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 a primary livelihood in many nations, including India, various African countries, and others. Developing economies, in particular, rely heavily on large-scale farming, fueling the need for automation and advanced harvesting technologies. Smart solutions like the Internet of Things (IoT) are transforming agriculture by aiding farmers with precise weather forecasting and optimized crop harvesting.
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Industry Updates:
IoT enables real-time monitoring of critical conditions such as rainfall, humidity, and temperature. Precision farming, a key segment of the smart harvest market, leverages these technologies for tasks like vehicle tracking, inventory management, and field observation. It also allows farmers to assess soil health accurately. Additionally, cloud-based data storage plays a vital role by utilizing data analytics to monitor crop and livestock health, streamlining harvesting processes, reducing labor costs, and boosting crop yields. These advancements are propelling the growth of the smart harvest industry.
However, the global smart harvest market faced significant challenges in 2020 due to the COVID-19 pandemic. Lockdowns in both developed and developing countries, coupled with restrictions on industrial and agricultural equipment operations, forced many manufacturers to halt production. This disruption led to revenue declines for smart harvest technology providers. For example, Robert Bosch GmbH reported a 3.6% drop in net sales from January to December 2020. Furthermore, labor shortages and limited adoption of technologies like IoT and Artificial Intelligence in agriculture further impacted market performance during this period.
Smart Harvest Market 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%.
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.
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Key Players:
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.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart harvest market analysis from 2020 to 2030 to identify the prevailing smart harvest Industry and agriculture equipment opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart harvest market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart harvest market trends, key players, market segments, application areas, and market growth strategies.
About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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