Smart Harvest Market worth $15.6 Billion by 2023, at a CAGR of 11.81%

The report 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 – ****** Forecast to 2023″The smart harvest market is projected to reach USD 15.6 billion by 2023, from USD 9.0 billion in 2018, at a CAGR of 11.81% during the forecast period. The market is driven by factors such as growing farm labor issues due to higher costs and availability, and cost efficiency benefits offered by smart harvest systems.

Report Objectives:

  • To describe and forecast the smart harvest market, in terms of component, site of operation, crop type, and region
  • To describe and forecast the smart harvest market, in terms of value, by region–Asia Pacific, Europe, North America, South America, and the Rest of the World-along with their respective countries
  • To provide detailed information regarding the major factors influencing market growth (drivers, restraints, opportunities, and challenges)
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
  • To study the complete value chain of smart harvest
  • To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the smart harvest ecosystem

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Harvesting robots are projected to have the fastest growth among hardware in the smart harvest market during the forecast period.

Harvesting is one of the important phases of farming and requires great amount of bending 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. Although majority of the manufacturers have harvesting robots in the testing phase and are designed to harvest limited fruits and vegetables, however, these smart harvest robots are expected to launch in the market for sales during the forecast period, with enhanced functionalities. With increasing labor shortage and need to reduce labor costs, the demand for smart harvesting robots is projected to be high and witness highest growth during the forecast period.

By site of operation, indoor segment is estimated to dominate the smart harvest market in 2018.

The indoor segment includes container farming and vertical farming, which requires a controlled environment. 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. Given the substantial growth of indoor farming practices, it is expected to pose strong growth opportunities for smart harvest systems over the next decade.

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Europe is projected to dominate the smart harvest market by 2023.

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. Additionally, the development of smart harvest technologies is being actively encouraged, driven by both public and private programs to bring about the commercialization of these technologies. Projects such as the CROPS (Clever Robots for Crops), SWEEPER (Sweet Pepper Harvesting Robot), and the Handsfree Hectare project highlight the industry efforts to develop and commercialize the deployment of smart harvest systems in the region.

This report includes a study of the development strategies, along with the product portfolios of leading companies. It also includes the profiles of leading companies such as 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).

Recent Developments:

  • In September 2018, Energid Technologies Corporation (US) launched a new software development kit and framework version of its Actin software. The new Actin 5 software incorporates real-time monitoring, adjustments, and inputs for robots, in which it is installed. The Actin 5 software is designed to emulate dynamic functions and help robots respond to a wide array of scenarios such as navigation, control, monitoring, and other functions without compromising on the overall effectiveness.
  • In January 2018, Panasonic Corporation (Japan) unveiled a prototype of their new fully autonomous tomato-picking robot in Tokyo. The robot is incorporated with high-resolution cameras, sensors, and artificial intelligence features to identify and pick ripe tomatoes. The robot has undergone extensive development and testing sessions since 2013 before the launch of its prototype stage.

Critical questions the report answers:

  • Where will all these developments take the industry in the mid to long term?
  • What are the upcoming commercial applications for smart harvest robots?
  • What is the impact of the indoor farming industry on smart harvest?
  • What are the new technologies being introduced in smart harvest?
  • What are the latest trends in smart harvest?