MarkNtel Advisors analyses the growth rate of the Latin America Precision Agriculture market in the forecast period from 2023 to 2028. In addition to comprehensive market insights such as market value, growth rate, market segmentation, key market players, and market dynamic. This detailed analysis aims to provide valuable information for stakeholders in the Latin America Precision Agriculture market, helping them make informed decisions.
Market Outlook – 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. 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.
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Key Company Profiles
This report explores recent significant developments in the Latin America Precision Agriculture Market, focusing on the leading companies and their innovative profiles. The major players in the Latin America Precision Agriculture Market, featured in this report, include:
- 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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Market Segmentation & Coverage
This research report by MarkNtel Advisors categorizes the Latin America Precision Agriculture Market to forecast revenues and analyse trends across each of the following sub-markets:
- 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
- Automation and Control System
- Hardware
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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.
Key Questions Addressed:
- Market Size and Growth Projections: What is the current size of the market, and how is it expected to grow?
- Investment Opportunities: Which products, segments, and regions present the most attractive investment opportunities?
- Technology Trends and Regulatory Influences: What are the prevailing technology trends and regulatory factors influencing the market?
- Competitive Ranking: How do top vendors rank regarding market share and competitive positioning?
- Revenue Sources and Strategic Opportunities: What revenue sources and strategic opportunities guide vendors’ market entry or exit decisions?
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