A rise in adoption of harvesting robots in the agricultural practices drive the smart harvest market.
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WILMINGTON, DELAWARE, March 18, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, The smart harvest market size was valued at $12.5 billion in 2020, and is estimated to reach $37.0 billion by 2030, growing at a CAGR of 11.4% from 2021 to 2030.
Agriculture is the main occupation for many countries such as India, Africa, and others. In addition, developing countries are engaged in large-scale agriculture, which significantly increases demand for automation and smart harvesting technologies. Using smart solutions such as IoT is expected to help farmers in weather forecasting and crop harvesting. IoT in crop management helps to accurately determine real-time weather conditions such as precipitation, humidity, and temperature. Precision farming is one of the main applications of smart harvest market analysis.
Smart harvesting in precision farming includes vehicle tracking and inventory monitoring, more specifically field observation. Precision farming helps farmers analyze soil conditions. Cloud-based data storage is one of the technologies in the market. Cloud-based data storage uses data analytics to analyze livestock and crop health and smart technologies make the harvesting process easier by reducing labor and increasing crop production. Such instances are driving the smart harvest industry.
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Segmentation Based On:
The global smart harvest market is segmented based on component, technology, crop type, and region. On the basis of component, the market is segmented into software and hardware. In 2020, the software segment dominated the market in 2020, and is anticipated to grow with the highest CAGR of 11.9%.
On the basis of technology, the market is categorized into harvesting robots, GPS, sensors, RFID, and others. The harvesting robots segment have the largest market, and is anticipated to grow with the highest CAGR of 12.5%.
Based on crop type, the fruits segment held the largest market share in 2020, holding more than three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. However, the vegetables segment is projected to register the highest CAGR of 13.1% from 2021 to 2030.
Based on region, Europe contributed to the highest share in terms of revenue in 2020, holding around two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 14.3% during the forecast period.
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Top Runners:
Leading players of the global smart harvest market analyzed in the research include Robert Bosch, Deere & Company, Dogtooth Technologies, Harvest Automation, Abundant Robotics, Agrobot, Harvest, and AVL Motion.
Several manufacturers in the global smart harvest market stopped their business activities in 2020, owing to lockdowns implemented in developed and developing countries and ban on industrial activities, and agriculture equipment due to the COVID-19 pandemic. This halt in production activities impacted revenue of smart harvest provider companies. For instance, net sales of Robert Bosch GmbH dropped by 3.6% from January 2020 to December 2020. In addition, lack of man power and lack of penetration of technologies such as Internet of Things (IoT), and Artificial Intelligence in agriculture practices affected the net sales of the market. However, the market is projected to recover from the 1st quarter of 2023, owing to reduced restrictions and reopening of the global smart harvest market forecast. Moreover, in 2021, with the availability of vaccine against COVID-19, the market re-opened at full pace.
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Read More Reports:
Agriculture Equipment Market – https://www.alliedmarketresearch.com/agriculture-equipment-market
Service Robotics Market – https://www.alliedmarketresearch.com/service-robotics-market
David Correa
Allied Market Research
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