Latin America Precision Agriculture Market was worth USD 1.21 billion in 2021 and is estimated to be growing at a rate of 15.4%, to reach USD 2.13 billion by 2026. To make agriculture more efficient and productive, lot of technologies are available in recent years. Precision agriculture is one of such practices. It enables farmers to manage large stretch of land as a group of small fields thus increasing the crop efficiency and decreases the errors in product application.
Previously, farmers used to gather information about soil humidity, temperature of soil and nutrient levels, monitor irrigation rates and soil drainage themselves which takes a lot of time and effort especially in case of extensive farming practice. Moreover, the information is crude and unreliable sometimes. With the use of precision farming, all those inputs can be gathered with the use of sensors and drones reducing the time and effort required to obtain the information and with increased accuracy.
Latin America Precision Agriculture Market Drivers:
Rising popularity for telematics technology in precision farming, declining in agricultural land and the need to increase the productivity of crops, decline in natural resources are the major factors driving the precision farming market. Rapid boost in the population and food demands are also expected to drive the market. Huge initial investments making farmers who practice intensive farming unable to afford the equipment and lack of proper awareness about the cost benefits associated with using precision farming are hindering the market growth.
Latin America Precision Agriculture Market – By Offering:
Cloud based software is rapidly gaining popularity and is the fastest growing segment.
Latin America Precision Agriculture Market – By Technology:
Guidance system is the largest market segment as it includes GPS and GIS which are essential in precision farming.
Latin America Precision Agriculture Market – By Application:
Irrigation management is expected to be the fastest growing segment due to increasing scarcity of water.
Latin America precision farming market is geographically segmented into Brazil, Argentina, Mexico and rest of South America. Latin America market is projected to grow significantly in the given forecast period. Increasing educated farmers and their ability to adopt latest technologies in the market is driving the market in this region.
Major manufacturing companies in the precision agriculture market are Trimble, Inc. (U.S.), Deere & Company (U.S.), AgSmarts Inc., AJ Junction, Inc. (U.S.), CropMetrics LLC, Leica Geosystems (Switzerland), Monsanto Company and Dickey-John Corporation.
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