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North America Precision Farming Market

North America Precision Farming Market

North America Precision Farming Market Analysis By Technology (Precision Farming Guidance System, Remote Sensing & Variable-Rate Technology) By Offering (Precision Farming Hardware, Software & Services) By Application and By Country – Market Insights 2022 to 2032

North America Precision Farming Market
FACT7379MR
  • May-2022
  • List of Tables : 24
  • List of Figures : 69
  • 170 Pages
  • Technology

North America Precision Farming Market Outlook (2022-2032)

The North American Precision Farming market is projected to grow at the rate of 12.1% to reach a valuation of US$ 6 Billion by 2032 from US$ 1.91 Billion in 2022.

Report Attributes

Details

North America Precision Farming Market Size (2021A)

US$ 1.7 Billion

Estimated Market Value (2022E)

US$ 1.91 Billion

Forecasted Market Value (2032F)

US$ 6 Billion

North America Market Growth Rate (2022-2032)

12.1 % CAGR

United States Market Share (2021)

~32%

United States Growth Rate (2022-2032)

~12.1% CAGR

Market Share of Top 5 Companies

~43%

Key Companies Profiled

  • Deere & Company 
  • AGCO Corporation
  • Raven Industries
  • AG Junction
  • Trimble

Growth in the North American precision farming market is attributed to the swelling government initiatives for the implementation of modern agriculture technologies and developed agricultural infrastructure in the region.

North America Precision Farming Historical Market Outlook (2017-2021) vs Growth Forecast (2022-2032)

As per Fact.MR- market research and competitive intelligence provider- demand precision farming solutions registered an uptick at a CAGR of around 12% from 2017 to 2021. Heightening labor costs, a dearth of experienced personnel, and increased demand for agricultural goods have prompted agriculturists to invest in North American precision farming solutions in recent years.

Decades of chemical-intensive farming, deforestation, and eventual global warming are driving traditional farmers to adopt new technology. Consumer trends such as plant-based and vegan diets are driving the demand for farmers to produce more.

Because of the prevalence of nitrogen-intensive fertilizers and the diminishing supply of arable land, value chain players are moving their attention to precision farming. Precision farming improves control over farming conditions by ensuring a seamless flow of critical information.

As a result of these reasons, the North American precision farming industry is predicted to triple between 2022 and 2032. Yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, and farm labor management will all help to boost growth throughout the forecast. As per Fact.MR’s projection, the market is slated to expand at a 12.1% CAGR.

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Rapid Use of Variable Rate, Remote Sensing, and Guided Technologies

Adoption of technologies such as VRT, remote sensing, GPS, GIS, and guiding technology in North American precision farming has resulted in increased production and decreased labor overheads. Similarly, the adoption of cutting-edge technology-based agricultural equipment has permitted the most efficient use of resources.

Precision farming equipment based on new technology not only adds to the bottom line by lowering labor costs but also vastly improves agricultural operations.

Weeding, fertilizer application, and site inspections are tasks conducted before harvesting that account for around 50–70% of farm operating expenditures. Agricultural drones with cameras are utilized in North American precision farming for spraying, weeding, trimming, and harvesting.

These drones capture hyperspectral photos, allowing farmers to remotely monitor farm activities. Precision farming technology is predicted to gain traction over the next decade in the countries like United States, Canada, and Mexico, eliminating the need for human work in fields and resulting in a significant decrease in labor costs.

An Adaptive Approach to Modern-day Research Needs

What are the Current Trends Influencing the Precision Farming Market’s Growth?

The increasing demand for climate information services due to its benefits that help farmers to deal with climate change and unpredictability to better agricultural decision-making is the primary reason for the market for weather tracking and forecasting to develop rapidly during the forecast period.

Furthermore, the growing need for cloud platforms for climate services is a significant driver of the North American precision farming market for this application. Weather-based controllers, rain sensors, temperature sensors, network components, water meters, and sensor-based controllers are some of the technologies used in irrigation management.

North america precision farming market forecast by Fact.MR

Country-wise Insights

What are the Growth Prospects for Precision Farming Market in the U.S.?

The United States controls the majority of the market, accounting for more than 51% of North American market value. The demand for precision farming technology in wealthy nations like the U.S is driven by the highly industrialized row crop farms in wealthy nations that enhance crop productivity in fewer areas.

