Plant Phenotyping Market

COVID-19 Impact Analysis

• The COVID-19 pandemic ceased the production of various products. The services sector has also seen the same fate during that period of the global lockdown. This has hampered the growth of plant phenotyping market in the years and a similar trend is expected to be seen in the first half of 2022.
• The major demand for plant phenotyping equipment and its services was previously noticed from giant developed and developing countries including the U.S., Germany, Italy, the UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for plant phenotyping.
• Further, long-term impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Plant phenotyping market players can afford a lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities and service provision for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
• Plant phenotyping market players are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce. 

Top Impacting Factors

Around 40% of the global population is involved in agribusiness as their core occupation, and to increase the productivity of their crops, farmers are adopting new technology. This is anticipated to increase demand in the plant phenotyping market. The global population is expected to increase to 9.5 billion in 2050 from 7.8 billion in 2021. This trend will increase the demand for agricultural products, and to create productive crops, plant phenotyping is used, thereby increasing the demand for the plant phenotyping market. Furthermore, key market players in the agriculture sector are continuously innovating their products, and for this purpose, they rely heavily on research done on plants. This is expected to increase demand in the plant phenotyping market. However, the expensive nature of the services is one of the restraining factors, hindering the growth of the plant phenotyping market. Contrarily, technological developments in plant phenotyping products and services such as adoption of remote sensing, the latest HD cameras and other sensors, artificial intelligence (AI), and others can boost the efficiency of the equipment. This is expected to create lucrative opportunities for the growth of the plant phenotyping market during the forecast period.

Market Trends    

• New products that contain improved capabilities are launched by leading market players. They take necessary steps to improve accuracy of devices and overall functionality as well. For instance, in October 2020, the Switzerland based plant phenotyping equipment manufacturer, Analitik introduced new HyperAixpert multisensory plant phenotyping system, configurable with a range of sensors, and incorporates machine-learning-based analytical software for data acquisition in a standardized form.
• Similarly, key players in the plant phenotyping market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, in January 2021, VIB, a leading life sciences institute in Flanders, signed an agreement with BASF to acquire its CropDesign site in Belgium. VIB will establish a plant science and agricultural technology incubator at the CropDesign site. 
• Moreover, business expansion strategies also assist in enhancing the geographic footprint of the company and help in gaining significant market share for mobile plant phenotyping products. For instance, in April 2020, Germany based LemnaTec GmbH announced a partnership for product distribution with Analytik Ltd., based in the UK and Ireland. With this partnership, LemnaTec has broadened its foothold in Europe and strengthened support for its customers in the UK and in Ireland.

Key Benefits of the Report

• This study presents the analytical depiction of the plant phenotyping industry along with the current trends and future estimations to determine the future investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the plant phenotyping market share.
• The current market is quantitatively analyzed to highlight the plant phenotyping market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed plant phenotyping market analysis based on competitive intensity and how the competition will take shape in coming years.