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SAN FRANCISCO , March 23, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Plant Phenotyping – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 8; Released: February 2022
Executive Pool: 2642
Companies: 13 – Players covered include Crop Design; Delta-T Devices Ltd; Heinz Walz GmbH; Keygene N.V; LemnaTec GmbH; Phenomix Lyon France; Phenospex B. V.; PSI (Photon Systems Instruments) spol. s r.o.; Qubit Systems Inc.; The Vienna Biocenter Core Facilities; WPS and Others.
Coverage: All major geographies and key segments
Segments: Segment (Equipment, Software, Sensors)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Plant Phenotyping Market to Reach $239.6 Million by 2026
Plant phenotyping involves the assessment of plant traits such as growth, tolerance, development, resistance, physiology, ecology, yield, and measurement of individual quantitative parameters that form the basis for trait assessment. Growth in the global market is set to be driven by increasing adoption and ongoing technological advances. The market is driven by increasing population and the need for food security through high-yield crops. Other factors driving growth include strong focus on sustainable crop production and rising investments to boost crop yields, mainly in developed countries. While adoption of precision irrigation is expected to bolster market growth, continuing R&D activity and availability of remote sensing solutions are anticipated to present new growth opportunities to players. The plant phenotyping market is likely to receive a strong impetus from increasing use of drones for phenotyping, especially in countries with manpower shortage and ease of data procurement. Advancements in plant phenotyping are anticipated to improve selection of breeding efforts, automated plant health monitoring, expedite genetic gains and minimize quantitative and qualitative losses for crop production.
Amid the COVID-19 crisis, the global market for Plant Phenotyping estimated at US$156.5 Million in the year 2022, is projected to reach a revised size of US$239.6 Million by 2026, growing at a CAGR of 10.7% over the analysis period. Equipment, one of the segments analyzed in the report, is projected to record a 10.6% CAGR and reach US$164.8 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 11.9% CAGR for the next 7-year period. Growth in the Equipment segment is attributed to increasing adoption of equipment such as drones and conveyor systems by plant breeders. These systems are commonly used by breeders for assessing plant morphology, properties and physiology. Growth in the Software segment is led by image analysis, owing to high uptake of image-based plant phenotyping performed through automated digital cameras. Image-based analysis is fast and provides users with high-throughput data about plant traits.
The U.S. Market is Estimated at $38.8 Million in 2022, While China is Forecast to Reach $22.9 Million by 2026
The Plant Phenotyping market in the U.S. is estimated at US$38.8 Million in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$22.9 Million by the year 2026 trailing a CAGR of 10.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.8% and 10.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.9% CAGR. Europe leads market growth, owing to increasing funding from public and private organizations for plant phenotyping R&D. The EPPN2020 research infrastructure project funded by Horizon 2020 Programme of the EU offers public and private scientific sectors in Europe access to a range of plant phenotyping facilities, techniques and approaches to accelerate the use of genetic and genomic resources available for crop improvement.
Sensors Segment to Reach $36 Million by 2026
The use of sophisticated sensors integrated with fertilizer and sowing equipment in fields is expected to ensure proper monitoring, save costs and improve overall yields. The image sensors segment leads the market as a result of increasing integration of these sensors in plant phenotyping systems to facilitate remote analysis. In the global Sensors segment, USA, Canada, Japan, China and Europe will drive the 9.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$17.4 Million will reach a projected size of US$33.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.5 Million by the year 2026. More
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Zak Ali
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Global Industry Analysts, Inc.
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www.StrategyR.com
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SOURCE Global Industry Analysts, Inc.
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