North America Precision Farming Market Analysis Predicts Close To 12.1% CAGR Sales Increase By 2032| Fact.MR

The North America Precision Farming market is estimated to reach US$ 1.94 Billion in 2022, registering an impressive growth of 12.1%, thereby exceeding the market valuation of US$ 6 Billion by the end of 2032. The North America Precision Farming market registered a yearly growth of 12% from 2017 to 2021.

Owing to the remarkable potential in the market, the North America Precision Farming market is anticipated to grow during the assessment period, according to the Fact.MR analysis. Enhanced usage in the yield monitoring, and crop monitoring industry to ensure proper productivity is widening growth prospects for precision farming across the continent.

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Manufacturers are investing in state-of-the-art technologies to cater to the ever-increasing demand for cost-effective and highly-efficient Precision Farming materials. In addition to this, next-generation technological solutions are aiding producers to provide industry-specific farming solutions.

Key Takeaways from Market Study

• Under the technology segment, the guidance system precision farming segment holds 41% market share and is projected to rise at the rate of 12% CAGR during the forecast years of 2022-2032
• Weather tracking & forecasting account for nearly 38% market share under the application segment
• United States leads the market as it holds 51% market share, and is projected to grow at the rate of 12.1% CAGR during the forecast years
• Together, Canada and Mexico. are likely to represent over 48% of the overall market share in 2022

"Precision farming will become widely used in the future. The scarcity of resources, along with unpredictable weather patterns, is driving greater demand for precision farming equipment," says a Fact.MR analyst.

Competitive Landscape

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.
• 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 endeavour 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.

Some of the leading players include

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

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Market Segmentation:

• By Technology :
o Precision Farming Guidance System
o Remote Sensing Precision Farming
o Variable-Rate Technology Precision Farming

• By Offering :
o Hardware
o Software
o Services

• By Application :
o Yield Monitoring
o Field Mapping
o Crop Scouting
o Weather Tracking & Forecasting
o Irrigation Management
o Inventory Management
o Farm Labor Management
o Other Applications

• By Country :
o U.S
o Canada
o Mexico

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More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the North America Precision Farming market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights based on application (yield monitoring, field mapping, crop scouting, weather tracking & forecasting, irrigation management, inventory management, farm labor management and other applications), technology (guidance system, remote sensing and variable-rate technology) and offering, (hardware, software and services) across major countries of North America (U.S, Canada and Mexico).

Explore Fact.MR's More Insights on the Technology Domain

Precision Farming Market - https://www.globenewswire.com/en/news-release/2022/07/07/2475802/0/en/Precision-Farming-Market-in-North-America-to-flourish-at-over-12-CAGR-until-2032-Weather-Tracking-Forecasting-to-comprise-38-Usage-Finds-Fact-MR.html

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