The Global smart harvest market size is expected to reach USD 27.94 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising focus on increasing agricultural productivity and crop yield. Rapid increase in the global population is exerting pressure on the agricultural sector worldwide to increase productivity in order to meet rising growing demand for food. Farmers are increasingly adopting smart harvest technologies to maximize profitability and output in a lesser time and in a more cost-effective manner. Limited availability of arable land is a key factor driving demand for indoor farming activities and increasing usage of smart harvesting technologies to eliminate labor expenses. Moreover, rising cost of labor owing to shortage of skilled workforce is another key factor boosting utilization of harvesting robots and autonomous combine harvesters to eliminate excess labor cost and increase agricultural productivity.
The latest report is the first study encompassing the current Smart Harvest Market situation with respect to the COVID-19 outbreak. Since the advent of the outbreak, the global economic landscape has been grappling with adverse financial consequences. The report analyzes the drastic impact of the pandemic on this business sphere. The pandemic has affected nearly all segments of the Smart Harvest Market. It has further hampered the developmental scope of various manufacturers and buyers engaged in this sector. Thus, the report studies the ’s shifting dynamics to scrutinize the profits earned or loss suffered by different segments.
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Some Key Highlights From the Report
- In November 2020, Deere & Company announced the acquisition of farm management software Company Harvest Profit. The software is expected to provide customers of Deere & Company with a forward-looking financial lens and better visibility into the profitability of their farms and insights to help them make more effective decisions.
- Indoor segment accounted for largest revenue share in 2020. Limited availability of arable land in developing countries is projected to boost growth of the indoor farming segment and increase utilization of smart harvest technologies and robots.
- Hardware segment revenue is expected to expand at a rapid CAGR during the forecast period. Rising preference of farmers towards advanced farm mechanization is contributing to growing adoption of harvesting robots and autonomous combine harvesters.
The Smart Harvest research report also includes an insightful study of the prominent players of the industry along with their business overview, strategic planning, and business expansion plans adopted by them. This assists the readers and business owners in formulating strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, and others. The report also talks about the expansions these prominent players are vying for in the key regions of the market. The report focuses on the detailed analysis of the technological and product developments undertaken by these companies.
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The key companies studied in the Smart Harvest report are:
Deere & Company, Robert Bosch GmbH, Panasonic Corporation, Energid Technologies, Smart Harvest Ltd, Harvest Automation, Inc., Dogtooth Technologies, AVL Motion B.V., Abundant Robotics, Inc., and Iron Ox, Inc.
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On the basis of regional analysis, the market is segmented into the following regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market is expected to be dominated by North American nations closely followed by European countries. Asia Pacific is expected to show a significant growth owing to recent advancements and rising investments in the R&D sector.
Emergen Research has segmented the global smart harvest market on the basis of site of operation, component, crop type, and region:
- Site of Operation Outlook (Revenue, USD Billion; 2018–2028)
- Component Outlook (Revenue, USD Billion; 2018–2028)
- Automation & control systems
- Harvesting robots
- Imaging systems
- Crop Type Outlook (Revenue, USD Billion; 2018–2028)
The report addresses the following key points:
- The report provides a forecast of market drivers, restraints, and future opportunities for the Smart Harvest market
- The report further analyses the changing market dynamics
- Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
- Extensive competitive landscape mapping with profiles of the key competitors
- In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
- Revenue forecast, country scope, application insights, and product insights
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