North America Precision Agriculture Market is projected to reach USD 2.21 bn

Posted by rohan on October 7th, 2017

The North America Precision Agriculture Market was worth USD 1.17 billion in 2016 and is estimated to be growing at a rate of 13.5%, to reach USD 2.21 billion by 2021. 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.

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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.

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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.

Market Segmentation                                                                              

Offering                                                       

• Hardware                                
• Software                                  
• Services                                    
• Y-o-Y Growth Analysis, By Offering                                             
• Market Attractiveness Analysis, By Offering                                           
• Market Share Analysis, By  Offering                                            

Technology                                                 

• Remote Sensing                                   
• Guidance System                                 
• Variable Rate Technology                                 
• Y-o-Y Growth Analysis, By Technology                                        
• Market Attractiveness Analysis, By Technology                                      
• Market Share Analysis, By Technology                                        

Application                                                 

• Yield Monitoring                                   
• Field Mapping                                         
• Crop Scouting                                        
• Weather Tracking & Forecasting                                    
• Irrigation Management                                     
• Inventory Management                                    
• Farm Labor Management                                 
• Financial Management                                      
• Y-o-Y Growth Analysis, By Application                                      
• Market Attractiveness Analysis, By Application                                   
• Market Share Analysis, By Application              

Based on region, the North America precision farming market segmented into USA and Canada. 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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