Smart Harvest Market Projected to Reach $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 – Global 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.

On the basis of component, the hardware segment is projected to be the largest contributor in the smart harvest market during the forecast period

The smart harvest market has been segmented on the basis of component into hardware and software. The market for software is projected to record the higher CAGR between 2018 and 2023. The hardware aspect of the smart harvest market includes harvesting robots, automation and control systems, sensors, and imaging systems. All three hardware components are designed to coordinate their activities to move, identify, and harvest the fruit/vegetable. In the coming years, the integration of AI (Artificial Intelligence) in the smart harvest systems would allow the machines to make their own decisions based on the appropriate parameters.

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Declining farmlands to drive growth for indoor farming applications of smart harvest in the coming years

The smart harvest market is segmented on the basis of site of operation into on-field, greenhouses, and indoor farming. The market for on-field systems is projected to record the highest CAGR between 2018 and 2023. The development of smart harvest technologies and robots aims to minimize the impact of labor shortage, while also maximizing the benefits realized by the end users in the form of cost and time benefits. Declining farmlands in developing countries are expected to favor the growth for indoor systems during the next decade.

Europe is projected to account for the largest market share by 2023

The European smart harvest market is estimated to be the largest by 2023, while the Asia Pacific market is projected to grow as the fastest-growing region from 2018 to 2023. Europe and North America also host the largest concentration of manufacturers in the smart harvest industry, with major industry leaders maintaining their operations in the region. The strong agriculture sector in the region and increasing dependence on technology is expected to bolster prospects for the smart harvest market in the Asia Pacific region.

Key players in the market include 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). These players are undertaking a strategy involving new product development and launches, and divestments to improve their market position and extend their core competitive advantage.

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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?