Hardware Segment to Dominate North America Precision Farming Market through 2024
Increasing demand for
reducing labor & material cost and improving production efficiency with the
application of automation processes to drive North America precision farming
market through 2024
According
to TechSci Research report, “North
America Precision Farming Market By Component, By Technology, By
Application, By Country, Competition, Forecast & Opportunities, 2024”, precision
farming market in North America is growing at a brisk rate owing to rising
demand to reduce production costs and increase productivity. Farmers are
rapidly adopting precision farming/agriculture practices so as to gather and
analyze the real-time data obtained from the conditions of the crops, soils and
weathers. Over the past few years, precision farming has gained popularity as
it helps to increase the crop yield by using advanced IT based agricultural
methods. North America precision agriculture market is anticipated to witness
growth at a double-digit CAGR owing to increasing dependency on technology for
aiding agriculture business. Moreover, federal government in the US passed
Precision Agriculture Connectivity Act 2018, which is further anticipated to
positively influence the market over the coming years.
North America precision farming market can be segmented based on component,
technology, application and country. Among components, hardware acquired the
majority share and the trend is likely to continue in the forthcoming years as
well, owing to the high adoption of automation and control devices, such as drones/
UAVs, guidance and steering systems, cameras, DPS/GPSS and sensors, among
others, for the monitoring of crop yields. On the basis of technology, the
market can be segmented into guidance system, remote sensing and variable rate
technology (VRT). Owing to the early adoption of the guidance system, the
segment is expected to dominate the market as it helps to reduce the
overlapping of equipment and tractor passes.
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“AG Leader Technology, AGCO
Corporation, Trimble, Cropmetrics, SST Development Group, Dickey-john Corp.,
Agribotix LLC, Autocopter Corp., Deere & Company, Raven Industries, among
others are the leading players operating in North America precision farming
market. Companies operating in the market are using organic strategies such as
product launches, and mergers and collaborations in order to register positive
growth in the market. In 2017, Deere and Company entered into a distribution
channel agreement with Agri-Trend Group of Companies. Under this strategic agreement,
the company will help farmers to implement new technologies using Agri-Trend’s
knowledge.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“North America Precision Farming Market By Component,
By Technology, By Application, By Country, Competition, Forecast &
Opportunities, 2024” has
evaluated the future growth potential of North America precision farming market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decision. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in North America precision farming market.
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