CHICAGO, Feb. 25, 2019 /PRNewswire/ -- According to the new market research report "Precision Harvesting Market by Product (Combine, Harvesting Robots, Forage Harvesters), Application (Crop, Horticulture, Greenhouse), Offering (Hardware - Sensors, GPS, Yield Monitors, Software, Services), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the Precision Harvesting Market was worth USD 10.4 billion in 2018 and is projected to reach USD 17.5 billion by 2023, at a CAGR of 10.94% from 2018 to 2023.
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The rapid growth of the precision harvesting market can be attributed to the increasing adoption of automation and control devices and sensing and monitoring devices by farmers. Increasing farm mechanization in developing countries in Asia Pacific and Africa, increasing adoption of harvesting robots and autonomous combine harvesters, and increasing labor cost owing to shortage of skilled labors are other factors propelling the growth of the precision harvesting market. The cost of precision harvesting technology is expected to decrease in the next couple of years, mainly because of the declining prices of major hardware components, which is expected to contribute to the market's growth. The market would likely gain further impetus from the rising demand for quality food and a rapidly increasing population.
Combine harvesters expected to hold largest market share during forecast period
Farmers and growers increasingly adopting GPS-based combine harvesters is the major factor propelling the demand for this technology. Combine harvesters witness the highest adoption as they are used in the majority of planted acres. GPS-based auto-combine harvesters allow growers to reduce operational costs. Their ease of use and functionalities have also improved over the years. Combine harvesters have played a critical role in farm mechanization around the world. Going forward, the key growth drivers will be product diversification, increasing adoption of connected and autonomous combine harvesters, established vendors expanding into emerging markets, and strategic collaborations between farm equipment players.
Crop harvesting accounted for largest share of precision harvesting market in 2018
Crop harvesting held the largest market share in 2018 due to the high level of mechanization in open field farming which includes crops like corn, soybean, sugarcane, cotton, maize, rice, and wheat. Increasing adoption of autonomous combine harvesters due to the shortage of skilled labor is the major reason for the high growth of this segment.
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Americas expected to hold largest share of precision harvesting market during forecast period
The Americas held the largest share of the precision harvesting market in 2018. The US and Canada are the early adopters of precision harvesting technologies, which is the major reason for the large market share of this region. Farmers or growers in this region are increasingly adopting autonomous combine harvesting systems and equipment such as steering and guidance systems, sensors, display devices, and farm management software.
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The report profiles key players, including Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US), Precision Planting (US), FFRobotics (Israel), Abundant Robotics, (US), Harvest Automation (US), Harvest Croo Robotics (US), and Vision Robotics Corporation (US).
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