The new report by Expert Marker Research titled, ‘North America Precision Agriculture Market Report and Forecast 2021-2026’, gives an in-depth analysis of the North America Precision Agriculture market, assessing the market based on its segments like technology, type, component, application and major regions like the United States and Canada. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2026)
- Historical Market Size (2020): USD 45 billion
- Forecast CAGR (2021-2026): 5%
- Forecast Market Size (2026): USD 7.11 billion
The North America Precision Agriculture market has several driving factors with rapid increase in population driving the demand for food production. This has further motivated farmers to produce more and better products with less capital investment. With the onset of technological innovations in the agricultural field, staple manufacturers are investing in educating farmers about technological aids. Availability of financial resources and lucrative offers from financial institutions, are also motivating farmers to borrow and invest in this budding sector in the historical period.
Industry Definition and Major Segments
Precision agriculture, also known as satellite agriculture or site-specific crop management (SSCM), is a concept that aims to increase food production by using less agricultural inputs by calculating precise variabilities within a field, while also lowering overall production costs. Precision agriculture makes use of advanced equipment, software, and IT services to provide real-time data about the state of the soil, ambient air, and crops, as well as other critical information such as labour costs, equipment availability, and local weather forecasts. Farmers use the retrieved data to determine precise planting times, crop rotation, and harvesting times. It also assists farmers in lowering their use of water, pesticides, herbicides, and fertilisers, making the technique more cost-effective.
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Based on technology, the market is segregated into:
- GNSS/GPS Systems
- Remote Sensing
- Variable Rate Technology (VRT)
The market is segmented in terms of type, into:
- Automation and Control Systems
- Sensing and Monitoring Devices
- Farm Management Systems
On the basis of component, the industry is bifurcated into:
On the basis of application, the industry is split into:
- Crop Scouting
- Yield Monitoring
- Soil Monitoring
- Precision Irrigation
The regional market for North America Precision Agriculture is:
- United States
Globally, the North American region leads the market due to the presence of manufacturers of equipment needed for this type of agriculture. Also, the people in the region are technologically aware to maximise the utilisation of this technology. The industry in North America is being driven by the increasing use of smartphones and other intelligent mediums to stay up to date on the latest agricultural technologies or advancements. The region’s industry is growing as a result of the region’s growing population and that disposable income. Furthermore, precision agriculture provides techniques that enable farmers to easily determine favourable weather conditions for plant growth through the use of sensors strategically positioned throughout the area. These sensors are connected to digital applications and record rainfall and soil conditions in various areas, increasing farmer benefits and accelerating industry development, in the forecast period.
The restraining factors for this market are usually high initial investment and installation costs, which usually put the farmers off of migrating into this technology. Lack of government initiatives to assist farmers with availability of infrastructure to practice this kind of agriculture.
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Key Market Players
The major players in the market are AGCO Corporation (NYSE: AGCO), Deere & Company, Raven Industries, Inc., Trimble Inc., AgJunction, Inc. and few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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