New York, United States , April 18, 2023 (GLOBE NEWSWIRE) -- The Global Precision Planting Market Size is to grow from USD 4.67 billion in 2021 to USD 10.78 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period. Increased emphasis on integrating geo-mapping and sensor data with planting equipment, increased pressure on the agriculture industry to increase food production, increased demand for precision planting due to benefits such as optimal plant growth and higher crop yield, significant cost-savings associated with precision planting and seeding equipment are some of the major and vital factors that will likely augment the precision planting market's growth.
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Precision planting is an agricultural technique that uses modern technology to plant seeds in specific locations, depths, and spacings in the field. Precision planting aims to increase crop yields by ensuring that each seed has the best chance of germinating and growing into a healthy plant. This can be accomplished in a variety of ways, including the use of specialized equipment that allows for precise control of seed and fertilizer placement in the soil. Sustainable precision planting is the most beneficial development in farm management made possible by Information and Communication Technologies (ICTs) this century. This is the most recent technological breakthrough based on sustainable precision planting and the production of healthy foods, and it includes increased profitability and production, economic efficiency, and a reduction in negative environmental effects, all of which are driving revenue growth in this market. Some of the primary drivers behind the expansion of the precision planting market are the significant cost savings associated with precision planting and seeding equipment, the surge in the adoption of advanced technologies in precision agriculture to reduce labor costs, and the increasing promotion of precision planting techniques by governments worldwide. Furthermore, climate change and the need to meet rising food demand will drive the industry's expansion in the near future. However, Precision planting hardware is expensive, which is a significant market barrier. Farmers and growers need technical knowledge to use precision planting equipment effectively. As a result, poor farmers in developing nations such as India, China, and Brazil are unable to use these tools and techniques.
Browse key industry insights spread across 210 pages with 122 market data tables and figures & charts from the report on "Global Precision Planting Market Size, Share, and COVID-19 Impact Analysis, By System Type (Precision Air Seeders, High Speed Precision Planting System, Drones, Others), By Product & Services (Software, Hardware, Others), By Technology (Aerial Technology, Ground Technology, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030" Get Detailed Report Description Here:
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The high-speed precision planting system segment held the largest revenue share in the global precision planting market.
Based on the system type, the global precision planting market is differentiated into precision air seeders, high speed precision planting systems, drones, and others. The reason for this increase is that high speed planting improves planting efficiency by allowing more crops to be planted during constrained planting windows, resulting in revenue growth in the segment.
The hardware segment is expected to hold the largest share of the precision planting market over the study period.
Based on the product & services, the global precision planting market is classified into software, hardware, and others. The increasing use of control and automation devices, such as drones/unmanned aerial vehicles (UAV), guidance systems, GPS devices, control systems, display systems, and delivery systems, has contributed to the growth of this segment.
Ground technology is anticipated to hold the largest share of the precision planting market during the projected period.
Based on the technology, the global precision planting market is categorized into aerial technology and ground technology. The growth can be attributed due to the ground-based technology allows farmers to collect real-time data with precise location information, making it ideal for mapping irrigation systems, crops, and roadways, identifying areas with damaged plants, and conducting soil tests in specific field areas.
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North America is expected to hold the largest share of the market during the predicted timeframe.
North America is anticipated to hold the largest share of the precision planting market during the period of study. Revenue growth in North America is being driven by increased adoption of smart planting and farming methods, increased awareness of the benefits of modern agricultural solutions, and various government initiatives to promote the adoption of technology-based precision planting for higher yields and better productivity. During the forecast period, Asia Pacific is expected to grow the fastest in the global precision planting market. Increased government initiatives, rising demand for green agriculture, and the incorporation of various farming technologies are driving revenue growth in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Precision Planting Market include Kinze Manufacturing, Inc., Ecorobotix SA, Morris Industries Ltd., Precision Ag Solutions, Precision Seeding Solutions, Titan Machinery, Bourgault Industries Ltd, Väderstad Group, CNH Industrial N.V., ICL, FlyPard Analytics GmbH, Trimble, Inc., Deere & Company, AGCO Corporation, Ag Leader Technology, KUBOTA Corporation, and Others.
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Recent Developments
In January 2023, Precision Planting has introduced Panorama, their newest product. Panorama by Precision Planting enables farmers to better utilise collected data by allowing for simple uploads to their preferred platform. Panorama gives farmers an unobstructed view of the data collected in their cab, whether on the app or by moving data to their preferred platform.
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