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Precision Harvesting Market Report 2024 - Precision Harvesting Market Trends And Growth
Precision Harvesting Market
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According to The Business Research Company's, The precision harvesting market size has grown strongly in recent years. It will grow from $14.50 billion in 2023 to $15.86 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to a rise in sustainable farming practices, growing awareness of precision agriculture, expansion of farm sizes, growth of agri-tech startups, and increasing focus on crop quality.
The precision harvesting market size is expected to see strong growth in the next few years. It will grow to $22.95 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to rising demand for high crop yields, increasing farm mechanization, increasing global food demand, increasing labor costs, and rising demand for high-quality produce. Major trends in the forecast period include technological advancements, autonomous tractors, global positioning systems, yield monitoring systems, and sensor technology.
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Market Drivers and Trends:
The rising demand for high crop yields is expected to propel the growth of the precision harvesting market going forward. High crop yield refers to the quantity of agricultural produce harvested per unit of cultivated land area, typically measured in weight or volume. The demand for high crop yields is influenced by several factors, such as urbanization, climate change, food security, rising incomes, shifting dietary habits, global trade, and market demands. Precision harvesting technologies and practices enable farmers to maximize crop yields by improving efficiency, reducing losses, enhancing quality, and making informed decisions based on real-time data and analytics. For instance, in February 2024, according to the Department for Environment, Food, and Rural Affairs, a UK-based government body, harvested wheat production increased by 11% to over 15.5 million metric tons, driven by higher yields, resulting in a production value of £4.1 billion ($5.25 billion), a 50% rise over 2021. Additionally, the production of oilseed rape rose by 39% to around 1,361 thousand tons as a result of greater average yields and an increase in planted area in comparison to 2021. Therefore, the rising demand for high crop yields is driving the growth of the precision harvesting market.
Major companies operating in the precision harvesting market are focused on developing advanced products, such as automated harvesting systems, to help farmers increase productivity and profitability during the busy harvest season. An automation harvesting system refers to using advanced technologies and machinery to perform harvesting tasks with minimal human intervention. These systems leverage robotics, sensors, artificial intelligence, and other technologies to efficiently and accurately harvest crops. For instance, in June 2024, Case IH, a US-based company that manufactures machinery for agriculture, launched the new Axial-Flow 260 series combine, featuring a subscription-free, integrated technology designed to meet the unique needs of growers. The Axial-Flow 260 series features harvest command combine automation, which automatically adjusts settings to maximize throughput and grain quality. It includes high-resolution Pro 1200 Dual Displays, allowing operators to easily monitor machine metrics, field performance, and grain quality in real time. The 260 series features dual Pro1200 displays that provide intuitive Harvest Command automation technology, advanced guidance, mapping capabilities, and connectivity with other Pro700-enabled machines. The premium technology built within the combine maximizes throughput and grain handling with single-rotor Case IH harvesting technology.
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Major Key Players of the Market:
Deere & Company, CNH Industrial NV, KUBOTA Corporation, AGCO Corporation, Trimble Inc., Topcon Corporation, Raven Industries Inc., Precision Planting LLC, TeeJet Technologies, CLAAS KGAA mbH, Kinze Manufacturing Inc., Ag Leader Technology, FarmWise Labs Inc., Clearpath Robotics Inc., Sentera Inc., Farmers Edge Inc., DICKEY-john Corporation, Taranis Visual Ltd., senseFly SA, PrecisionHawk Inc., Octinion NV, VineView Sciences Inc.
Precision Harvesting Market 2024 Key Insights:
• The precision harvesting market size is expected to see strong growth in the next few years. It will grow to $22.95 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Rising Demand For High Crop Yields To Drive Precision Harvesting Market Growth
• Case IH Launches Axial-Flow 260 Series Combine With Advanced Harvest Command Automation
• North America was the largest region in the precision harvesting market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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