Fact.MR forecasts that the U.S market for Precision Farming is estimated to reach US$ 2.3 Billion, following a CAGR of 12.1% throughout the forecast period. In 2021, the market value is estimated at nearly US$ 521 Million.

The implementation of modern technologies and services has boosted the sales revenue for precision farming in the United States. For instance, the adoption of drones has offered an opportunity to define crop biomass, plant height, the presence of weeds, and water saturation in certain field areas with high precision. They deliver better and more accurate data with higher resolution in comparison to satellites.

Besides, the availability of online has become key to precision farming. EOS has designed the crop monitoring system which is a digital platform that employs satellite monitoring to speed up a farmer’s decision-making so he does not miss a crucial point of field treatment.

An Adaptive Approach to Modern-day Research Needs

Category-wise Insights

By Technology, which Precision Farming Category will prevail?

Demand for Precision Farming Guidance Systems to Tower over Others

The North American precision farming market under the technology segment is segmented into guidance systems, remote sensing, and variable rate technology. As industrialized row crop farms expand, there is an urgent need to map production plans, automate sowing methods, assess soil variability, and assure appropriate input use (fertilizers, pesticides).

Amongst all sectors, the guidance system leads the technology segment that assists map and tracking numerous farm parameters accounting for more than 41% of total market value. Other technologies, such as remote sensing and variable rate technology, account for 58% of the total revenue.

Which Application is expected to dominate the Market?

Weather Tracking & Forecasting to remain Key Application Area

Under the application segment, the North American Precision Farming Market is segmented into Yield Monitoring, field monitoring, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management, and others. Out of which, the weather tracking and forecasting segment held the largest share of more than 38% in North America.

Farming is largely dependent on the weather conditions and requires early forecasting for sowing and cutting crops. In other to gain the highest yield and protect the crop from excessive heat and rain, several monitoring systems and satellite imaging is utilized. These systems play a pivotal role in the field of agriculture.

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Competitive Landscape: Top Companies in Precision Farming Market

Key players in the North American precision farming market are undertaking state-of-the-art manufacturing tools and processes such as using advanced assembly techniques and robotic automation, etc. thereby focusing on the quality and performance enhancement of precision farming.

They are expanding at a great pace owing to innovation being undertaken in precision farming such as incorporating advanced functions and features in precision farming. Furthermore, prominent players in the Precision Farming market are also focusing on collaborative activities with other market players in emerging economies along with investing highly in research and development.

For instance:

  • In January 2022, John Deere & Co. introduced its line of autonomous tractors at the Consumer Electronics Show organized in the first week of the month, as a part and parcel of its endeavor to expand its footprint in precision agriculture domain.
  • In April 2021, Trimble Inc. forged a collaborative agreement with HORSCH- one of the leading manufacturers of agricultural technology globally- to establish a future for autonomous machines and workflows in the agricultural industry. The companies are currently implementing a high level of automation and driver support with steering systems, which allows a driver to perform additional in-cab tasks during active fieldwork.

Key Segments Covered in the North America Precision Farming Market Report

  • North America Precision Farming Market by Technology :

    • Precision Farming Guidance System
    • Remote Sensing Precision Farming
    • Variable-Rate Technology Precision Farming
  • North America Precision Farming Market by Offering :

    • Precision Farming Hardware
    • Precision Farming Software
    • Precision Farming Services
  • North America Precision Farming Market by Application :

    • Precision Farming for Yield Monitoring
    • Precision Farming for Field Mapping
    • Precision Farming for Crop Scouting
    • Precision Farming for Weather Tracking & Forecasting
    • Precision Farming for Irrigation Management
    • Precision Farming for Inventory Management
    • Precision Farming for Farm Labor Management
    • Precision Farming for Other Applications
  • North America Precision Farming Market by Country :

    • U.S
    • Canada
    • Mexico

- FAQs -

The North American value of the Precision Farming market is estimated to be worth over US$ 1.9 Billion in 2022.
Demand for precision farming solutions in North America is anticipated to surpass US$ 6 Billion by 2032 end
From 2017 to 2021, the North America precision farming market grew at an 11.5% CAGR
Some of the prominent players in the North American Precision Farming market are Deere & Company (US), AGCO Corporation (US), Raven Industries (US), AG Junction, and Trimble, among others.
The United States tops the North America precision farming market accounting for 51% of the regional market share in 2022
The guidance systems precision farming segment under the Precision Farming type contributes 41% market share across North America

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