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Precision Harvesting Market Size Is Expected To Witness Significant Growth Of USD $ $22.9 Billion By 2027 | Grand View Research, Inc.

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Precision Harvesting Market Size Is Expected To Witness Significant Growth Of USD $ $22.9 Billion By 2027 | Grand View Research, Inc.

May 09
07:12 2020
Precision Harvesting Market Size Is Expected To Witness Significant Growth Of USD $ $22.9 Billion By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global precision harvesting market size was valued at USD 11.6 billion in 2019 and is expected to register a CAGR of 8.6% from 2020 to 2027. Increasing adoption of autonomous combine harvesters and harvesting robots, increasing mechanization of farms in developing economies of Africa and Asia Pacific regions, and increased labor cost due to shortfall of skilled labor are the significant factors driving the market growth.

The global precision harvesting market size is estimated to reach USD 22.9 billion by 2027, registering a CAGR of 8.6% over the forecast period, according to a new report by Grand View Research, Inc. Precision harvesting, also known as modern agricultural cultivation technique, includes using cameras and sensors to detect appropriate period for cultivation for maximum crop production. This technique helps increase crop efficiency and reduces waste by monitoring the temperature, soil, humidity, and other environmental factors. It includes a wide range of technologies such as robotics, automation, sensors, imagery, and big data.

Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.

Increasing adoption of autonomous combine harvesters and harvesting robots, increasing mechanization of farms in developing economies, and increased labor cost due to shortfall of skilled labor are some of the key factors driving the market growth. Major manufacturers of agriculture equipment are adopting telematics services to improve farm efficiency, thereby reducing the cost of agricultural operations, maximizing profitability, and reducing environmental impact due to improved management.

Increasing global food demand, minimizing crop wastage during harvesting processes, and extended crop yield and profitability are also driving the market. Government initiatives in various countries are encouraging farmers to adopt advanced technological and agricultural tools and machinery to improve crop yield. However, low rate of technology adoption, lack of skills, and lack of technical awareness among farmers due to absence of stringent standards and limitations on the exchange of data, are likely to hamper the precision harvesting market growth over the forecast period.

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Furthermore, high initial capital investment and lack of independent consulting and advisory services due to absence of validated agronomic models to make investment decisions are impeding the market growth. In addition, independent services are not linked to co-operatives, government bodies, and farmer’s associations where farmers can get additional information to make improved decisions.

Further key findings from the report suggest:

  • Increasing government support for adopting modern agricultural techniques and growing need for efficient harvesting to increase crop production are expected to drive the market
  • The software segment is anticipated to expand at a significant CAGR owing to cloud computing, which focuses on shared networks, servers, and storage devices thus reducing costs incurred in maintaining hardware and software infrastructure
  • Digital revolution in the agricultural sector and financial incentives from the government are likely to drive the market in Europe
  • Asia Pacific is expected to witness the fastest growth owing to availability of the largest agricultural land, which provides growth opportunities in countries such as China, India, Australia, and Japan
  • Key players in the precision harvesting market include AGCO Corporation; Trimble Inc.; Deere & Company; AgJunction Inc.; Raven Industries, Inc.; AG Leader Technology, Inc.; FFRobotics; and Precision Planting LLC.

Hardware held the largest market share owing to the high adoption of control and automation devices, such as guidance and steering systems, Global Positioning System (GPS), sensors, and yield monitors. Hardware such as GPS devices and sensors play an essential role in the yield monitoring process.

In the coming three decades, the world population is expected to increase by an additional 2.2 billion people. At the same time, water and land resources are decreasing due to pollution, land degradation, and urban encroachment. This entire scenario has fundamentally altered traditional methods of food production, forcing farmers to adopt precision harvesting techniques to produce more .

Precision harvesting is capable to transmute the agriculture sector and transform old-style harvesting activities into more economical and efficient ones. The market is driven by increasing global food demand, minimizing crop wastage during harvesting processes, and extended crop yield and profitability. Also, government initiatives in various countries are encouraging farmers to adopt advanced technological and agricultural machinery and tools to improve crop yield.

Have some specific queries about this report, our team of analyst will be glad to help!

The combine harvesters segment held the largest market share in 2019 and is expected to continue its dominance over the forecast period. Increasing adoption of autonomous and connected combine harvesters along with advanced precision harvesting technology components such as sensors, GPS, yield monitoring systems, and 3D cameras, are the main reasons for the high adoption of combine harvesters. Other significant factors driving the segment growth include innovations in precision harvesting technology, increasing mechanization in the agricultural sector in developing countries, and increasing labor cost due to labor shortage. Additionally, increasing importance of farm productivity and efficiency supported by favorable government policies is attracting new generation toward precision farming. On the contrary, high cost of advanced automated harvesters may hinder the market growth.

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The precision harvesting robots segment is expected to expand at the highest CAGR from 2020 to 2027. Various factors are contributing to rising demand for precision harvesting robots, such as increasing strain on food supply due to rising population, labor costs due to labor shortage, and automation in the agriculture industry. The steady reduction in hardware cost is expected to boost the adoption of precision harvesting robots in the forecast period.

Based on offering, the precision harvesting market has been segmented into hardware, software, and services. The hardware segment led the market for precision farming in terms of revenue in 2019 and is expected to remain dominant over the forecast period. The hardware segment has been further bifurcated into automation and control systems, sensing devices, and others. The hardware components such as automation and control system, sensing devices, and drones play a major role in helping farmers.

Access complete   Precision Harvesting Report Portfolio By Grand View research, Inc.

Under software segment, cloud computing focuses on shared networks, servers, and storage devices, owing to which the high costs incurred in maintaining hardware and software infrastructure is eliminated. As a result, the software segment is anticipated to register a CAGR of over 11% during the forecast period. Predictive analytics software is used to provide guidance to farmers about crop rotation, soil management, optimal planting times, and harvesting times.

Grand View Research has segmented the global precision harvesting market based on product, application, offering:

Precision Harvesting Product Outlook (Revenue, USD Million, 2016 – 2027)

  • Combine Harvesters
  • Harvesting Robots
  • Self-propelled Forage Harvesters

Precision Harvesting Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Crop
  • Greenhouse
  • Horticulture
  • Others

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The crop harvesting segment held the largest market share in 2019 owing to increasing mechanization in open field traditional farming, which includes crops such as sugarcane, corn, soybean, maize, cotton, wheat, and rice. Increasing adoption of autonomous precision harvesting equipment is one of the primary reasons for the segment growth. The application expansively uses various devices such as GIS, GPS, and sensor technologies to precisely measure the quantity of crop harvested at a specific time and location.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

 

 

 

 

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