Smart Harvest Market, 2023 by Site of Operation (On-field, Greenhouse, Indoor), & Component (Harvesting Robots, Automation & Control Systems, Imaging Systems, Sensors, Software)
DUBLIN, Feb. 25, 2019 /PRNewswire/ -- The "Smart Harvest Market by Site of Operation (On-field, Greenhouse, Indoor), Component (Harvesting Robots, Automation & Control Systems, Imaging Systems, Sensors, Software), Crop Type (Fruits and Vegetables), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The smart harvest market is estimated at USD 9.0 billion in 2018 and projected to grow at a CAGR of 11.81%, to reach USD 15.6 billion by 2023.
he growth of the smart harvest market is driven by the labor shortages in farms and increasing demand for fully automated solutions in farms. The key driver for market growth is the cost efficiency benefits offered by fully automated robots in terms of the harvest area and reduction in overhead costs for farms. Smart harvest systems and technologies involve the adoption of artificial intelligence (AI), GPS, cloud machine learning, satellite imagery, and advanced analytics. 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.
Hardware components segment led the market with the largest share in 2017.
On the basis of component, smart harvest is predominantly used in the hardware segment. The smart harvest systems use multiple types of hardware and software components, which are integrated to deliver the expected results. The smart harvest systems incorporate the use of sensors and robots which work in unison to perform the task. The sensors perform monitoring tasks which include observing the soil and yield monitoring functions to ensure the produce stays within the required parameters. The hardware functions are integrated with an independent software which relays information from different sensors surrounding the robot.
Indoor applications of smart harvest systems accounted for a larger share in 2017.
Based on site of deployment, the indoor segment is estimated to account for a larger share in 2018. Indoor or vertical farming involves the production of food in vertical layers stacked upon each other and supplemented with soil nutrients and water. These crops are grown using a multitude of methods including hydroponics, aquaponics, aeroponics, and soil-based or hybrid methods and can be adapted to a wide variety of urban settings. The smart harvest systems used in indoor farming employ a similar operational structure as that of greenhouses. The systems are reliant on multiple sensors installed throughout to understand the surroundings and navigate across the work area. High-resolution multi-spectral cameras and imaging sensors observe and monitor the produce to determine the time for harvest.
Fruits to be the fastest-growing crop type in the smart harvest market for the next 5 years.
Based on crop type, the fruits segment is projected to be the fastest-growing during the forecast period. Fruits have emerged as a key area of application for smart harvest systems, given the high manufacturer presence and the technologies being developed to harvest different types of fruits. The presence of smart harvest technologies in fruits is crucial to overcome the labor shortage and meet the demanding nature of the task. Fruits such as strawberries and apples are difficult to harvest, and the high degree of manual labor involved in the harvest tends to inflate the cost of the final product.
High growth is projected in the Asia Pacific smart harvest market from 2018 to 2023.
The Asia Pacific market is projected to be the fastest-growing market for the period considered for this study due to the strong potential for growth given the large-scale production and increasing population in the region. In addition, the agriculture industry is deeply integrated into the economies of China and Australia where agricultural produce forms a crucial part of the exports.
Market Dynamics
Drivers
- Growing Farm Labor Issues Due to Higher Costs and Availability
- Improving Profitability in Farming Through the Adoption of Advanced Technologies
- Cost Efficiency Benefits Offered By Smart Harvest Systems
- Favorable Government Initiatives to Propel the Adoption of Smart Harvest Systems
Restraints
- High Capital Costs Involved in the Deployment of Smart Harvest Technologies
Opportunities
- High-Growth Opportunities for Simpler Harvest Technologies in Developing Countries
- High-Growth Opportunities for Automated Harvesting Robots in Developed Countries
- Integration of Artificial Intelligence and Big Data in Farming
Challenges
- Collection, Management, and Representation of Data Gathered By Smart Harvest Systems
- Commercial Deployment of Smart Harvest Technologies is A Slow and Gradual Process
- Limited Technical Knowledge Possessed By Farmers Toward Smart Harvest Technologies
Regulatory Framework
- Regulatory Framework for Drones
- Drone Regulations in India
- US Drone Regulations
- UK Drone Regulations
- Other Drone Regulations
- European Union Regulatory Framework for Robots
- A Common Definition of Smart Autonomous Robots
- Terminological Limits of the Notions of an Autonomous Robot and A Smart Robot
- Liability for Damages Caused By an Autonomous Robot
Companies Mentioned
- Abundant Robotics
- Agrobot
- AVL Motion B.V.
- Cerescon B.V.
- Deere & Company
- Dogtooth Technologies
- Energid Technologies Corporation
- Exabit Systems Pvt. Ltd.
- Ffrobotics
- Harvest Automation
- Harvest Croo
- Iron Ox
- KMS Projects Ltd.
- Metomotion
- Octinion BVBA
- Panasonic Corporation
- Robert Bosch GmbH
- Root AI
- Smart Harvest Ltd.
- Vision Robotics Corporation
For more information about this report visit https://www.researchandmarkets.com/research/kqgk35/smart_harvest?w=5
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