15 Apr, 2020, 05:05 ET
SAN FRANCISCO, April 15, 2020 /PRNewswire/ -- 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.
Key suggestions from the report:
- 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.
Read 250 page research report with ToC on "Precision Harvesting Market Size, Share & Trends Analysis Report By Application, By Product (Combine Harvesters, Harvesting Robots), By Offering (Hardware, Software), By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/precision-harvesting-market
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.
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.
Grand View Research has segmented the global precision harvesting market based on product, application, offering, and region:
- 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)
- Precision Harvesting Offering Outlook (Revenue, USD Million, 2016 - 2027)
- Automation & Control System
- Sensing Devices
- Precision Harvesting Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South America
- Middle East & Africa
Find more research reports on Next Generation Technologies Industry, by Grand View Research:
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- Smart Agriculture Market – The global smart agriculture market size was valued at USD 5.79 billion in 2016. Increasing automation of commercial greenhouses and growing implementation of the Controlled Environment Agriculture (CEA) concept in greenhouses.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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