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.
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An autonomous tractor employs high-tech systems and sensors, which enable farmers to fully automate operations and reduce labor expenses. Farmers are able to optimize their output while using limited resources with the help of autonomous tractors. Ability of autonomous tractors to even work in extreme weather conditions is supporting demand. Analysis of data collected by high-tech systems and sensors help farmers in making effective decisions regarding harvesting routine of crops in the field.
The report offers a complete analysis of the global Smart Harvest market on a global and regional scale and offers a forecast for the market for 8 years. The report provides extensive coverage of the market drivers, restraints, limitations, growth prospects, threats, opportunities, and current and emerging trends in the market. The report also offers an in-depth analysis of the market players along with their business overview, product portfolio, technological advancements, expansion plans, financial standing, and global position.
It also sheds light on the collaborations in the competitive landscape, such as mergers and acquisitions, joint ventures, collaborations, product launches, brand promotions, corporate and government deals, licensing agreements, and others.
Key players involved in the market such as 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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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.
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)
Greenhouse
On-Field
Indoor
Component Outlook (Revenue, USD Billion; 2018–2028)
Software
Hardware
Sensors
Automation & control systems
Harvesting robots
Imaging systems
Crop Type Outlook (Revenue, USD Billion; 2018–2028)
Vegetables
Fruit
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Regional segmentation comprises of a current and forecast estimation of the market in the key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Regional Outlook of Smart Harvest Market:
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
ToC of the report:
Chapter 1: Market overview and scope
Chapter 2: Market outlook
Chapter 3: Impact analysis of COVID-19 pandemic
Chapter 4: Competitive Landscape
Chapter 5: Drivers, Constraints, Opportunities, Limitations
Chapter 6: Key manufacturers of the industry
Chapter 7: Regional analysis
Chapter 8: Market segmentation based on type & applications
Chapter 9: Current and Future Trends
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