The global Plant Phenotyping Market is estimated to be valued at US$ 183.8 Mn in 2021 and is expected to exhibit a CAGR of 11.2% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Plant phenotyping refers to the process of measuring and analyzing various traits of plants such as biomass, growth rate, and leaf area index, among others. This market offers advanced imaging systems and software solutions to accurately capture and analyze plant data. Plant phenotyping helps in understanding plant responses to environmental conditions and allows for the development of improved crop varieties with desirable traits. The need for sustainable agriculture practices and the growing demand for high-quality food products are driving the adoption of plant phenotyping technologies.
Market key trends:
One key trend in the plant phenotyping market is the increasing adoption of remote sensing technologies. Remote sensing techniques such as satellite imagery and drones are being used to gather large-scale data on plant traits. These technologies allow for the rapid and non-destructive measurement of plant characteristics, enabling researchers to monitor plant health, detect stress conditions, and optimize agricultural practices. The use of remote sensing technologies in plant phenotyping is expected to improve agricultural productivity, reduce resource wastage, and enhance crop breeding programs.
Overall, the plant phenotyping market is witnessing significant growth due to the increasing need for precision agriculture and the adoption of advanced technologies. The market is expected to continue growing at a steady pace over the forecast period.
PEST Analysis:
Political: The political factors impacting the plant phenotyping market include government policies and regulations related to agriculture and the environment. Governments across the globe are increasingly focusing on sustainable agriculture practices and promoting the use of innovative technologies to improve crop yield and quality.
Economic: The economic factors affecting the plant phenotyping market include GDP growth, disposable income, and investment in the agriculture sector. As economies continue to grow, there is an increased emphasis on enhancing agricultural productivity to meet the rising demand for food. This drives the adoption of plant phenotyping technologies.
Social: The social factors influencing the plant phenotyping market include changing dietary preferences, population growth, and urbanization. The growing population and the need to provide food for all are driving the demand for advanced agricultural techniques. Additionally, the increasing awareness about the environmental impact of conventional farming practices is leading to the adoption of sustainable solutions like plant phenotyping.
Technological: The technological factors impacting the plant phenotyping market include advancements in imaging technology, robotics, and artificial intelligence. These advancements have made it possible to accurately analyze and measure plant traits, leading to the development of advanced phenotyping platforms. The integration of these technologies provides researchers and farmers with valuable insights to optimize crop performance.
Key Takeaways:
The global Plant Phenotyping Market Trend is expected to witness high growth, exhibiting a CAGR of 11.2% over the forecast period (2021-2028). This growth can be attributed to increasing investments in agricultural research and development, coupled with the need for sustainable agriculture practices.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the plant phenotyping market. This can be attributed to the presence of key players, well-established research infrastructure, and government initiatives promoting precision agriculture.
Key players operating in the plant phenotyping market include BASF SE, Phenospex, WIWAM, Lemnatec Corporation, Plant-DiTech, Hiphen, Delta-T Devices Ltd., Phenomix, Keygene, Qubit Systems, WPS B.V., Photon Systems Instruments, Vienna Biocenter, Heinz Walz Gmbh, CropDesign, and Rothamsted Research. These companies are focusing on technological advancements and strategic collaborations to expand their market presence and offer innovative solutions to farmers and researchers.
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