Press release
Global Harvesting Technology Market Analysis: Trends, Growth, and Future Projections (2024-2031)
The global harvesting technology market, valued at $17.25 billion in 2023, is projected to grow to $27.08 billion by 2031
The global harvesting technology market, valued at $17.25 billion in 2023, is projected to grow to $27.08 billion by 2031, registering a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031. Increasing demand for mechanization and automation in agriculture is driving the adoption of advanced harvesting machinery equipped with technologies such as GPS guidance, sensors, and automation systems. These innovations enable precise and timely harvesting, leading to higher yields and better-quality crops.
Government initiatives are also playing a crucial role in fostering the adoption of harvesting technology. For instance, in December 2023, Covestro (India) launched a digital platform to lower post-harvest losses in the horticulture and fisheries sectors, empowering farmers with cutting-edge postharvest technologies.
Horticulture holds the highest share in the harvesting technology market due to the delicate nature of crops and the demand for precision. North America leads the market owing to its advanced agricultural industry and widespread adoption of innovative technologies.
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Market Dynamics
Increasing Population and Food Demand
The global population is rising, driving a significant demand for food. The FAO projects that global food production needs to increase by about 70% by 2050 to feed 9.1 billion people. This demand is particularly acute in regions with rapid population growth and limited arable land. Harvesting technology enhances agricultural productivity and efficiency, helping farmers meet this growing demand.
Advanced machinery such as combine harvesters, crop sensors, and GPS-guided tractors optimize resource utilization, minimize waste, and increase productivity, addressing the need for more food with limited resources.
Segment Analysis
Horticulture's Dominance
Horticulture, encompassing fruits, vegetables, herbs, and ornamental plants, holds the largest share of the harvesting technology market due to the delicate nature of these crops and their specific ripening conditions. This segment demands precise and efficient harvesting technologies tailored to its unique requirements.
In December 2023, Covestro (India) launched a digital platform to lower post-harvest losses in horticulture and fisheries, empowering farmers with advanced postharvest technologies.
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Geographical Penetration
North America's Market Leadership
North America leads the global harvesting technology market due to its advanced agricultural industry, characterized by large-scale farming and high mechanization. The adoption of precision agriculture, drones, and automated machinery has significantly boosted efficiency and productivity in the region.
The presence of leading agricultural equipment manufacturers and research institutions further fuels innovation. In January 2020, Kubota Corporation invested in Abundant Robotics, a U.S. start-up specializing in robotics-based agricultural automation, aiming to boost productivity and reduce labor in the U.S. and other nations.
COVID-19 Impact Analysis
The COVID-19 pandemic disrupted global supply chains and labor availability, affecting the production and distribution of harvesting machinery. Farmers faced delays in acquiring necessary tools, leading to potential yield losses and increased operational costs. However, the pandemic accelerated the adoption of automation and robotics in agriculture, as farmers sought to mitigate labor shortages and ensure operational continuity.
Autonomous harvesting solutions and precision agriculture technologies saw increased demand, streamlining operations and improving efficiency while minimizing human contact. Despite initial setbacks, the pandemic catalyzed innovation in the harvesting technology market, paving the way for a more resilient agricultural sector.
Russia-Ukraine War Impact Analysis
The Russia-Ukraine conflict disrupted supply chains, leading to shortages of key components and materials necessary for manufacturing harvesting machinery. Farmers faced logistical challenges in accessing spare parts and maintenance services. The uncertainty surrounding the conflict dampened investor confidence, slowing agricultural technology investments in affected areas.
Key Developments
March 2024: The government launched the "e-Upaja Kisaan Nidhi" digital portal to empower farmers with the ability to pledge funds against gathered commodities, facilitating post-harvest loans and storage with the Warehousing Development and Regulatory Authority (WDRA).
August 2023: Raven Industries unveiled Ag Technology Advancements at the Farm Progress Show, introducing Raven Cart Automation to reduce operator stress and enhance harvesting efficiency.
October 2023: CNH Industrial invested in Advanced Farm Technologies, a California-based start-up specializing in robotic fruit picking, to propel industry innovation through joint R&D and commercialization efforts.
Competitive Landscape
Key players in the global harvesting technology market include Analog Devices, Inc., EnOcean GmbH, ABB, Fujitsu, Ag Leader Technology, Keetronics (India) Pvt. Ltd., Microchip Technology Inc., Mide Technology Corp, E-Peas SA, and Powercast Corporation.
Related Reports:
https://www.datamintelligence.com/research-report/cotton-harvester-market
https://www.datamintelligence.com/research-report/smart-harvest-market
https://www.datamintelligence.com/research-report/agriculture-technology-as-a-service-market
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DataM Intelligence 4Market Research is a market intelligence platform that gives access to syndicated, customized reports and consulting to its clients in one place. As a firm with rich experience in research and consulting across multiple domains, we are a one-stop solution that will cater to the needs of clients in key business areas. DataM Intelligence has an online platform whose industries such as chemicals and materials, agriculture, health care services, animal feed, and food & beverages, among others. Our platform has Insights on markets that uncover the latest market research data that are distinct from the competition. With coverage across 10 major industries in the marketplace research, DataM Intelligence benefits thousands of companies by helping them take their innovations early to the market by providing a complete view of the market with statistical forecasts. Our strategy-centric framework and value-added services will let individuals and corporations ease access and custom personalization to research and markets.
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