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Precision Harvesting Market estimated to be worth $17.5 billion by 2023

 



(IT-NEWSWIRE.COM, May 21, 2019 ) 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% during 2018–2023. 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.



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“Market for hardware required in harvesting systems is expected to hold the largest share during the forecast period.”



Based on offering, the precision harvesting market has been classified into hardware, software, and services. Hardware held the largest market share owing to the high adoption of automation and control devices, such as GPS, guidance and steering systems, yield monitors, and sensors. In the yield monitoring process, hardware such as sensors and GPS devices play a vital role in measuring various yield parameters.



“Combine harvesters are expected to hold the largest market share from 2018 to 2023.”



The advent of connected and autonomous combine harvesters with advanced precision agriculture technology components–GPS, sensors, 3D cameras, and yield monitoring systems—is the major reason for the high adoption of combine harvesters. The major factors driving the growth of the combine harvester market includes increasing mechanization in agriculture in developing regions, increasing labor cost owing to the shortage of labor, and innovations in harvesting technology. In addition, the rising focus on farm efficiency and productivity and favorable government policies to attract young farmers are some other factors propelling the market’s growth. On the other hand, the high cost of advanced automated harvesters may impede the market’s growth.



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“Corn application is expected to hold the largest market share from 2018 to 2023.”



Crop harvesting held the largest market share due to the high level of mechanization in open field farming which includes crops like corn, soybean, sugarcane, cotton, maize, rice, and wheat. Increasing adoption of autonomous harvesting equipment due to the shortage of skilled labor is the major reason for the high growth of this segment. Crop harvesting extensively uses devices such as GPS, GIS, a computer, and sensor technologies to accurately measure the amount of crop harvested at a specific location and time.“Americas is expected to account for the largest market share from 2018 to 2023.”



The Americas held the largest share of the precision harvesting market in 2018. The US and Canada are early adopters of precision harvesting technologies, which is the major reason for the large market share of this region. Farmers or growers in this region are increasingly adopting advanced harvesting systems and equipment such as steering and guidance systems, sensors, display devices, and harvesting management software.



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Key Market Players



Key players in the precision harvesting market include Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US), Precision Planting (US), FFRobotics (Israel), Abundant Robotics, (US), Harvest Automation (US), Harvest Croo Robotics (US), and Vision Robotics Corporation (US). These players adopt various strategies, such as product developments, mergers, partnerships, collaborations, and expansions, to cater to customer demands.



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