Plant phenotyping involves the precise monitoring of plant traits such as yield, drought tolerance, and pest resistance. As the global demand for food increases, there is a growing need to improve crop productivity and quality. Compared to conventional plant breeding techniques, plant phenotyping allows for more rapid identification of desirable traits in plants. Various imaging and sensor-based techniques are employed to capture quantitative phenotypes of plants throughout their life cycle under different environmental conditions. This significantly speeds up the process of selecting plants with optimal characteristics. The resulting crop varieties have higher yields and better adaptability to stresses. This need for developing superior quality seeds and crops through accelerated plant selection is a major factor augmenting the demand for plant phenotyping solutions worldwide.
The global Plant Phenotyping Market is estimated to be valued at US$ 227.28 million in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends gaining traction in the plant phenotyping market size is the increasing incorporation of artificial intelligence and machine learning capabilities. AI and machine learning algorithms can analyze the huge volumes of phenotypic data captured through imaging systems and sensors. Advanced computational techniques are able to accurately measure subtle plant responses and variations that may be missed with human examination alone. AI also helps accelerate the data analysis process and identification of correlation between genotypes and phenotypes. This enables more rapid development of new crop varieties. Several players are focusing on developing plant phenotyping platforms integrated with deep learning and computer vision capabilities to offer more advanced and automated solutions. This is expected to further drive the growth of the global plant phenotyping market during the forecast period.
Threat of new entrants: Low barriers to entry in the plant phenotyping market due to availability of key technologies like cameras and sensors.
Bargaining power of buyers: Buyers have moderate bargaining power considering rising demand for crop yield monitoring and plant stress detection.
Bargaining power of suppliers: Suppliers of plant phenotyping equipment have moderate to high bargaining power due to industry consolidation among few global players.
Threat of new substitutes: Low threat of substitutes as plant phenotyping helps analyze plant performance with high throughput and non-destructiveness.
Competitive rivalry: High as key players focus on new product launches and expanding geographical presence to gain market share.
The global plant phenotyping market is expected to witness high growth over the forecast period.
Regional analysis: North America leads the global plant phenotyping market and is expected to maintain its dominance during the forecast period. Increasing agricultural research projects for improving crop yield and identifying plant stress factors are majorly driving the growth. Asia Pacific and Europe are the other lucrative regions in the market on account of growing acceptance of plant phenotyping solutions among farmers.
Key players: Key players operating in the plant phenotyping market are LemnaTec GmbH, Delta-T Devices Ltd., Phenospex, KeyGene, PHENOVINE, SMO bvba, Granit Agro Solutions Pvt Ltd., and Heinz Walz GmbH. LemnaTec GmbH offers hardware and software for high-throughput plant phenotyping and trait mapping. Delta-T Devices Ltd. provides services and sensors for phenotyping growth analysis and plant stress evaluation.