Europe is Projected to Account for the Largest Share in the Smart Harvest Market by 2023

Posted on 2020-11-26 by MarketsandMarkets in Internet & Online // 0 Comments

The smart harvest market is estimated to be valued at USD 9.0 billion in 2018 and is projected to reach USD 15.6 billion by 2023, at a CAGR of 11.81% during the forecast period. The growth of the smart harvest market is driven by factors such as growing farm labor issues due to higher costs and cost efficency benefits offered by smart harvest.

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The European smart harvest market is estimated to be the largest by 2023, while the Asia Pacific market is projected to grow as the fastest-growing region from 2018 to 2023.

Europe and North America also host the largest concentration of manufacturers in the smart harvest industry, with major industry leaders maintaining their operations in the region. The strong agriculture sector in the region and increasing dependence on technology is expected to bolster prospects for the smart harvest market in the Asia Pacific region.

The smart harvest market in Europe is projected to witness significant growth during the forecast period due to the prospect of increasing production, labor shortage issues, development of smart technologies, and their adoption in agriculture. The developed countries in the European Union are in the forefront of adopting smart harvest technologies in a bid to improve the production output and reduce the costs associated with harvesting. Additionally, the development of smart harvest technologies is being actively encouraged, driven by both public and private programs to bring about the commercialization of these technologies. Projects such as the CROPS (Clever Robots for Crops), SWEEPER (Sweet Pepper Harvesting Robot), and the Handsfree Hectare project highlight the industry efforts to develop and commercialize the deployment of smart harvest systems in the region.

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Key players in the market include Robert Bosch GmbH (Germany), Deere & Company (US), Smart Harvest Ltd. (UK), Dogtooth Technologies (UK), Harvest Automation (US), Panasonic Corporation (Japan), Root AI (US), Abundant Robotics (US), Iron Ox (US), Agrobot (Spain), Energid Technologies Corp. (US), FFRobotics (Israel), Vision Robotics Corp. (US), Metomotion (Israel), AVL Motion (Netherlands), and Harvest Croo (US). These players are undertaking a strategy involving new product development and launches, and divestments to improve their market position and extend their core competitive advantage.

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