The global precision planting market size is estimated to be USD 5. 0 billion in 2022 and is projected to reach USD 8. 2 billion by 2027, at a CAGR of 10. 3% during the forecast period. The most significant factor driving the precision planting market is the increasing focus on farm efficiency and crop productivity due to the rising global population.
New York, Jan. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Precision Planting Market by Offering, System Type, Drive Type, Application, Farm Size and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05953035/?utm_source=GNW
Precision planting has the potential to transform the agricultural sector by making traditional farming activities more efficient and predictable. The high demand for agricultural products due to population growth; increased adoption of VRT, remote sensing technology, and guidance technologies by worldwide farmers; and strong government support for promoting the use of precision planting techniques are the major factors fueling the growth of the precision planting market.
The precision planting services market is expected to grow at highest CAGR during the forecast period
During the forecast period, the services segment is expected to grow at the highest CAGR of 8.3%. This is due to the growing demand for managed services. An additional factor driving the growth of the services market is the demand for connectivity services to ensure proper connectivity between hardware devices and end-user interfaces. Even though precision planting is still in its infancy, growing awareness of its benefits, coupled with a demographic shift toward younger, more tech-savvy farmers, will drive the market’s growth.
The market for drones followed by high speed precision planters estimated to grow at higher CAGR during the forecast period
In order to address the issue of climate change, drones are expected to grow rapidly in forestry plantations.Drones can plant 60 to 100 times faster than manual methods, which is one of the major reasons for this segment’s rapid growth.
Due to their widespread adoption among row crops such as soybeans, corn, and cotton, high-speed precision planting systems are expected to grow at a substantial rate during the forecast period.There are several types of high-speed precision planters, which are suitable for a wide range of farms and have a high adoption rate.
The smallest row size is available in 2-row planters, while the largest row size is available in 48-row planters. Integration of technologies such as guidance systems, smart metering systems, variable rate seeding systems, and sophisticated sensors in planters has made them a preferred choice among owners of large farms.
Precision planting market in Asia Pacific to grow at the highest CAGR between 2022 and 2027
In Asia Pacific, the precision planting market is expected to grow at the highest CAGR from 2022 to 2027.Several countries in Asia Pacific are currently experiencing significant growth in the market, including India, Australia, China, and Japan.
They contribute a considerable amount of market share to this region.Because of a large number of farms larger than 1,000 ha in Asia Pacific, Australia has seen substantial adoption of precision planters.
Due to better returns on investment and economies of scale, Australia’s average farm size is 4,000 ha, making it an ideal place to invest in high-speed precision planting systems.
Breakdown of profiles of primary participants:
• By Company: Tier 1 = 40%, Tier 2 = 35%, and Tier 3 = 25%
• By Designation: C-level Executives = 57%, Directors = 29%, and Others (sales, marketing, and product managers, as well as members of various organizations) = 14%
• By Region: Americas = 40%, Europe= 30%, APAC=20%, and ROW=10%
Major players profiled in this report:
The precision planting market is dominated by a few established players such as Deere & Company (US), Trimble Inc. (US), CNH Industrial N.V. (UK), Kinze Manufacturing Inc. (US), and Precision Planting (brand of AGCO) (US).
The report segments the precision planting market and forecasts its size, by volume and value, based on region (Americas, Europe, Asia Pacific, and RoW), offering (hardware, software, and services), system type (high-speed precision planting systems, precision air seeder, and drones), drive type, electric drive, and hydraulic drive), farm size (below 400 ha, and above 400 ha) and application (row crop, cereals, oilseeds & pulses, and forestry)
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the precision planting market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the precision planting market and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05953035/?utm_source=GNW
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