Dublin, Nov. 17, 2023 (GLOBE NEWSWIRE) -- The "Smart Harvest Market - A Global and Regional Analysis: Focus on Product, Application, Startup, Patent, Value Chain, and Country-Wise Analysis - Analysis and Forecast, 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global smart harvest market, valued at $4.17 billion in 2022, is expected to reach $7.74 billion by 2028, exhibiting a robust CAGR of 10.5% during the forecast period (2023-2028). This growth is primarily driven by the agricultural industry's growing emphasis on achieving higher crop yields while minimizing input costs.
Smart harvest technologies offer precise and targeted approaches for production management, optimized harvesting application, and effective harvesting. By enabling farmers to make data-driven decisions, enhance operational efficiency, reduce resource wastage, and mitigate environmental impact, these technologies are poised to fuel the expansion of the global smart harvest market in the coming years.
On-Field Application to Dominate the Global Smart Harvest Market (by Application)
During the projected timeframe (2023-2028), on-field agriculture application is expected to occupy a significant market share in the global smart harvest market. Regions such as North America, the U.K., Europe, and China are anticipated to experience substantial growth in smart harvest, which can be attributed to the increasing adoption of precision agriculture practices, rising demand for sustainable farming solutions, and the need to optimize resource utilization for enhanced crop management and production.
Self-Propelled Smart Harvester Segment to Dominate the Global Smart Harvest Market (by Product)
The self-propelled smart harvester segment is expected to hold a significant market share in the global smart harvest market during the forecast period (2023-2028). Regions such as North America, Asia-Pacific, Europe, and China are expected to experience notable CAGR in this segment. These regions, characterized by vast geographical areas and diverse crop production, face challenges in achieving efficient harvesting and yield enhancement.
Recent Developments in the Global Smart Harvest Market
- In February 2023, Antobot Ltd. partnered with Wilkin & Sons Ltd. This partnership aimed at developing affordable robotic solutions and strengthening robotics and automation for the fruit sector.
- In February 2023, MetoMotion signed an agreement with RedStar. This agreement aimed at providing Greenhouse Robotics Workers (GRoW) to RedStar.
Market Opportunities: Integration of Smart Technologies in Agriculture Machineries or Equipment
The integration of smart technologies in harvesting machinery represents a transformative shift in modern agriculture. By combining sensors, artificial intelligence (AI), automation, and connectivity, these technologies enhance the efficiency and effectiveness of harvesting processes. Sensors embedded in harvesting equipment gather real-time data on crop maturity, soil conditions, and environmental factors. This data is then processed by AI algorithms, which analyze and interpret the information. AI-driven insights guide decision-making, such as determining the optimal timing for harvest or adjusting equipment settings based on real-time conditions.
Automation plays a pivotal role in smart harvesting machinery. AI-powered automation helps in cutting, picking, sorting, and even quality assessment. This reduces the need for manual labor and minimizes errors, leading to increased operational efficiency and consistency in crop handling. Connectivity is another critical aspect. Harvesting equipment can be equipped with GPS and communication technologies, allowing for precise navigation and remote monitoring. This enables farmers to track machinery performance, monitor progress, and receive alerts in case of issues. The key companies operating in the smart harvest market are also engaged in the research and development and integration of smart technologies, resulting in creating opportunities from 2023 to 2028.
Ultimately, the integration of smart technologies optimizes the entire harvesting process. It maximizes yield quality by selectively harvesting ripe crops, reduces waste by minimizing damage, and enhances resource efficiency by precisely allocating labor and equipment. This not only boosts overall productivity and profitability but also contributes to sustainable agriculture by minimizing resource usage and environmental impact.
Key Topics Covered:
Market Trends
- Role of Artificial Intelligence and Machine Learning in Smart Harvesting
- Increased Focus on Sustainable Agriculture Practices
Market Dynamics
Business Drivers
- Rising Crop Losses Caused by Improper Harvesting Practices
- Minimizing Crop Yield Depletion throughout Harvesting Process
- Need for Reducing the Cost of Crop Production
- Optimizing Farm Profitability through Climate-Resilient Smart Harvest Solutions
Business Challenges
- Less Adoption of Smart Harvesters among Small-Scale Farmers
- High Initial Cost of Smart Harvesting Equipment
- Technical Complexities Affecting Smart Harvest Adoption
Business Opportunities
- Integration of Smart Technologies in Agriculture Machineries or Equipment
- Development of Innovative and Affordable Small Harvesting Robot
- Government Initiatives to Promote Digital Agriculture
- Opportunities in ATaaS Market
Case Studies
- Smart Harvesting Case Study
- Automation of Crop Yield Assessment Case Study
- Lettuce Harvesting Robot Case Study
Company Profiles
- Agrobot
- Advanced Farms Technologies, Inc.
- Harvest Automation
- Dogtooth Technologies Limited
- Antobot Ltd.
- MetoMotion
- Mycionics Inc.
- Tortuga Agricultural Technologies, Inc.
- Harvest CROO Robotics LLC
- Tevel Aerobotics Technologies
- AMB Rousset
- CNH Industrial N.V.
For more information about this report visit https://www.researchandmarkets.com/r/v3ibdh
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