Smart Harvest Market refers to the global industry that deals with the adoption and implementation of advanced technologies and smart solutions in the agricultural sector to optimize and improve the harvesting process. Smart harvest technologies aim to enhance efficiency, productivity, and precision in agricultural practices, making farming more sustainable and economically viable.
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.
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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.
However, lack of technical knowledge among farmers and high-cost factor hinders smart harvest market growth.
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%.
By crop type, the smart harvest market is segmented in vegetable and fruits. The fruits segment have the largest smart harvest market share in 2020, and the vegetable segment is anticipated to grow with the highest CAGR of 13.1%.
On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe region dominated the market in 2020.
The key players profiled in the market report include such as Abundant Robotics, Agrobot, Dogtooth Technologies Limited, Deere & Company, Harvest Automation, Iron OX, Panasonic Corporation, Robert Bosch GmbH, App Harvest, and Smart Harvest Ltd.
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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