The precision harvesting
market was worth USD 10.4 billion in 2018 and is projected to reach USD 17.5
billion by 2023, at a CAGR of 10.94% from 2018 to 2023. The major drivers for
the precision harvesting market are increasing farm mechanization in developing
countries in Asia Pacific and Africa,
increasing adoption of harvesting robots and autonomous combine harvesters, and
increasing labor cost owing to shortage of skilled labor. Precision harvesting
has the potential to transform the agriculture sector, making traditional
harvesting activities more efficient and economical. The increasing global food
demand, extended profitability and crop yield, and minimum wastage of crops
during harvesting are the other factors fueling the market’s growth. Also,
government initiatives in many countries are
helping farmers adopt advanced agricultural and technological tools to improve yield.
The
precision harvesting market in Europe is expected to grow at the highest CAGR from
2018 to 2023. The increasing mechanization in Eastern
European farms–Poland, Austria, Croatia, and Bulgaria—is a major factor
contributing to the high growth of the precision harvesting market in this
region. The market’s growth and demand for harvesting robots are also driven by
increasing strain on food supplies to feed a swelling population, declining
availability and rising cost of farm labor, challenges and complexities of farm
labor, climate change, the growth of smart greenhouse and indoor farming, and
the broader automation in the agriculture industry.
The precision harvesting
market for corn application is expected to grow at the highest CAGR during the
forecast period. Adoption of precision
harvesting systems for corn application is comparatively high as compared to
other crops; as a result, this segment
held the largest market size. Innovations in harvesting equipment and a greater need to automate corn, cotton, and
soybean farms due to the shortage of
skilled labor are the major factors driving the growth of this segment.
The market for
harvesting robots is expected to grow at the highest CAGR from 2018 to 2023. The
rising demand for harvesting robots is being driven by increasing demand for
food owing to increasing population, increasing strain on food supply,
declining availability of farm workers, the rising
cost of farm workers, and broader automation in the agriculture industry.
The precision harvesting market for services is
expected to grow at the highest CAGR during the forecast period. Growing interest
in automation in the agriculture industry and advancements in precision harvesting
technology are expected to propel the demand for precision harvesting services
during the forecast period. Increasing demand for managed services is also a
major reason behind the high growth of the precision harvesting market for
services.
The major players in the
precision harvesting market have executed acquisitions, partnerships, and
product launches and developments to grow in the market. For instance, in June
2018, John Deere launched the Intelligent Boom Control (IBC) for 1270G
harvester in North America. IBC provides operators with increased accuracy and
productivity. CNH Industrial acquired the agricultural grass and soil business of
Kongskilde Industries, a part of the Danish Group Dansk Landbrugs
Grovvareselskab (DLG A.m.b.A.).
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