Market Outlook and Key Players in the Precision Planting Market

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.

Some of the major factors contributing to the growth of precision planting market includes the substantial cost-savings associated with precision planting and seeding equipment, surge in the adoption of advanced technologies in precision agriculture to reduce labour cost, and increasing promotion of precision planting techniques by governments worldwide. Moreover, climate change and need to meet rising demand for food will also drive the growth of the industry in the near future.

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Driver: Substantial cost-savings associated with precision planting and seeding equipment

Precision planting and seeding equipment, when used to their maximum potential, can ensure high returns in agribusiness. Planting and seeding equipment offer precision, which assists in ensuring accurate depth of sowing and equidistant arrangement of seeds. The launch of precision planting and seeding equipment with advanced features such as smart connector systems, controllers, and liquid control and delivery systems has also assisted in boosting the adoption of these equipment. Precision planting and seeding equipment help farmers obtain uniformity of seeds and ensure control over the depth of seed placements.

Opportunities: Integration of smartphone applications with precision planting equipment

Presently, around 3.8 billion people in the world use smartphones, which is 48% of the global population. China, India, and the US are the countries with the highest number of smartphone users. Smartphones comprise multiple user-friendly applications that help them ease their day-to-day work. Similarly, they are helping farmers by providing information about weather and climate conditions to enable quick and effective decision-making. Most agriculture-based companies are nowadays developing mobile-based applications for farmers to make their work easier. These smartphone applications are linked to hardware, such as sensors, GPS receivers, and cameras to collect images, samples, and field data. Furthermore, they are connected to software to display the collected data and help farmers in quick decision-making. Mobile-based applications are helping farmers to save time and money. Farmers are using smartphones for routine day-to-day tasks, such as checking watering equipment, identifying weeds and pests, and checking the prices of commodities.

Challenge: Unavailability of single platform for integration of farm data

Various interfaces, technologies, and protocols are used in precision planting equipment. Data representation is hindered by the lack of technological standardization and the difficulty of integrating systems. In order for the precision planting market to grow, data integration on a single platform is a major challenge. A high volume of relevant data is regularly generated by precision planting from a variety of sources. The majority of these data relate to mapping, variable rate seeding, soil testing, weather change, yield monitoring, and historical crop rotation. Precision planting relies entirely on this data for assessing farm conditions and making decisions, so it must be properly integrated into a single platform.