DUBLIN--(BUSINESS WIRE)--The "Precision Planting Market by Offering (Hardware, Software, Services), System Type (High-Speed Planters, Precision Air Seeders, Drones), Drive Type (Electric Drive, Hydraulic Drive), Application, Farm Size and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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 precision planting services market is expected to grow at the 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.
Market Dynamics
Drivers
- Climate Change and Need to Meet Rising Demand for Food
- Substantial Cost Savings Associated with Precision Planting and Seeding Equipment
- Surge in Adoption of Advanced Technologies to Reduce Labor Cost
- Focus on Integration of Geo-Mapping and Sensor Data into Planting Equipment
- Increased Promotion of Precision Planting Techniques by Governments of Various Countries Worldwide
Restraints
- High Purchase, Operational, and Maintenance Costs
- Small Size of Landholdings and Limited Availability of Skilled Labor
Opportunities
- Rise in Adoption of Technologically Advanced Equipment and Tools in the Agriculture Industry
- Integration of Smartphone Applications into Precision Planting Equipment
- Increased Use of AI-based Solutions in Precision Planting
Challenges
- Integration of Farm Data on a Single Platform
- Lack of Standardization in the Precision Planting Industry
Companies Mentioned
- AG Leader Technology
- Bourgault Industries Ltd.
- Buhler Industries Inc.
- Cnh Industrial N.V.
- Davimac Group
- Deere & Company
- Dendra Systems
- Dickey-John Corporation
- Droneseed
- Hexagon Agriculture
- Kasco Manufacturing Inc.
- Kinze Manufacturing Inc.
- Kubota Corporation
- Monosem
- Morris Industries Ltd.
- Precision Planting (Brand of Agco)
- Seedmaster Manufacturing Inc.
- Stara S/A
- The Climate Corporation
- Topcon Positioning Systems
- Trimble Inc.
- Vaderstad Industries Inc.
- White Planters (Brand of Agco)
For more information about this report visit https://www.researchandmarkets.com/r/3bemkp
