Latin America Precision Agriculture Market to Observe Prominent CAGR of 13.0% by 2028

MarkNtel Advisors – Leading Market Research Company found Latin America Precision Agriculture Market is expected to reach 13.0% CAGR Growth By 2028.

This report provides a comprehensive analysis of the Latin America Precision Agriculture Market, with a focus on market size, segmentation, key players, geographical analysis, and growth in the coming years. The expert team of analysts invested considerable time and effort in collecting and analyzing the latest market data, producing a comprehensive and current report that provides valuable insights for decision-makers, including business owners and analysts.

Comprehensive Analysis of the Latin America Precision Agriculture Market

Base Year: 2022

Forecast Years: 2023-2028

Historical Years: 2018-2021

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Scope of the Latin America Precision Agriculture Market Report:

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. It attributes to the factors such as the growing demand for exceptional crop production with limited resources & the upsurging population of the region with the scarcity of food. In recent years, the region's agricultural industry has undergone considerable changes. Latin America, with ample agricultural lands & a burgeoning populace, faces a daunting predicament.

Which prominent factor is expected to drive the Latin America Precision Agriculture Market during 2023-28?

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.

What are the different Segment Available in the Latin America Precision Agriculture Market?

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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Leading Latin America Precision Agriculture companies operating in the 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.

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