With 10.3% CAGR, Precision Planting Market Growth to Surpass USD 8.2 billion

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.
Various factors are driving the growth of the precision planting market, including 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 focus on integration of geo-mapping and sensor data with planting equipment. Moreover, climate change and need to meet rising demand for food and increasing promotion of precision planting techniques by governments worldwide will drive the growth of the industry in the near future.

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Precision planting is technology-based seeding and plantation of crops that require accurate control of plant population and specific spacing between crops and along the rows. This enables better germination in contrast with the traditional planting methods. Precision planting involves the use of automation and connected technologies, including the Global Positioning System (GPS)-based guidance technology, smart metering, display systems, and variable rate technology (VRT) to manage crops and optimize the use of resources such as seed, fertilizers, and water. These technologies are used in conjunction with on-field planting equipment and systems for accurate seed placement.

According to estimates, the hardware segment is expected to continue to hold the largest share of the precision planting market during the forecast period. The growth of the market for hardware is attributed to the increasing adoption of automation and control devices, such as drones/unmanned aerial vehicles (UAV), GPS devices, control systems, guidance systems, delivery systems, and display systems. In precision planters, hardware such as delivery systems, control systems, seed meters, sensors, and GPS devices play a vital role in accurate seed placement and uniform distribution of seeds. GPS-based auto-guidance technology is used in agricultural vehicles to reduce the overlapping during the field mapping process, thereby saving fuel, labor, and time, leading to soil compaction with environmental benefit. The increasing adoption of advanced planting and seeding equipment with new features such as VRT and guidance systems for precision planting is expected to drive the growth of the precision planting market for hardware.

According to estimates by system type, the high-speed precision planting systems segment is expected to hold the largest share of the overall precision planting market during the forecast period, and a similar trend is likely to continue in the coming years. High Return on Investment (RoI), and growing awareness about the benefits of using these planting systems among farmers are the primary reasons for the largest market share of this technology. Precision planters with GPS-based auto-guidance technology allow growers to reduce the overlapping of seeds during the planting process, thereby substantially saving on the input costs. The market for drones is expected to grow at the highest CAGR during the forecast period.

During the forecast period, the row crops application is expected to capture the largest size of the precision planting market in the near future. Precision planting equipment and systems are widely used for row crops for precise seed distribution within a row. High-speed precision planting systems are used to plant row crops majorly on large farms. Row crops mainly include corn, soybean, and canola, where the singulation of seeds influences crop yield. Large farms sized above 400 ha plant such crops and are majorly found in the US, Canada, Argentina, Brazil, and Australia. Cereals, oilseeds, and pulses are mainly small seeds and are majorly cultivated in developing countries. Precision air seeders are highly adopted for planting seeds of cereals, oilseeds, and pulses, such as wheat, maize, rice, and beans. This application uses precision air seeders due to their affordability, return on investment (RoI), and suitability for small farmlands.

According to the estimates, the hydraulic drive segment holds the larger market size owing to the higher adoption of this technology across the world as these systems are quite popular among farmers and growers. Factors facilitating the growth of precision planting drive systems include the increasing demand for high-speed precision planters and precision air seeders, and growing awareness among farmers about the benefits associated with modern precision planting systems. The electric drive segment is expected to grow at a highest growth during the forecast period owing to the various benefits associated with it, such as high speed of seeding and planting as compared with conventional planters, better accuracy, and high efficiency due to the use of less power and energy.

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The precision planting market in India is expected to grow at the highest growth rate in Asia Pacific during the forecast period. India is among the top growing markets in Asia Pacific. The adoption rate of precision planting technology in India is growing considerably. The population is also increasing rapidly, thereby leading to a growing need for food in Indian markets. India is characterized by small farms, as more than 80% of farms in the country are less than 5 acres. The majority of the crops are naturally fed by rains, and only about 45% of the land is irrigated. Approximately 55% of the total population staying in villages depend on planting. In Indian agriculture, farm mechanization is an important segment and plays a crucial role in agricultural development. Though the level of mechanization and automation is low, there is scope for improvement. The nature and degree of farm mechanization and automation differs from crop to crop and region to region in India. Contrary to the belief that only large farmers can avail of the benefits of farm mechanization and automation, it has recently been observed that even small and marginal farmers have become open to the adoption of advanced planting equipment and other types of agricultural equipment.

News also Covered: https://www.prnewswire.com/news-releases/precision-planting-market-worth-8-2-billion-by-2027---exclusive-report-by-marketsandmarkets-301707974.html

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This release was published on openPR.