Smart Harvest Market Industry Analysis & Global Forecast

The smart harvest market is projected to reach USD 15.6 billion by 2023, from USD 9.0 billion in 2018, at a CAGR of 11.81% during the forecast period. The rise in population has led to increased food demand, which in turn has led to increased pressure on farmers to increase yield and area harvested for various crops. However, global labor shortage in agriculture is one of the major factors leading to loss of yield due to improper maintenance and farming practices. To cater to this issue, farmers are highly adopting farm mechanization and other smart agriculture techniques to optimize their crop yields.

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Harvesting robots are projected to have the fastest growth among hardware in the smart harvest market during the forecast period.

Harvesting is one of the important phases of farming and requires great amount of bending and lifting through manual labor. Additionally, labor shortage affects the overall yield output. To cater to this issue, manufacturers have introduced autonomous harvesting robots that harvests fruits and vegetables with little or no human intervention. Although majority of the manufacturers have harvesting robots in the testing phase and are designed to harvest limited fruits and vegetables, however, these smart harvest robots are expected to launch in the market for sales during the forecast period, with enhanced functionalities.

By site of operation, indoor segment is estimated to dominate the smart harvest market in 2018.

The indoor segment includes container farming and vertical farming, which requires a controlled environment. The systems are reliant on multiple sensors installed throughout to understand the surroundings and navigate across the work area. High-resolution multi-spectral cameras and imaging sensors observe and monitor the produce to determine the time for harvest. Given the substantial growth of indoor farming practices, it is expected to pose strong growth opportunities for smart harvest systems over the next decade.

Europe is projected to dominate the smart harvest market by 2023.

The smart harvest market in Europe is projected to witness significant growth during the forecast period due to the prospect of increasing production, labor shortage issues, development of smart technologies, and their adoption in agriculture. The developed countries in the European Union are in the forefront of adopting smart harvest technologies in a bid to improve the production output and reduce the costs associated with harvesting. Additionally, the development of smart harvest technologies is being actively encouraged, driven by both public and private programs to bring about the commercialization of these technologies.

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Key players in the market include Robert Bosch GmbH (Germany), Deere & Company (US), Smart Harvest Ltd. (UK), Dogtooth Technologies (UK), Harvest Automation (US), Panasonic Corporation (Japan), Root AI (US), Abundant Robotics (US), Iron Ox (US), Agrobot (Spain), Energid Technologies Corp. (US), FFRobotics (Israel), Vision Robotics Corp. (US), Metomotion (Israel), AVL Motion (Netherlands), and Harvest Croo (US). These players are undertaking a strategy involving new product development and launches, and divestments to improve their market position and extend their core competitive advantage.

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