December 09, 2020
As per the market research report titled ‘Global Precision Planting Market Size study, by Offering (Hardware, Software, Services), System Type (High-Speed Precision Planting Systems, Precision Air Seeders, Drones), Drive Type (Electric, Hydraulic), Application(Row Crops, Cereals, Oilseeds & Pulses, Forestry) and Regional Forecasts 2020-2027’ available with Market Study Report LLC, global precision planting market accounted for USD 3.53 billion in the year 2019 and is predicted to record a robust CAGR of 5.2% during 2020-2027.
Factors such as escalating demand for food as well as higher crop yields, rising adoption for agricultural optimization, growing global population, and increasing research & development activities in the sector are bolstering the growth of global precision planting market.
For the uninitiated, precision planting is a managerial farming concept based on measuring, observing, and responding to unevenness in intra as well as inter-field crops.
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Incorporation of automation techniques, modernization in the agricultural sector, and growing efforts by industry partakers towards introducing innovative products to cater to the diversified consumer needs are stimulating the global precision planting market outlook. For instance, Precision Planting LLC, in 2019, launched two new products, namely FurrowForce and SmartDepth. The former is a closing system that automates furrow closing while the latter is an automated solution that assists in managing the depth of the planter.
However, high operational and implementation costs associated with this farming practice is a major restraining factor for the overall industry expansion.
Based on offering, global precision planting industry is bifurcated into services, software, and hardware. With regards to system type, the overall market is bifurcated into drones, precision air seeders, and high-speed precision planting systems.
Speaking of drive type, the industry is split into hydraulic, and electric. The application spectrum of the industry comprises of forestry, oilseeds & pulses, cereals, and row crops.
From a regional frame of refence, North America accounts for a majority of the global precision planting market share presently, on account of high concentration of market players in the region, and modernization in the agricultural sector.
Alternatively, Asia-Pacific precision planting market is slated to register the highest CAGR over 2020-2027. Growing population coupled with increasing disposable income are fostering the expansion of the regional market.
Organizations that boast of a commanding status in worldwide precision planting market are Dendra Systems, Kubota Corporation, Bourgault Industries Ltd., Buhler Industries, Inc., Kinze Manufacturing, Inc., Topcon Positioning Systems, Inc., CNH Industrial N.V., AGCO Corporation, Trimble, Inc., and Deere & Company among others.