Smart Harvest Market: Key Factors Fueling the Market Growth and Global Players

Posted on 2021-06-10 by MarketsandMarkets in Agriculture // 0 Comments

The smart harvest market is projected to reach USD 15.6 billion by 2023, from USD 9.0 billion in 2018, at a CAGR of 11.81% during the forecast period. The rise in population has led to increased food demand, which in turn has led to increased pressure on farmers to increase yield and area harvested for various crops. However, global labor shortage in agriculture is one of the major factors leading to loss of yield due to improper maintenance and farming practices. To cater to this issue, farmers are highly adopting farm mechanization and other smart agriculture techniques to optimize their crop yields.

Download PDF Brochure

On the basis of component, the hardware segment is projected to be the largest contributor in the smart harvest market during the forecast period

The smart harvest market has been segmented on the basis of component into hardware and software. The market for software is projected to record the higher CAGR between 2018 and 2023. The hardware aspect of the smart harvest market includes harvesting robots, automation and control systems, sensors, and imaging systems. All three hardware components are designed to coordinate their activities to move, identify, and harvest the fruit/vegetable. In the coming years, the integration of AI (Artificial Intelligence) in the smart harvest systems would allow the machines to make their own decisions based on the appropriate parameters.

Declining farmlands to drive growth for indoor farming applications of smart harvest in the coming years

The smart harvest market is segmented on the basis of site of operation into on-field, greenhouses, and indoor farming. The market for on-field systems is projected to record the highest CAGR between 2018 and 2023. The development of smart harvest technologies and robots aims to minimize the impact of labor shortage, while also maximizing the benefits realized by the end users in the form of cost and time benefits. Declining farmlands in developing countries are expected to favor the growth for indoor systems during the next decade.

Improving hardware dexterity drives the growth for harvesting robot technologies in fruits during the forecast period

The harvesting robots market is segmented on the basis of crop type into vegetables and fruits. Manufacturers are developing and testing various harvesting robot technologies for commercial deployment during the forecast period. The current generation of smart harvest technologies is capable of harvesting a variety of fruits including apples, strawberries, and citrus fruits (lemons and oranges). The use of smart harvest systems expands the possibilities of integrating yield monitoring sensors and ripening controllers across a wide variety of fruits.

Make an Inquiry

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.

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.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Matched content

Editor’s pick