The Latin America precision agriculture market is estimated to grow at a CAGR of over 18% between 2019 and 2025. The market growth is attributed to the rising popularity of drones for precision farming applications and favorable government initiatives for brining innovation in the sector. For instance, in October 2017, Agribotix expanded its partnership with Climate Corp., a digital agriculture company based in the U.S. to bring innovative field imagery to the Brazilian agriculture sector. In June 2018, the UAE’s Ministry of Climate Change and Environment (MoCCAE) conducted a pilot project to map & survey agricultural areas using drones to generate highly-efficient aerial data, such as topographic & vector mapping, which can help to create reliable agricultural database to support decision-making in the precision agriculture.
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Global precision agriculture market share, over the recent years, has been witnessing meteoric rise owing to the laudable initiatives undertaken by regional governments to combat declining agricultural productivity. The farming sector has perpetually been marred with several challenges including a marked increase in the cost of production, restricted employment opportunities, fragmented land holdings, degrading and diminishing natural resources, etc. Moreover, the rapid pace of urbanization and the burgeoning population has further aggravated and contributed toward further deterioration of the farming sector which already is in shambles. In order to tackle these massive impediments, the farming community across the world is now gradually incorporating numerous advanced precision tools in their farmlands to accomplish various objectives such as greater sustainability, realize higher financial benefits, and to lower environmental harm.
The software segment is expected to hold a share of over 38% of the precision agriculture market in 2025. An extensive use of farm management system software and mobile apps for enabling precision farming applications will lead to the precision agriculture market growth. Farmers and researchers are using these platforms for data visualization and analytics, which will enable them in developing effective farming strategies to improve crop yield.
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The remote sensing technology in the precision agriculture market is expected to witness a growth rate of over 17% over the forecast timeline. The market growth is attributed to use of remote-sensed images acquired by sensors mounted on different agricultural machinery and vehicles. As remote sensing devices capture critical information related to crops, their utility in the precision agriculture is increasing consistently for aiding the real-time decision-making applications.
Another factor contributing to the precision agriculture market growth is the huge use of drones and aircrafts for precision farming operations. Drones have emerged as an excellent alternative to the traditional surveying & data gathering methods in agricultural operations. By using drones for crop monitoring, farm owners can significantly lower their production costs and reduce required the man-hours and work-load . The players operating in the precision agriculture market are developing modern agriculture-focused drones with sophisticated precision & accuracy to increase productivity.
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The companies operating in the precision agriculture market are focusing on enhancing their product capabilities and geographic expansion through strategic partnerships and acquisitions. For instance, in November 2017, Agribotix collaborated with senseFLY, a provider of fixed-wing drones, to offer a new combined solution for professional users in the agriculture sector.
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