Newark, NJ, Feb. 26, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global precision harvesting market is expected to grow from USD 8.94 billion in 2017 to USD 21.54 billion by 2025 at a CAGR of 11.6% during the forecast period from 2018-2025. Precision harvesting market has been witnessing the rapid growth from the past few years. Precision harvesting has the potential to help make farm production more efficient and better for the environment. It helps to enhance harvesting productivity with the fully-integrated harvest solution that utilizes proven technologies for all harvesting needs.
Precision agriculture (PA) is defined as a method of farm management which involves the use of information technology (IT) so that the crops and soil can get the right amount of things at the right time. It ensures better productivity, profitability, sustainability and protection of the environment. This technique is based upon specialized equipment, software and IT services and it includes accessing real-time information about the conditions of the crops, soil and ambient air, along with other relevant information such as labor costs, hyper-local weather predictions, and equipment availability. Predictive analytics software deploys the data to provide farmers with guidance about optimal planting times, harvesting times, crop rotation, and soil management.
Global precision harvesting market is expected to witness rapid growth over the forecast period, owing growing trend of maximizing agricultural resources in a sustainable manners. Also, increasing consciousness regarding internet of things (IoT) devices and advanced analytics among farmers and high use of harvesting robots in greenhouse and horticulture are also fuelling the growth of market. But high amount of capital investments is associated with the technique is anticipated to hinder the market growth over the forecast period. However, emerging countries to offer significant growth opportunities in the global precision harvesting market.
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Key players operating in the global precision harvesting market are John Deere & Company, Trimble, AGCO Corporation, AgJunction, Raven Industries, AG Leader, CropMetrics LLC (CropX inc.), Precision Planting, FFRobotics, Abundant Robotics, Harvest Automation, Harvest Croo Robotics, and Vision Robotics Corporation among others. To enhance their market position in the global Precision harvesting market, the key players are now focusing on adopting the strategies such as product innovation, recent developments, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, in September 2017, Deere & Company acquired Blue River Technology (US) to strengthen its foothold in the precision harvesting market.
- In April 2019, Trimble Inc. announced the expansion of precision agriculture footprint in India and aims to expand its distribution of laser-levelling solutions to cover major Indian states by 2020.
- In December 2018, AgJunction announced that it has open the online store, HandsFreeFarm.com store to bring precision agriculture solutions direct to farmers.
- In November 2019, Raven Industries, Inc. announced that it has acquired Smart Ag Inc., a technology company that develops autonomous farming solutions for agriculture, to become the industry leader in autonomous agriculture solutions.
- In November 2018, Ag Leader announced the launch of GNSS smart antenna, new guidance and steering solutions for precision agriculture.
- In January 2020, CropX inc. a soil sensing and agricultural analytics company, announced the acquisition of CropMetrics LLC, to provide customers with access to a combination of in-soil data, farm management analytics and decision-support tools.
The hardware segment accounted for the largest market share and valued around USD 4.10 billion in 2017
The offering segment is classified software, hardware, and services. The hardware segment accounted for the largest market share and valued around USD 4.10 billion in 2017, due to the high use of automation and control devices, such as GPS, guidance and steering systems, yield monitors, and sensors.
The combine segment is dominating the market with the highest share 49.90% in 2017
Product type segment is divided into segments such as combine, harvesting robots and self-propelled forage harvesters. The combine segment is dominating the market with the highest share 49.90% in 2017. The use of connected and autonomous combine harvesters with advanced precision agriculture technology components–GPS, sensors, 3D cameras, and yield monitoring systems has gained high importance.
The crop segment held the largest market share and valued around USD 3.68 billion in 2017
Application segment includes crop, horticulture, greenhouse and others. The crop segment held the largest market share and valued around USD 3.68 billion in 2017. It is due to the high level of mechanization in open field farming which includes crops like corn, maize, soybean, sugarcane, cotton, rice, and wheat. Furthermore, due to shortage of skilled labor, adoption of autonomous harvesting equipment is increasing, which is one of the major reason for the high growth of this segment.
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Regional Segment Analysis of the Precision Harvesting Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America is dominating the market with the highest share of 43.20% in 2017. North America is dominating the market as farmers are highly implementing advanced harvesting systems and equipment such as steering and guidance systems, sensors, display devices, and harvesting management software. In addition to this, U.S. and Canada are the early adopters of precision harvesting technology, which is the major factor in the growth of market. Europe is anticipated to grow at highest CAGR in the global precision harvesting market, owing to increasing mechanization in Eastern European farm including Poland, Croatia, Austria, and Bulgaria.
About the report:
The global precision harvesting market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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