Smart Harvest is an advanced agricultural technology solution on the cusp of transforming the entire farming industry. In a world where the demands for food production are rising, this pioneering approach brings substantial advantages to a wide range of businesses within the agricultural sector.
According to BIS Research, the global smart harvest market, valued at $4.17 billion in 2022, is expected to reach $7.74 billion by 2028, exhibiting a CAGR of 10.5% during the forecast period (2023-2028).
Since Smart harvest systems use advanced sensors, data analytics, and automation, they help farmers manage their crops and improve yields. They provide farmers with real-time information about their crops' health and needs. It also allows farmers to make informed water, fertilizer, and pest control decisions.
The smart harvest market's on-field segment, worth $3.43 billion in 2022, is expected to grow significantly by 2028. The growth of smart harvest technologies is driven by factors such as their adoption across various crop types, the demand for labour-saving solutions, and their compatibility with existing agricultural technology.
Another facet of smart harvesting involves incorporating remote sensing technologies like aerial drones or satellite imagery. These tools empower farmers to oversee and identify mature crops or ripe fruits across extensive agricultural landscapes.
These innovations respond to consumer preferences for sustainable food production and address critical concerns related to the environment, economic stability, and global food security.
The global smart harvest market is rapidly growing and competitive, with many companies competing for market share. The market landscape is characterized by various.
In August 2023, Smart Harvest Systems raised £10 million ($12.3 million) in Series A funding to accelerate the development and commercialization of the company's robotic harvesting platform.
To thrive in the rapidly growing realm of AI and IoT-driven integrated agriculture, companies have formulated robust strategies, and among these, partnerships, collaborations, joint ventures, and alliances with other firms have emerged as the most favoured approach among key players.
The smart harvest market is still in its early stages, and it is vital for companies to work together and involve farmers in the development process. This technology will ensure that products and solutions are designed to meet the specific needs of farmers and industry.
The adoption of smart harvest technologies is witnessing notable expansion in Europe, North America, Asia-Pacific, and China. This growth can be attributed to increased research and development activities and experimental field studies conducted by institutions and government bodies to evaluate the economic benefits of smart harvest technologies.
The North American smart harvest market was worth $1.24 billion in 2022. The key factors driving this growth include:
Advanced farming practices:North American farmers are increasingly adopting smart harvest technologies to improve their efficiency and profitability.
Universities and research institutions in North America are working closely with industry players to develop new and innovative smart harvest solutions.
North America's diverse climates require farmers to use various smart harvest technologies to adapt to different growing conditions.
North America has strict rules to protect the environment and consumers. This drives demand for smart harvest technologies to help farmers comply with these regulations.
Europe was the second-largest smart harvest market in 2022, with revenue of $0.99 billion. The region's advanced research institutions and culture of innovation are driving the adoption of smart harvest technologies.
Smart Harvest technologies, including Harvesting Robots and Automation and Control Systems, enable targeted and site-specific harvesting of crops, reducing crop production wastage and minimizing environmental impact while increasing overall efficiency.
