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Precision Harvesting Market Projected to reach $17.5 billion by 2023 | Key players include Deere & Company, Trimble, AGCO Corporation, AgJunction and Raven Industries

02-28-2019 09:14 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets™

MarketsandMarkets

MarketsandMarkets

The report "Precision Harvesting Market by Product (Combine, Harvesting Robots, Forage Harvesters), Application (Crop, Horticulture, Greenhouse), Offering (Hardware - Sensors, GPS, Yield Monitors, Software, Services), and Geography - Global Forecast to 2023", 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.

Browse 64 market data Tables and 54 Figures spread through 182 Pages and in-depth TOC on "Precision Harvesting Market - Global Forecast to 2023"
View detailed Table of Content here -

https://www.marketsandmarkets.com/Market-Reports/precision-harvesting-market-194202698.html

The rapid growth of the precision harvesting market can be attributed to the increasing adoption of automation and control devices and sensing and monitoring devices by farmers. 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 labors are other factors propelling the growth of the precision harvesting market. The cost of precision harvesting technology is expected to decrease in the next couple of years, mainly because of the declining prices of major hardware components, which is expected to contribute to the market’s growth. The market would likely gain further impetus from the rising demand for quality food and a rapidly increasing population.

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Combine harvesters expected to hold largest market share during forecast period

Farmers and growers increasingly adopting GPS-based combine harvesters is the major factor propelling the demand for this technology. Combine harvesters witness the highest adoption as they are used in the majority of planted acres. GPS-based auto-combine harvesters allow growers to reduce operational costs. Their ease of use and functionalities have also improved over the years. Combine harvesters have played a critical role in farm mechanization around the world. Going forward, the key growth drivers will be product diversification, increasing adoption of connected and autonomous combine harvesters, established vendors expanding into emerging markets, and strategic collaborations between farm equipment players.

Crop harvesting accounted for largest share of precision harvesting market in 2018

Crop harvesting held the largest market share in 2018 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 combine harvesters due to the shortage of skilled labor is the major reason for the high growth of this segment.

Americas expected to hold largest share of precision harvesting market during forecast period

The Americas held the largest share of the precision harvesting market in 2018. The US and Canada are the 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 autonomous combine harvesting systems and equipment such as steering and guidance systems, sensors, display devices, and farm management software.

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The report profiles key players, including 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).

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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