The global smart harvest market is expected to hit a valuation of US$ 40 billion by 2033, expanding at 11% CAGR from 2023 to 2033, as per this new industry analysis by Fact.MR, a market research and competitive intelligence provider.
Harvesting is a critical component of every agricultural operation because it influences the overall profitability of the process. Harvesting on time and using efficient harvesting methods are becoming increasingly important, especially in fruit and vegetable production. Smart harvesting is the employment of self-driving farming robots to pick vegetables and fruits with little or no human intervention. Smart harvesting utilizes smart technologies such as GPS, cloud computer vision, satellite photos, AI, MI, big data, and IoT to boost agricultural productivity.
Rapid population growth is putting pressure on the agricultural industry around the world to enhance productivity to satisfy rising food demand. Farmers are rapidly implementing smart harvest technologies like harvesting robots, control systems, automation, imaging systems, and sensors to increase profitability and yield in less time and at a lower cost.
Furthermore, limited arable land and a lack of skilled labor are forcing farmers to use smart harvesting methods. The growing need to increase profitability and productivity while minimizing crop waste during harvesting procedures is fueling the growth in the global market. Moreover, farmers' steady transition toward sophisticated farm mechanization is a crucial component contributing to the increased usage of harvesting robotics, automation, and autonomous combine harvesters.
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.
Europe is leading the worldwide market. Over the last few years, Europe has seen widespread use of smart harvesting technologies. The United Kingdom and Germany are significantly supporting the market growth in Europe. Moreover, Asia Pacific and North America are following Europe in terms of growth.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global smart harvest market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market on the basis of crop type (fruits, vegetables), component (harvesting robots, automation & control systems, imaging systems, sensors, software), and site of operation (indoor, on-field, greenhouse), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
These insights are based on a report on Smart Harvest Market by Fact.MR.