Precision Planting Market worth $8.2 billion by 2027
CHICAGO, Dec. 21, 2022 /PRNewswire/ -- The Precision Planting Market is projected to grow from USD 5.0 billion in 2022 to USD 8.2 billion by 2027, at a CAGR of 10.3% during the forecast period…
CHICAGO, Dec. 21, 2022 /PRNewswire/ -- The Precision Planting Market is projected to grow from USD 5.0 billion in 2022 to USD 8.2 billion by 2027, at a CAGR of 10.3% during the forecast period according to a new report by LINK. Some of the Key factors propelling the market growth includes the substantial cost-savings associated with precision planting and seeding equipment, surge in the adoption of advanced technologies in precision agriculture to reduce labor cost, and increasing promotion of precision planting techniques by governments worldwide. Moreover, climate change and need to meet rising demand for food and focus on integration of geo-mapping and sensor data with planting equipment will drive the growth of the industry in the near future.
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238 – Tables74 – Figures274 – Pages
Row crops application to account for a larger share of the precision planting market during the forecast period.
The precision planting market is likely to be dominated by row crops in 2023. In row crops, precision planting equipment and systems are widely used to distribute seeds precisely. For large farms, precision planting systems are mainly used to plant row crops. The singulation of seeds affects the yield of row crops such as corn, soybeans, and canola. Most of these crops are sown on farms sized above 400 hectares, which are primarily found in the US, Canada, Argentina, Brazil, and Australia.
Farms below 400 ha will hold the largest market share during the forecast period
In Europe, Asia Pacific, and Africa, farms smaller than 400 hectares are common. Globally, there are more than 80 million farms between 100 and 400 hectares. These farms are more likely to use compact precision planting systems due to their benefits, such as high productivity due to precise seed inputs, superior seed-to-soil contact, and the ability to plant thousands of seeds per minute. A considerable amount of disposable income is available to these farmers, so they can invest in technologically advanced planting devices and equipment. Farms with a size less than 400 hectares also find high adoption of precision air seeders.
Hydraulic drive segment is likely to account for a larger share in the overall precision planting market from 2022 to 2027
As a result of its advanced features and ability to allow growers to reduce overlap between seeds, hydraulic drives are expected to hold a larger market share. Planters and seeders with an advanced drive system come with either an electric or hydraulic motor. Increasing adoption of high-speed precision planters and precision air seeders, as well as growing awareness of the benefits of precision planting systems, have contributed to the growth of hydraulic drive-based precision planting systems. The growing preference for high-speed precision planting systems with hydraulic drives to reduce manual labor and achieve cost savings has led to the growth of high-speed precision planting systems.
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US likely to lead the global precision planting market by 2027
The US has a substantial market share in precision planting and seeding equipment markets. The country has large area for crops under cultivation; every year, more than 90 million ha are planted with row crops such as corn and soybean. High-speed precision planters are mainly used in commodity row crops in the US. The adoption rate of automation and digitalization of agriculture is high in large farms, which further allows farmers in the country to make use of modern and precise equipment for agriculture. To produce various types of row crops, farmers practice conventional tillage and soil preparation, which involve several steps, including preparing the soil bed and eliminating the weeds. These activities cannot be completed manually in a short span of time on large agricultural land. Therefore, farmers are adopting precision planting and seeding equipment such as precision air seeders, planting robots, and UAV/drones.
The farmers are adopting automated agricultural equipment and advanced technologies such as precision planters, air drills, air carts, air seeders, Herd Broadcast Seeders, precision guidance, variable rate technology (VRT), GPS, and yield mapping for higher production and profits on large farms. The overall AgTech ecosystem in the US is advanced enough, with major agriculture equipment companies making significant investments in this space. The rising awareness of advanced planting techniques and innovation, presence of large companies, and technology penetration are some prominent factors for the growth of the precision planting market in the US.
Key players in the precision planting market include Deere & Company (US), Trimble Inc. (US), CNH Industrial N.V. (UK), Kinze Manufacturing Inc. (US), and Precision Planting (brand of AGCO) (US). Other players include Topcon Positioning Systems (US), Buhler Industries Inc. (CA), Vaderstad Industries Inc. (CA), Stara S/A (Brazil), Kasco Manufacturing Inc. (US), Davimac Group (Australia), Morris Industries Ltd. (CA), SeedMaster Manufacturing Ltd. (CA), The Climate Corporation (US), Ag Leader Technology (US), Bourgault Industries Ltd. (CA), DroneSeed (US), Dendra Systems (UK), Kubota Corporation (Japan), Hexagon Agriculture (Brazil), Dickey-John Corporation (US), Monosem (France), and White Planters (brand of AGCO) (US).
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