The global smart harvest market was valued at $8,380.0 million in 2021 and is projected to reach $16,850.0 million by 2027, growing at a CAGR of 12.50% during the forecast period 2022-2027. The growth in the global smart harvest market is expected to be driven by the increasing adoption of smart agriculture practices, labor shortage in agriculture farms, and increasing need for sustainable agriculture.
On-Field Agriculture Expected to Gain Majority in Smart Harvest Market Between 2022-2027
The application segment for the smart harvest market includes controlled environment agriculture and on-field agriculture segments as per the study conducted by BIS Research, between the two application segments, the on-field agriculture segment is anticipated to dominate the global smart harvest market with a significant share.
Read Report Overview: Smart Harvest Market
Robotic harvesters or autonomous harvesting systems are gaining popularity among crop growers globally. Growers are adopting autonomous harvesters for selective harvesting crops, which further save their time, energy, and labor cost as well. It further helps in solving food security issues by producing more yield without any wastage.
- North America generated the highest revenue of $2,290.0 million in 2021, which is expected to reach $4,540.0 million by 2027. The region has been experiencing rapid growth in the smart farming industry in the past few years owing to increasing technological advancements and increasing government support for the usage of smart equipment. Owing to several benefits of smart farming, farmer and growers in this region are adopting different technologies on their farms, such as GPS, drones, robots, smart controllers, monitors, and others. All these factors are further influencing the market growth of smart harvest technologies in North America.
- Furthermore, Europe generated a revenue of $1,740.0 million in 2021 and is expected to grow at a CAGR of 10.37% from 2022 to 2027. High revenue generation was majorly attributed to increasing the use of smart farming systems and increasing investments from the European Commission for IoT-based smart farming. Most of the growth is expected to be driven by Eastern Europe countries in the forecast period.
Impact of COVID-19
The COVID-19 impact on the smart harvest market was there for a short term in 2020 and in 2021. However, the market is anticipated to witness robust growth and recovery with increasing demand for the installation of smart harvest equipment in agricultural farms throughout the world to make optimum utilization of resources with the shortage of skilled labor in the agriculture fields. Hence, the demand for smart harvesters in the agriculture sector is expected to increase during and post-COVID-19 pandemic.
Analyst's Take on the Market Projection
According to Haritha Surendran, Lead Analyst, BIS Research, "Smart harvest is expected to be a great replacement for conventional harvest. Through a better adoption of robotic harvesters and autonomous tractors, agriculture can be taken to an advanced level. Issues such as labor shortage and demand for fresh produces can also be addressed, which will offer proper food security."
Existing Competitive Landscape
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are Agrobot, Harvest Automation, Iron Ox, Dogtooth Technologies Limited, MetoMotion, Mycionics Inc., Panasonic Holdings Corporation, TORTUGA AGRICULTURAL TECHNOLOGIES, INC., AVL Motion B.V., Harvest CROO, Cerescon BV, Deere & Company, Energid Technologies Corporation, FFRobotics, Ripe Robotics, Robert Bosch GmbH, and Vision Robotics Corporation.
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Recent Developments in the Global Smart Harvest Market
- In June 2022, Dogtooth Technologies introduced its latest fleet of strawberry-harvesting robots, mainly in the U.K. and Australia, to ease growers' labor woes.
- In November 2021, Iron Ox launched Grover, an all-new autonomous mobile robot. Grover is a durable, hygienic as well as highly capable autonomous mobile robot that allows Iron Ox to save water, land, and energy.
- In November 2021, Fieldin acquired Midnight Robotics to advance its autonomous platforms. This acquisition was aimed at creating a brand-new sensor-based platform with driving technologies to improve the day-to-day management of the farm.