The precision planting market is estimated to be worth USD 3.6 billion in 2020 and projected to reach USD 4.6 billion by 2025, at a CAGR of 5.1%. The market has a promising growth potential owing to several driving factors such as increasing focus on farm efficiency and crop productivity due to the rising global population, increased adoption of VRT, remote sensing technology, and guidance technologies by farmers worldwide; and strong government support promoting the use of precision planting techniques. Several governments are providing subsidiaries and promoting the benefits of using precision planting to increase awareness regarding the benefits of this technology.
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The precision planting market in APAC is expected to grow at the highest CAGR from 2020 to 2025. In APAC, the market is currently growing at a significant pace in India, Australia, China, and Japan. These countries contribute a considerable market share in this region. In APAC, Australia has witnessed substantial adoption of precision planters due to the presence of a large number of farms sized above 1,000 ha. The average farm size is Australia is ~4,000 ha, which provides an ideal environment for investing in high-speed precision planting systems due to better returns on investment and economies of scale.
The precision planting market for drones is expected to grow at a highest CAGR during the forecast period. Drones are expected to witness robust growth for plantation in forestry to overcome the issue of climate change. Drones can plant 60 to 100 times faster than manual methods, which is one of the prominent reasons for the highest growth rate of this segment.
The services segment is expected to grow at the highest CAGR from 2020 to 2025. The increasing demand for managed services is the major reason behind the high growth of this segment. The growing demand for connectivity services to ensure proper connectivity between the hardware devices and the end-user interface is another factor propelling the growth of the services market.
The electric drive segment is expected to grow at a higher CAGR during the forecast period owing to the various benefits associated with it, such as the 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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Forestry application, which mainly uses drones, is expected to witness the highest growth rate during the forecast period. Every year, millions of acres of forests are being deforested, which is adversely impacting the climate across the world. Due to the urgency of reforestation with greater speed, the adoption of planting technologies in forestry is expected to witness the highest growth during the forecast period.