Yahoo Finance Global Smart Harvest Market Size To Worth USD 35.8 Billion By 2033 | CAGR of 10.31%
The Global Smart Harvest Market Size was Valued at USD 13.42 Billion in 2023 and the Worldwide Smart Harvest Market Size is Expected to Reach USD 35.8 Billion by 2033, according to a research report published by Spherical Insights & Consulting Companies covered: Robert Bosch GmbH, Deere & Company, Smart Harvest Ltd., Dogtooth Technologies, Harvest Automation, Panasonic Corporation, Root AI, Abundant Robotics, Iron Ox, Agrobot, Energid Technologies Corp., FFRobotics, Vision Robotics Corp., Metomotion and Others.
New York, United States , June 26, 2024 (GLOBE NEWSWIRE) -- The Global Smart Harvest Market Size is to Grow from USD 13.42 Billion in 2023 to USD 35.8 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 10.31% during the projected period.
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Smart harvesting is the utilization of modern technology such as machine learning and artificial intelligence to automate and improve crop harvesting processes. It is widely used to increase harvest efficiency, reduce labor costs, and improve crop quality. It entails using innovative techniques and approaches to produce high-quality harvests. The ultimate goal of smart farming or harvesting is to help farmers produce high-yield crops while requiring minimal effort. This includes using technology consisting of the Internet of Things (IoT), artificial intelligence (AI), and agricultural robotics. It is anticipated that growing urbanization in developing countries such as China and India will promote the use of cutting-edge agricultural technologies. Furthermore, the growing population has motivated farmers to use innovative technologies including soil sensors and harvest robots. Moreover, self-driving agricultural robots are used in smart harvesting to gather fruits and vegetables with little to no assistance from humans. Moreover, using new technologies enables farmers to boost output. Additionally, it is anticipated that the market will develop as smart harvesting systems are implemented more frequently. Innovations in artificial intelligence (AI) are having a huge impact on the global agriculture industry, especially in the area of smart harvesting.
Browse key industry insights spread across 166 pages with 115 Market data tables and figures & charts from the report on the "Global Smart Harvest Market Size, Share, and COVID-19 Impact Analysis, By Component (Software and Hardware), By Crop Type (Fruits and Vegetables), By Site of Operation (On-field, Greenhouse, and Indoor), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hardware segment is anticipated to hold a significant share of the global smart harvest market during the projected timeframe.
Based on the component, the global smart harvest market is divided into software and hardware Among these, the hardware segment is anticipated to hold a significant share of the global smart harvest market during the projected timeframe. These cutting-edge hardware innovations ensure effective operation and maximize output, which is crucial in supporting precision agriculture.
The fruits segment anticipated for the largest share of the global smart harvest market during the projected timeframe.
Based on the crop type, the global smart harvest market is divided into fruits and vegetables. Among these, the fruits segment anticipated for the largest share of the global smart harvest market during the projected timeframe. Combining ripening controls with yield monitoring sensors for a wider variety of fruits is made possible by the use of smart harvest systems.
The on-field segment anticipated for the largest revenue share of the global smart harvest market during the projected timeframe.
Based on the site of operation, the global smart harvest market is divided into on-field, greenhouse, and indoor. Among these, the on-field segment anticipated for the largest revenue share of the global smart harvest market during the projected timeframe. On-field harvesting technology is altering traditional farming processes, making them more efficient and productive.
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Europe is expected to dominate the global smart harvest market over the forecast period.
Europe is expected to dominate the global smart harvest market over the forecast period. The main reason for this is due to farmers all around Europe are using technology more and more. The nation has a significant agricultural land area, and its farmers are both financially and technically capable of utilizing more advanced farming techniques that yield superior yields. Large agricultural companies and local farmers have had to adopt new methods to prevent crop waste and degradation due to changing climate conditions. This has freed up more area for strategic harvesting. Growth in the regional market is being led by the UK and Germany. The UK and German markets are being driven primarily by the modern agriculture business in these countries, as well as the increasing usage of autonomous combine harvesters and harvesting robots.
Asia-Pacific is anticipated to grow at the fastest pace in the global smart harvest market during the projected timeframe. The increased awareness of the benefits of smart harvesting methods among young farmers and aspiring agri-entrepreneurs has led to a gradual increase in their implementation. The necessity for a wide variety of fruits and vegetables and the region's expanding population is driving farmers in the APAC area to use this method. The governments of these nations boost agricultural funding annually through budgetary measures, providing small-scale farmers with loans and subsidies to help them take advantage of new technological systems. The rapid growth of the APAC countries is also being fueled by increased investments in smart harvesting technologies and devices by the public and private sectors.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global smart harvest market include Robert Bosch GmbH, Deere & Company, Smart Harvest Ltd., Dogtooth Technologies, Harvest Automation, Panasonic Corporation, Root AI, Abundant Robotics, Iron Ox, Agrobot, Energid Technologies Corp., FFRobotics, Vision Robotics Corp, Metomotion, and others.
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Recent Developments
In February 2023, Wilkin & Sons Ltd. and Antobot Ltd. collaborated. Through this collaboration, robots and automation for the fruit industry would be strengthened and more reasonably priced solutions would be created.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Smart Harvest Market based on the below-mentioned segments:
Global Smart Harvest Market, By Component
Software
Hardware
Global Smart Harvest Market, By Crop Type
Fruits
Vegetables
Global Smart Harvest Market, By Site of Operation
On-field
Greenhouse
Indoor
Global Smart Harvest Market, By Regional
North America
US
Canada
Mexico
Europe
Germany
Uk
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa
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