The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Latin America Precision Agriculture Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Latin America Precision Agriculture Industry (2023-2028):
According to the latest 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. The report demonstrates the prominent factors propelling the exponential growth of the Latin America Precision Agriculture industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2019-22
- Base Year: 2023
- Forecast Period: 2023-28
- CAGR (2023-2028): 13.0%
What are the major Driver the Latin America Precision Agriculture industry?
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 Segmentation
The Latin America Precision Agriculture Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- 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
As per the regional aspect, the Latin America Precision Agriculture Market is expected to be dominated by Brazil by capturing the potential market share.
Explore further details about this research report - https://www.marknteladvisors.com/research-library/latin-america-precision-agriculture-market.html
Top Companies 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
Latin America Precision Agriculture 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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