The smart harvest market is estimated to be valued at USD 9.0 billion in 2018 and is projected to reach USD 15.6 billion by 2023, at a CAGR of 11.81% during the forecast period. The growth of the smart harvest market is driven by factors such as growing farm labor issues due to higher costs and cost efficency benefits offered by smart harvest.
The rise in population has led to increased food demand, which in turn has led to increased pressure on farmers to increase yield and area harvested for various crops. However, global labor shortage in agriculture is one of the major factors leading to loss of yield. To cater to this issue, farmers are highly adopting farm mechanization and other smart agriculture techniques to optimize their crop yields. Harvesting is one of the major phases of farming and the use of various smart devices increases the output and thus decreases the overall loss.
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Harvesting robots of the hardware segment is projected to have the fastest growth rate during the forecast period. Harvesting is one of the important phases of farming and requires great amount of moving and lifting through manual labor. Additionally, labor shortage affects the overall yield output. To cater to this issue, manufacturers have introduced autonomous harvesting robots that harvests fruits and vegetables with little or no human intervention.
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The smart harvest market in Europe is projected to witness significant growth during the forecast period due to the prospect of increasing production, labor shortage issues, development of smart technologies, and their adoption in agriculture. The developed countries in the European Union are in the forefront of adopting smart harvest technologies in a bid to improve the production output and reduce the costs associated with harvesting.
Key players in the smart harvest market include Robert Bosch GmbH (Germany), Deere & Company (US), Smart Harvest Ltd. (UK), Dogtooth Technologies (UK), Harvest Automation (US), Panasonic Corporation (Japan), Root AI (US), Abundant Robotics (US), Iron Ox (US), Agrobot (Spain), Energid Technologies Corp. (US), FFRobotics (Israel), Vision Robotics Corp. (US), Metomotion (Israel), AVL Motion (Netherlands), and Harvest Croo (US).