Global Precision Planting Market is valued approximately at USD 3.53 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.2% over the forecast period 2020-2027.
Precision farming is an managerial concept based on observing, responding, and measuring unevenness in inter and intra-field crops. The approach uses information technology (IT) to optimize crop health and productivity. The key focus of Precision Planting is to ensure sustainability, profitability and environment protection. To provide optimization in plant growth precision planting uses real time data about the conditions of the air, crops and soil. The benefits associated with use of Precision planting drives the market growth. Further, swelling food demand owing to exponentially growing population has triggered the need for higher crop yields demanding optimization in agriculture. For Instance: in the all India food grain production rose from 251.54 million tons in 2015-16 to 275.11 million tons in 2016-17, while the cultivated area also increased from123.22 million hectares in 2015-16 to 129.23 million hectares in 2016-17. Thus, driving the market growth. Also, modernization in the agriculture sector along with adoption of various automation techniques fuel the market growth. Moreover, increasing product launches catering to diversified needs of the agricultural sector increases the product portfolio driving the market growth. For Instance: in January 2019, Precision Planting LLC, launched two new products. First, SmartDepth, an automated solution for managing depth of the planter. SmartDepth changes the depth of the seed plantation according to the moisture content of the furrow. Secondly, the company launched FurrowForce closing systems which automates furrow closing row by row and provides visibility to closing performance on a 20*20 display. However, high implementation and operational costs impedes the growth of the market over the forecast period of 2020-2027. Although, tremendous research in order to develop new techniques for planting and monitoring growth presents a lucrative opportunity for the market.
The regional analysis of global Precision Planting market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing modernization in the agricultural sector and presence of major market players in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income, rising population would create lucrative growth prospects for the Precision Planting market across Asia-Pacific region.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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