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.

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

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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