Latin America Precision Agriculture Market Overview: 2023-2028
Base Year: 2022
Historical Years: 2018-21
Forecast Years: 2023-2028
The Latin America Precision Agriculture market is projected to grow at a CAGR of around 13.0% during the forecast period, i.e., 2023-28.
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Latin America Precision Agriculture Market Dynamics: 2023-2028
Latin America Precision Agriculture Market Driver:
Surging Government Initiatives to Support the Adoption of Modern Agriculture Technique - In recent times, there has been a marked surge in governmental endeavors aimed at bolstering Precision Agriculture in the Latin American region. This is due to escalating recognition of the potential benefits that these cutting-edge techniques can provide, including heightened productivity, reduced environmental impact, and reduced food security. It is a pioneering method that utilizes technology to streamline farming practices & augment productivity. The government provides a tax credit that can extend up to 20% of the expenditure incurred in implementing these methods such as variable-rate fertilization & pesticide application. This incentive propels farmers to embrace these techniques & invest in these technologies. For instance,
- In 2023, in Mexico, the Universidad Autónoma del Estado de México & the Agencia Espacial Mexicana launched a satellite-based precision agriculture program to support agricultural productivity.
- In 2022, the National Institute of Agricultural Technology in Argentina presented a new precision agriculture program that aims to develop sustainable agro-food systems using technology.
The surging governmental initiatives to support modern agriculture techniques in Latin America constitute a salubrious development for the region & hence would also positively affect the market growth in the forthcoming period.
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Latin America Precision Agriculture Market (2023-30): Segmentation Outlook
The market report has segmented the market into the following categories:
By Offering
-Hardware
-Automation and Control System
-GPS/GNSS System
-Guidance and Steering System
-Flow and Application Rate Control Solutions
-Handheld Computers/ Mobile devices
-Agriculture Cameras
-Others
Sensing and Monitoring
-Yield Monitors
-Sensing Systems
-Other Hardware
-Software
Services
-Integration and Deployment
-Maintenance and Repair
-Other Services
By Application
-Precision Irrigation
-Yield Monitoring
-Precision Spraying
-Precision Fertilization
-Precision Planting
-Data Management
By Crop Type
-Cereals & Grains
-Oil seeds & Pulses
-Fruits & Vegetables
-Others (Herbs, etc.)
By Country
-Brazil
-Mexico
-Argentina
-Colombia
-Chile
-Peru
-Rest of Latin America.
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Top Companies Operating in the Latin America Precision Agriculture Market:
Ag Smarts Inc., AGCO Corporation, BASF SE, Bayer, Cropmetrics LLC, Deere & Company, Leica Geosystem, Monsanto Company, Raven Industries, Inc., Topcon Corporation, Trimble Inc., Others.
Industry Recent Developments
- 2021: Deere & Company launched JDLINK a connectivity service to its customers at no additional charge. This connectivity service allows customers to connect machines and stay connected by sharing machine & agronomic data without additional subscriptions or renewals required.
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