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.
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.
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.
Key Takeaways from Market Study
- The North American value 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
- 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
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.
- 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.
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These insights are based on a report on North America Precision Farming Market by Fact.MR.