Market Overview:
Plant phenotyping involves the observation and measurement of plant traits, performance, and structure including phenotypes. It offers important measurements including plant height, leaf area, biomass, and water content. Plant phenotyping helps analyze crop health, identifies stress tolerant traits, and allows for the early detection of diseases and gene expressions. It plays a vital role in crop improvement programs. The plant phenotyping market is estimated to be valued at US$ 227.28 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: One of the major trends driving the growth of the plant phenotyping market is the increasing demand for crop analysis and plant breeding programs. Crop analysis through plant phenotyping helps optimize irrigation, detect stresses and diseases at an early stage, and better understand gene expressions and traits. This allows for more productive and higher yielding crops. Advancements in hyperspectral and multispectral imaging technologies have increased the accuracy and throughput of plant phenotyping. Lighting control techniques and automated pipelines are also being integrated for high-throughput plant phenotyping. Such technological advancements are supporting the large-scale adoption of plant phenotyping in the agricultural sector. Porter’s Analysis Threat of new entrants: The plant phenotyping market requires large investments in R&D and technology, which poses high entry barriers for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and differentiated products offered by vendors. Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternatives and differentiated products. Threat of new substitutes: Substitutes offer low threat as they cannot match the effectiveness of plant phenotyping. Competitive rivalry: Intense competition exists among existing vendors. SWOT Analysis Strengths: Technological advancements such as image analysis, sensors and automated phenotyping solutions enable high-throughput plant analysis. Weaknesses: High costs associated with phenotyping platforms, software, imaging systems and data analysis. Lack of skilled professionals for data analysis. Opportunities: Growing demand for crop monitoring and analysis solutions from breeding and research organizations. Increasing focus on precision agriculture and climate-resilient crops. Threats: Concerns regarding data management, storage and sharing due to the voluminous data generated. Limited funding and resources for phenotyping research in developing regions. Key Takeaways The Global Plant Phenotyping Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for cost-effective and efficient plant analysis techniques. North America dominates the global plant phenotyping market currently due to strong government support and growing adoption of plant phenotyping solutions among breeders and researchers. Europe follows next due to increasing precision agriculture practices. Asia Pacific is anticipated to be the fastest growing market for plant phenotyping driven by population growth, urbanization and focus on modern crop improvement techniques. Key players operating in the plant phenotyping market are 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. BASF SE offers LemnaTec Scanalyzer system for high-throughput plant phenotyping while WIWAM provides portable field-based phenotyping platforms. Phenospex launched SPOK canopy analyzer for non-invasive monitoring of plant biomass. Lemnatec Corporation offers PlantScreen Modular Phenotyping System. Get more insights on this topic: https://www.rapidwebwire.com/plant-phenotyping-market-size-forecast/
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