Precision Harvesting Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Precision farming techniques, such as precision harvesting are gaining traction as the agriculture sector is facing notable challenges due to which farmers are facing pressure for profit margins. Farmers are looking for effective ways to boost production in a cost-effective manner. Precision farming leverages satellite technology that allows real-time management of fields, crops, and animals, which helps farmers in monitoring and reducing the environmental impact of farming.
Precision harvesting technology holds the potential to revolutionize the agriculture industry positively, as it can make conventional methods of harvesting economical and efficient. The burgeoning worldwide food demand, increased crop yield, in tandem with minimal crop wastage at the time of harvesting, are some of the key factors driving the growth in precision harvesting market. Furthermore, favorable government efforts and initiatives in various countries are aiding farmers adopt high-tech agricultural tools to expand yield and make profits. The global precision harvesting market is estimated to be valued at nearly US$ 10 billion in 2018.
Precision Harvesting Market - Notable Developments
Some of the most prominent competitors operating in the competitive landscape of global precision harvesting market include –
Favorable Government Reforms to underpin growth in precision Harvesting market
Precision farming leverages satellite technology that allows real-time management of fields, crops, and animals, which helps farmers in monitoring and reducing the environmental impact of farming. This has been widely supported by government organizations in many countries. For instance, this technology was underlined by the European Innovation Partnership for Agricultural Productivity and Sustainability. This partnership was launched in 2012 by the European Commission (DG AGRI), and is aimed at contributing to the European Union's 'Europe 2020' strategy for sustainable, smart, and inclusive growth, wherein precision farming plays a vital role.
Corn Application to Bring Highest Gains in Precision Harvesting Market
Precision harvesting has been witnessing growing traction for crop harvesting, especially for corn harvesting. The utilization of precision harvesting solutions for harvesting corn is higher than other crops, due to the growing adoption of innovation in harvesting equipment and burgeoning need to automate corn, farms due to lack of skilled labor. Crop harvesting relies on devices, including a computer, GIS, GPS, and sensor technologies to precisely measure the amount of crop harvested at a particular time and location.
Lack of Awareness Restricting Growth in Precision Harvesting Market
The awareness and knowledge regarding newer technologies in the agriculture industry are yet to spread extensively, mainly in the emerging countries. The lack of awareness about the value proposition linked to precision agriculture is limiting the chance of stakeholders to expand in emerging regions. However, some leading players in precision harvesting market are taking initiatives to show farmers the investment returns on a small scale, in order to increase awareness and drive adoption of precision harvesting systems.
Developed Regions Dominate Precision Harvesting Market
Developed regions, such as Europe and Americas are expected to remain lucrative markets for stakeholders. The burgeoning mechanization in European farms is a primary factor favoring growth in the precision harvesting market in this region. This growing demand for precision agriculture solutions, such as harvesting precision in Europe can be attributed to the growing demand for food supplies to feed the expanding population, accelerating smart greenhouse farming, farm labor expenses and related challenges, and broader automation in different parts of the agriculture sector. The US and Canada are early adopters of precision harvesting technologies due to which Americas will also continue to remain a catalyst for growing demand for precision harvesting solutions. Farmers in this region are increasingly utilizing high-tech harvesting equipment and systems, which is likely to provide an impetus to the growth of precision harvesting market.
Precision Harvesting Market- Segmentation
Based on product, the precision harvesting market is segmented into,
Based on application, the precision harvesting market is segmented into,
Based on offering, the precision harvesting market is segmented into,
Offering (Hardware - Sensors, GPS, Yield Monitors, Software, Services),
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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