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DUBLIN--(BUSINESS WIRE)--Sep 9, 2022--
The "Smart Harvest Market By Component, By Technology, By Crop type: Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
The global smart harvest market was valued at $12,450.9 million in 2020, and is projected to reach $36,977.1 million by 2030, growing at a CAGR of 11.4% from 2020 to 2030.
Smart harvesting is considered an essential part of any farming practice as it affects overall profitability of the process. Timely harvesting and use of effective harvesting methods are becoming increasingly important, especially in fruit and vegetable production. Intelligent harvesting techniques optimize harvesting using existing and real-time data and hardware equipment in the field.
Rise in population has led to increase in food demand, which, in turn, has put greater pressure on farmers to increase yield and harvest for various crops. In addition, developing countries are engaged in large-scale agriculture, which significantly increases demand for automation and smart harvesting technologies. Smart farming includes adoption of artificial intelligence (AI), GPS, cloud machine learning, satellite imagery, advanced analytics, harvesting robots, and soil sensors.
The COVID-19 pandemic forced many companies in the global smart harvest market to halt business operations for a short term to comply with new government regulations to curb the spread of the disease. This halt in operations directly impacts revenue flow of the global smart harvest market. In addition, there is a halt in manufacturing of industrial products, owing to lack of raw material and manpower during the lockdown period. Further, no new consignments are received by companies that operate in this sector. Hence, halt in industrial activities and lockdowns for several months has affected the global smart harvest market and the market is anticipated to witness a slow recovery during the forecast period.
However, lack of technical knowledge among farmers and a high-cost factor can hinder the growth of the market.
The smart harvest market is segmented on the basis of component, technology, crop type, and region. By component, it is bifurcated into software and hardware. Software segment dominated the market in 2020. Based on technology, it is divided into harvesting robots, sensors, GPS, RFID, and others. The harvesting robots segment held the largest market share of 38.4% in 2020. On the basis of crop component, it is segmented into vegetables and fruits. Fruits segment dominated the market in 2020.
On the basis of region, the smart harvest market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe dominated the market in 2020, followed by North America. Asia-Pacific region is predicted to grow faster than LAMEA with a CAGR of 14.3% during the forecast period.
Key Benefits For Stakeholders
Key Market Segments
By Component
By Technology
By Crop type
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/axcl68.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220909005472/en/
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KEYWORD:
INDUSTRY KEYWORD: TECHNOLOGY AGRICULTURE NATURAL RESOURCES OTHER TECHNOLOGY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/09/2022 01:17 PM/DISC: 09/09/2022 01:17 PM
http://www.businesswire.com/news/home/20220909005472/en