Smart Harvest Market Is Projected To Reach a Size of US$ 40 Billion, Artificial Intelligence to Surge Demand: Fact.MR Report
Lack of Skilled Workforce in Agricultural Industry to Spur Demand for Smart Harvest Technologies
Rockville, Feb. 03, 2023 (GLOBE NEWSWIRE) -- The global smart harvest market is expected to hit a valuation of US$ 40 billion by 2033, expanding at 11% CAGR from 2023 to 2033, as per this new industry analysis by Fact.MR, a market research and competitive intelligence provider.
Harvesting is a critical component of every agricultural operation because it influences the overall profitability of the process. Harvesting on time and using efficient harvesting methods are becoming increasingly important, especially in fruit and vegetable production. Smart harvesting is the employment of self-driving farming robots to pick vegetables and fruits with little or no human intervention. Smart harvesting utilizes smart technologies such as GPS, cloud computer vision, satellite photos, AI, MI, big data, and IoT to boost agricultural productivity.
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2023 - 2032
Value Projection (2032)
US$ 40 Billion
Growth Rate (2022-2032)
No. of Pages
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No. of Figures
Key Takeaways from Market Study
The global smart harvest market is valued at US$ 14 billion in 2023.
Worldwide demand for smart harvest technologies is anticipated to surge at a CAGR of 11% from 2023 to 2033 (forecast period).
The global market is estimated to garner US$ 40 billion by 2033.
The European market is projected to expand at a CAGR of 7.3% during the forecast period.
The fruits segment is predicted to witness considerable growth from 2023 to 2033.
“The global smart harvest market is expanding swiftly due to increasing global population, limited availability of arable land, labor shortage in agriculture farms, and rising demand for smart technologies in agricultural equipment,” says a Fact.MR analyst.
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Key players in the smart harvest market are focusing on collaborations, investments, new developments, and acquisitions to obtain market share and expand their global reach. Furthermore, many start-ups are entering the global market.
Fasal, an Indian start-up, concentrates on providing customers with real-time farming data. Fasal can help its customers make the best farming decisions by sensing the environment and crop conditions and using machine learning to convert the sensing data into helpful farming predictions.
Agdhi, a start-up based in India, assists in the detection of seed defects, the diagnosis of crop diseases, and the formation of farmer networks. By linking connected devices to seeds and crops, Agdhi utilizes AI and computer vision technologies to identify faulty seeds or crops and relay the data back to mobile apps, allowing customers to better manage their farming operations.
Dogtooth Technologies debuted its latest fleet of strawberry-harvesting robots in June 2022, primarily in Australia and the United Kingdom, to alleviate growers' labor concerns.
Grover, an all-new autonomous mobile robot, was introduced by Iron Ox in November 2021. Grover is a hygienic, long-lasting, and highly competent autonomous mobile robot that helps save energy, water, and land.
Fieldin absorbed Midnight Robotics in November 2021 to enhance its autonomous platforms. This acquisition sought to build a brand-new sensor-based platform with driving technologies to improve farm management on a daily basis.
Prominent Service Providers
Abundant Robotics, Inc
Deere & Company
Energid Technologies Corporation
Dogtooth Technologies Limited
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Key Segments of Smart Harvest Industry Research
By Crop Type:
Automation & Control Systems
By Site of Operation:
Asia Pacific & China
Middle East & Africa
Europe is leading the worldwide market. Over the last few years, Europe has seen widespread use of smart harvesting technologies. The United Kingdom and Germany are significantly supporting the market growth in Europe. Moreover, Asia Pacific and North America are following Europe in terms of growth.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global smart harvest market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market on the basis of crop type (fruits, vegetables), component (harvesting robots, automation & control systems, imaging systems, sensors, software), and site of operation (indoor, on-field, greenhouse), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
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