The global smart harvest market is valued at US$ 14 billion in 2023 and is projected to reach a size of US$ 40 billion by 2033, growing at an impressive CAGR of 11% from 2023 to 2033 (forecast period). The smart harvest market refers to the use of advanced technologies such as sensors, drones, robots, and other automated equipment to optimize the agricultural harvesting process. This market has been growing rapidly in recent years as farmers and agricultural businesses seek to increase efficiency, reduce labor costs, and improve the quality of their crops.
Some of the key factors driving the growth of the smart harvest market include the increasing demand for food, the need for sustainable agricultural practices, and the availability of advanced technologies. Additionally, the COVID-19 pandemic has highlighted the importance of food security and the need for reliable and efficient agricultural production
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Some of the key applications of smart harvest technology include precision agriculture, autonomous harvesting, and data analytics. Precision agriculture involves using data and analytics to optimize the use of resources such as water, fertilizer, and pesticides, while autonomous harvesting involves using robots and other automated equipment to harvest crops
Key Takeaways from Market Study
- The global smart harvest market is valued at US$ 14 billion in 2023.
- Worldwide demand for smart harvest technologies is anticipated to surge at a CAGR of 11% from 2023 to 2033 (forecast period).
- The global market is estimated to garner US$ 40 billion by 2033.
- The European market is projected to expand at a CAGR of 7.3% during the forecast period.
- The fruits segment is predicted to witness considerable growth from 2023 to 2033.
Key players in the smart harvest market are focusing on collaborations, investments, new developments, and acquisitions to obtain market share and expand their global reach. Furthermore, many start-ups are entering the global market.
- An Indian start-up called Fasal focuses on giving consumers real-time farming data. By monitoring crop and environmental conditions and utilising machine learning to transform the sensing data into useful farming predictions, Fasal can assist its clients in making the best agricultural decisions.
- An Indian start-up called Agdhi aids in the identification of seed flaws, the detection of agricultural illnesses, and the creation of farmer networks. Agdhi uses AI and computer vision technology to identify defective seeds or crops and feed the data back to mobile applications, allowing clients to better manage their agricultural operations. This is done by connecting connected devices to seeds and crops.
- In order to allay producers’ fears about labour, Dogtooth Technologies introduced its most recent fleet of strawberry-harvesting robots in June 2022, principally in Australia and the United Kingdom.
- In November 2021, Iron Ox unveiled Grover, a brand-new autonomous mobility robot. Grover is an energy, water, and land saving autonomous mobile robot that is sanitary, durable, and extremely competent.
- Midnight Robotics was acquired by Fieldin in November 2021 to improve its autonomous platforms. Through this purchase, an entirely new sensor-based platform with driving technologies was intended to be created in order to continuously enhance farm management.
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Key Companies Profiled
- Abundant Robotics, Inc
- Deere & Company
- AVL Motion
- Energid Technologies Corporation
- Dogtooth Technologies Limited
- Harvest Croo
- Iron Ox
Regional Analysis For The Smart Harvest Market
- North America: North America is expected to dominate the smart harvest market due to the high adoption rate of advanced technologies in agriculture. The region has a well-established agriculture industry and is home to some of the key players in the smart harvest market.
- Europe: Europe is also a significant market for smart harvest technologies. The region is known for its strong focus on sustainable agriculture practices, and smart harvest technologies align with this focus. The European Union has set a goal to reduce the use of pesticides and fertilizers, which is expected to drive the adoption of smart harvest technologies.
- Asia Pacific: The Asia Pacific region is expected to grow at the highest rate in the smart harvest market due to the growing population, increasing demand for food, and the need for efficient agriculture practices. Countries like India and China are expected to drive the growth in the region due to their large population and significant agricultural output.
- Latin America: Latin America is also an emerging market for smart harvest technologies. The region has a significant agriculture industry, and the adoption of smart harvest technologies is expected to improve the efficiency of agriculture practices.
- Middle East and Africa: The Middle East and Africa region is also expected to see significant growth in the smart harvest market due to the increasing focus on sustainable agriculture practices and the adoption of advanced technologies in the region.