Press release
Harvesting Technology Market Innovations and Trends Report 2024
Harvesting Technology Market Innovations
According to The Business Research Company's, The harvesting technology market size has grown strongly in recent years. It will grow from $12.95 billion in 2023 to $13.75 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to market transformations, economic influences, research and development, consumer adoption, environmental concerns.
The harvesting technology market size is expected to see strong growth in the next few years. It will grow to $17.18 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to market dynamics, research and development trends, consumer adoption rates, sustainability trends, regulatory landscape. Major trends in the forecast period include integration of automation, data-driven farming, customization and adaptability, sustainability and eco-friendly solutions, precision and efficiency enhancement, remote monitoring and control.
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Market Drivers and Trends:
The growing implementation of Iot devices is expected to propel the growth of the harvesting technology market going forward. IoT devices refer to physical devices that are connected to the internet and embedded with sensors, software, and other technologies. The growing implementation of IoT devices is mostly driven by the growing availability of wireless connectivity, increasing demand for automation and intelligence, and the rise of cloud computing, where IoT devices allow for real-time monitoring and data collection in agriculture practices. For instance, in 2022, according to the India Brand Equity Foundation (IBEF), an India-based semi-government organization, the Internet of Things (IoT) market is projected to witness an 18% growth, reaching 14.4 billion active connections by 2025. Also, it is estimated that the number of connected IoT devices will surge to nearly 27 billion by 2025, driven by easing supply constraints and further acceleration in growth. Therefore, the growing implementation of IoT devices will fuel the harvesting technology market growth.
Product innovation has emerged as a key trend gaining popularity in the harvesting technology market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in August 2020, Deere & Company, a US-based manufacturer of agricultural and turf equipment, launched its new high-capacity X9 combine, which is part of its X Series line of harvesting equipment. The X9 combine is designed to increase productivity and efficiency while reducing operating costs for farmers. The unique features of the X9 combine is its ability to handle tough harvesting conditions, such as high-yielding crops or wet fields.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Cymbet Corporation; Mide Technology Corporation; Powercast Corporation; Analog Devices Inc.; EnOcean GmbH; Convergence Wireless LLC; ABB Ltd.; Linear Technology Corporation; Fujitsu Limited; Honeywell International Inc.; STMicroelectronics N.V.; Yara International ASA; Koch Engineered Solutions LLC; Coromandel International Limited; Van Iperen International B.V.; GlobalFoundries Inc.; Advanced Cooling Technologies Inc. (ACT); THALES Group; Paragraf Ltd.; Insolight SA; Aero Farm Systems Inc.; McQ Inc.; Ilika Technologies Ltd.; Seatrec Ltd.; Manufacturing Technology Centre; Enteligent Inc.; ICE Thermal Harvesting; Abundant Robotics Inc.; AgEagle Aerial Systems Inc.; AGJunction Inc.
Harvesting Technology Market 2024 Key Insights:
• The harvesting technology market will grow to $17.18 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• IOT Revolutionizes Harvesting: Driving Growth In The Harvesting Technology Market
• Advancements In Innovative Products Redefine The Harvesting Technology Market
• North America was the largest region in the harvesting technology 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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