into Guidance Technology, Remote Sensing Technology, Variable Rate Technology. Based on Offering, the market is segmented into Hardware (Automation & Control Systems and Sensing & Monitoring Devices), Software (Local/Web-based and Cloud-based), and Services. Based on Application, the market is segmented into Yield Monitoring, Field Mapping, Weather Tracking & Forecasting, Variable Rate Application, Crop Scouting, Inventory Management, Farm Labour Management, Financial Management and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Precision Farming Market is Estimated to reach $11.1 Billion by 2027, at a CAGR of 7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Trimble, Inc., CNH Industrial N.V., AgEagle Aerial Systems, Inc., Topcon Corporation (Topcon Positioning Systems, Inc.), Hexagon AB (Hexagon Agriculture), CropX, Inc., CropIn Technology Solutions Private Limited, Telus International, Inc., Deere & Company, and AGCO Corporation.
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