, April 02, 2018 ) The North America Precision Farming Market
was worth USD 1.5 billion in 2017 and is projected to grow at a CAGR of 12.1%, to reach USD 2.7 billion by 2022. Precision farming is one of the advanced farming techniques. It involves measuring, observing and responding to the variability in crops, farming field and weather. The objective of precision farming is to aid the farmers to make precise decisions and to increase output to input ratio through optimal use of resources.
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It reduces human efforts on field through the use of automated and semi-automated agricultural devices which can be controlled from a distance with the help of remote sensing and satellite guiding technology. With the use of installed sensors in the field, temperature, soil humidity and soil nutrition levels can be analyzed and take appropriate actions.
Increasing use of cloud based technology, growing adoption rate of modern farming techniques to enhance productivity, growing food demand are the major factors driving the precision agriculture market. The increasing need to increase the food production in the available agricultural land and government initiatives to increase the usage of modern technologies in agriculture are propelling the market growth. However, requirement of high initial investment and lack of proper awareness among the farmers are hindering the market growth.
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The precision farming market is segmented on the basis of offering, technology, application and region. By offering, the market is categorized into Hardware, Software and Services. The hardware segment is further categorized into Automation and control system and Sensing and Monitoring devices. Automation and control systems dominate the market in this segment as they heavily reduce the human effort and aid in the increase of productivity. The Software segment is further segmented into Web based and cloud based software. Cloud based software is the fastest growing segment due to its vast database and high demand. On the basis of technology, the market is segmented into Guidance system, Variable rate technology, and remote sensing. Guidance system is the largest market segment as it precision agriculture is highly relied on using GPS and GIS systems. Based on Application, the market is segmented into Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, Farm Labor Management and Financial Management. Irrigation management holds the largest market share in precision farming market due to the increasing scarcity of water and increasing adoption of micro irrigation control systems in agriculture. However, yield monitoring is expected to be the fastest growing segment due to the growing food demand with rapidly growing population.
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On the basis of region, the North America Precision Farming market is segmented into USA and Canada. USA leads the market in this region due to the presence of many key manufacturers of precision farming equipment and high technological awareness among people in this region.
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Some of the major players in Precision Farming market are Raven Industries, Deere & Company, AGCO Corporation, Trimble Navigation Ltd, Monsanto Company, Dupont, Agjunction, Inc, Precision Planting, Inc, SST Development Group, and Dickey-John Corporation.
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