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Precision harvesting market anticipated to grow at CAGR of 10.94% from 2018 to 2023
The precision harvesting market was worth USD 10.4 billion in 2018 and is projected to reach USD 17.5 billion by 2023, at a CAGR of 10.94% during 2018–2023. The major factors driving the growth of the precision harvesting market are increasing farm mechanization in developing countries in Asia Pacific and Africa, increasing adoption of harvesting robots and autonomous combine harvesters, and increasing labor cost owing to shortage of skilled labor. Precision harvesting has the potential to transform the agriculture sector, making traditional harvesting activities more efficient and economical. The increasing global food demand, extended profitability and crop yield, and minimum wastage of crops during harvesting are the other factors fueling the market’s growth. Also, government initiatives in many countries are helping farmers adopt advanced agricultural and technology tools to improve yield.
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Market for harvesting robots estimated to grow at highest CAGR during forecast period
The market for harvesting robots is expected to grow at the highest CAGR from 2018 to 2023. The rising demand for harvesting robots is driven by increasing demand for food owing to increasing population, increasing strain on food supply, declining availability of farm workers, the rising cost of farm workers, and broader automation in the agriculture industry. Harvesting robots is an emerging technology that has gained tremendous popularity in recent years owing to increasing labor cost and the need to increase farm productivity. The gradual reduction in hardware cost and an increase in labor cost are expected fillip the adoption of harvesting robots in the coming decades.
Market for corn application to grow at highest CAGR from 2018 to 2023
The precision harvesting market for corn application is expected to grow at the highest CAGR during the forecast period. Adoption of precision harvesting systems for corn application is comparatively higher as compared to other crops; as a result, this segment held the largest market size in 2018. Innovations in harvesting equipment and a greater need to automate corn, cotton, and soybean farms due to the shortage of skilled labor are the major factors driving the growth of this segment.
Precision harvesting market in Europe to grow at highest CAGR between 2018 and 2023
The increasing mechanization in Eastern European farms–Poland, Austria, Croatia, and Bulgaria?is a major factor contributing to the high growth of the precision harvesting market in this region. The market’s growth and demand for harvesting robots are also driven by increasing strain on food supplies to feed a swelling population, declining availability and rising cost of farm labor, challenges and complexities of farm labor, climate change, the growth of smart greenhouse and indoor farming, and broader automation in the agriculture industry.
The breakup of primaries conducted during the study is depicted below:
- By Company Type: Tier 1 – 35 %, Tier 2 – 40%, and Tier 3 –25%
- By Designation: C-Level Executives – 57%, Directors – 29%, and Others – 14%
- By Region: Americas– 40%, Europe – 30%, APAC – 20%, and RoW – 10%
Key players operating in the precision harvesting market are Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US), Precision Planting (US), CNH Industrial (UK), Ploeger Oxbo (Netherlands), Pellence (US), Kubota Corporation (Japan), FFRobotics (Israel), Abundant Robotics (US), Harvest Automation (US), Harvest Croo Robotics (US), and Vision Robotics (US).
- This report covers the precision harvesting market based on offering, product, application, and region.
- The market based on offering has been segmented into hardware, software, and services.
- On the basis of application, the market has been segmented into crops, horticulture, greenhouse, and others.
- On the basis of product, the market has been classified into combine harvesters, harvesting robots, and self-propelled forage harvesters.
- On the basis of region, the precision harvesting market has been segmented into the Americas, Europe, APAC, and RoW.
Key Benefits of Buying This Report
- This report includes the market statistics pertaining to offering, application, product, and region.
- An in-depth value chain analysis has been done to provide deep insight into the precision harvesting market.
- Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
- Illustrative segmentation, analyses, and forecasts for the market based on offering, application, product, and region have been conducted to provide an overall view of the precision harvesting market.
- The report includes an in-depth analysis and ranking of key players.