Dublin, June 13, 2024 (GLOBE NEWSWIRE) -- The "North America Precision Agriculture Market Report by Technology, Type, Component, Application, and Country 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The North America precision agriculture market has observed a significant surge, ascending to a valuation of US$ 4.3 Billion as of 2023. Projections indicate a robust growth trajectory, with expectations for the market to reach US$ 10.7 Billion by the year 2032. This growth, representing a CAGR of 10.7% in the forecast period from 2023 to 2032, is largely attributed to rapid technological advancements and the growing adoption of data-driven farming practices in the region.
Precision agriculture is revolutionizing the agricultural landscape by introducing cutting-edge technologies like GNSS/GPS systems, Geographic Information Systems (GIS), and Remote Sensing, among others. Farmers in North America are leveraging these technologies for real-time monitoring and decision-making, improving yields, and reducing costs associated with inputs such as water, pesticides, fertilizers, and herbicides.
Smart Agriculture Propels Productivity
With the prevalence of smart devices among agrarian communities, North American farmers are increasingly accessing real-time information to enhance agricultural activities. Precision agriculture practices are empowering farmers to optimize growing conditions and manage resources effectively, leading to increased productivity and sustainability.
Key Component and Application Insights
The market report segments the precision agriculture industry into various components, including hardware, software, and associated services. Automation and control systems, sensing and monitoring devices, along with farm management systems, are integral components contributing to the market's expansion. Applications such as crop mapping, scouting, yield monitoring, soil monitoring, and precision irrigation are identified as pivotal in driving the usage of precision agriculture technologies.
egional Market Dynamics
The United States and Canada, as key regions within the North America precision agriculture market, display distinctive growth patterns. The regional analysis elucidates the country-specific market dynamics, influencing factors, and potential growth opportunities.
Strategic Industry Analysis and Forecasts
The report provides a comprehensive analysis of key drivers, challenges, and opportunities. It further includes a detailed value chain analysis, Porter’s Five Forces analysis, and explores the competitive landscape. The precision agriculture market is poised for substantial growth, with the participants focusing on expanding and refining their technological offerings.
Responding to New Agriculture Challenges
The increasing need for efficient agricultural practices, coupled with the pressures of a growing population and climate change, has made precision agriculture techniques more vital than ever. The growth of the North America precision agriculture market signals a positive response to these challenges. The ongoing growth and technological advancements in the North America precision agriculture market demonstrate a commitment to innovation and sustainable agricultural practices, signifying a transformative period in the realm of modern farming.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 123 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $4.3 Billion |
| Forecasted Market Value (USD) by 2032 | $10.7 Billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | North America |
For more information about this report visit https://www.researchandmarkets.com/r/8k25kz
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
