Report : South America Smart Pest Monitoring Management System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Hardware and Software and Services) and End-User (Commercial, Residential, Agriculture, and Industrial)
At 3.7% CAGR, the South America Smart Pest Monitoring Management System Market is speculated to be worth US$ 46.34 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America smart pest monitoring management system market was valued at US$ 37.29 million in 2022 and is expected to reach US$ 46.34 million by 2028, registering an annual growth rate of 6.4% from 2022 to 2028. Agriculture sector accepting advanced technologies and various government regulations for implementation of smart PEST monitoring management systems are the critical factors attributed to the market expansion.
The increasing popularity of smart pest control solutions, along with the growing urbanization in developing markets and the advent of megacities, is creating a massive opportunity for the smart pest monitoring managemSent system market. The residential sector witnessed a huge demand for smart pest monitoring management systems to efficiently handle the problem of the increasing number of bed bugs, mosquitoes, cockroaches, and termites. Moreover, insecticide aerosols are usually suggested to be applied across small buildings or nearby areas. The most common forms of pests found in the residential areas include cockroaches, lice, rodents, termites, ticks, bed bugs, and wildlife pests, such as opossums, raccoons, gophers, and moles. The presence of these pests forces the population to perform pest control in the house from time to time. The pest control solutions used for residential areas include chemical spraying, aerosols, and baits. In cases of high levels of fumigation and infestation in the residential sector the use of smart pest control method is considered to be more efficient.
The residential construction sector has started gaining momentum in recent years after weak growth in the past years. This can be attributed to the surging population and increasing demand for efficient pest control methods. Thus, the growth in residential construction is likely to surge the need for efficient smart pest control, thereby boosting the demand for smart pest monitoring management systems in the coming years. Thus, the increasing residential sector across the globe is creating a massive growth opportunity for the smart pest monitoring management system market.
On the contrary, high initial and maintenance cost of smart pest monitoring management systems hurdles the growth of South America smart pest monitoring management system market.
- Based on component, the smart pest monitoring management system market is bifurcated into hardware and software & services. The hardware segment held a larger share in 2022 with a share of 69.7%, amassing US$ 25.98 million. It is projected to garner US$ 31.15 million by 2028 to expand at 3.1% CAGR during 2022–2028.
- Based on the end user, the South America smart pest monitoring management system market is commercial, residential, agriculture, and industrial. With 41.6% share of the domain, the commercial segment dominated the market in 2022. It accrued US$ 15.51 million in 2022 and is estimated to generate US$ 17.98 million by 2028 to grow at a CAGR of 2.5% over the forecast period.
Our regional analysis states that Brazil captured 75.1% market share in 2022. It was assessed at US$ 28.02 million in 2022 and is likely to hit US$ 35.42 million by 2028, exhibiting a CAGR of 4.0% during the forecast period.
Key players dominating the South America smart pest monitoring management system market are Bayer AG; Bell Laboratories, Inc.; Corteva; Ecolab; EFOS d.o.o; Futura GmbH; Pelsis Group Ltd; PestWest USA; Rentokil Initial Plc; SnapTrap B.V.; and VM Products among others.
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