North America Precision Agriculture Market was worth USD 2.64 billion in 2021 and is estimated to be growing at a rate of 13.5%, to reach USD 6.9 billion by 2026. Precision agriculture is the use of advanced technologies such as GPS and remote sensing in farming to track field conditions and make farming practices more accurate by sharing the field information with farmers from time to time.
Precision farming reduces a lot of human efforts and resources can be used efficiently to get better yields. GPS technology with high precision can be used to navigate agricultural vehicles such as tractors through the fields with 2cm accuracy. Geomapping technique provides farmers with maps showing the nutrient levels in the soil along with the type of soil and can be used to distribute fertilizers wherever necessary.
Drivers and Restraints of North America Precision Agriculture Market:
Rapid growth in population increased the demand for food production. To keep up with the food demand, farmers are adopting new farming practices resulting in the increase in demand for precision farming. Investments of private organizations to train farmers in using technology and easy availability of financial resources are the major factors driving the growth of precision farming market. High installation costs and lack of government initiatives in improving the availability of infrastructure to the farmers are the major restraining factors for the market.
North America Precision Agriculture Market – By Offering:
Cloud based software is rapidly gaining popularity and is the fastest growing segment.
North America Precision Agriculture Market – By Technology:
Guidance system is the largest market segment as it includes GPS and GIS which are essential in precision farming.
North America Precision Agriculture Market – By Application:
Irrigation management is expected to be the fastest growing segment due to increasing scarcity of water.
Based on region, the North America precision farming market segmented into
USA dominates the market due to the increased adoption of cloud based technology in this region. Canada precision farming market is rapidly growing due to the huge investment of Canadian government to develop precision farming.
Key Players in the precision agriculture market are Trimble, Inc. (U.S.), Deere & Company (U.S.), AJ Junction, Inc. (U.S.), Leica Geosystems (Switzerland), AgSmarts Inc., Monsanto Company, CropMetrics LLC and Dickey-John Corporation.
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