Artificial Intelligence
Smart Harvest Global Market Report 2023
New York, Aug. 03, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Smart Harvest Global Market Report 2023” – https://www.reportlinker.com/p06479856/?utm_source=GNW
, Vision Robotics Corp, Energid Technologies Corp., Metomotion Ltd., Smart Harvest Agritech Ltd., and Dogtooth technologies Ltd.
The global smart harvest market is expected to grow from $14.26 billion in 2022 to $16.02 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart harvest market is expected to reach $25.24 billion in 2027 at a CAGR of 12%.
The smart harvest market consists of revenues earned by entities by providing harvesting robots, automation and control systems, imaging systems, and softwires.The market value includes the value of related goods sold by the service provider or included within the service offering.
The smart harvest market also includes sales of soil sensors, tractors, and drones .Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Smart harvest refers to the use of advanced technologies, such as machine learning, and artificial intelligence to automate and optimize agricultural harvesting processes. It is commonly used to increase the efficiency of harvest processes, reduce labor costs, and improve overall crop quality.
Western Europe was the largest region in the smart harvest market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in smart harvest report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of crops in smart harvest are fruits and vegetables.Fruits are the edible products of plants that contain seeds, such as apples, strawberries, and oranges.
They are segmented into hardware and software components. They are operated at various sites, such as on-field, in greenhouses, and indoors, which are used for various applications such as agriculture, horticulture, floriculture, vertical farming, and others.
The increasing demand for food is expected to propel the growth of the smart harvest market going forward.Food demand is the amount of food that people are willing and able to buy at a particular price and period.
Smart harvesting can help fulfill rising food demand by enhancing agricultural production and efficiency.Smart farming techniques enable farmers to monitor individual plants and alter their nutrition, which helps prevent conditions and improve crop health.
It also integrates several advanced technology that can assist in raising agricultural output and efficiency.For instance, in April 2023, according to the report published by Food and Agriculture Organization, a Canada-based international organization that leads international efforts to defeat hunger and improve nutrition and food security, global wheat utilization increased from around 762 million tons in 2020/2021 to around 773 million tons in 2021/2022.
It is anticipated to increase to 780 million tons in 2022/2023. Moreover, according to United Nations, a US-based intergovernmental organization, between 720 and 811 million people in the US faced hunger in 2020, and around 660 million people may still be going hungry in 2030. Further, in 2020, 2.37 billion people around the world, a rise of over 320 million in just one year, did not have access to sufficient food. Therefore, the increasing food demand is driving the growth of the smart harvest market.
Product innovations have emerged as a key trend gaining popularity in the smart harvest market.Major market players operating in smart harvest technologies are concentrating their efforts on creating innovative technologies to strengthen their position in the market.
For instance, in November 2021, Iron Ox, a US-based company specializing in developing robotics and artificial intelligence (AI) for the agricultural industry launched Grover, an autonomous mobile robot.It is designed to operate within Iron Ox’s greenhouses to perform tasks such as planting, watering, and harvesting crops.
This new product is designed to operate in a variety of greenhouse environments and can withstand harsh conditions such as extreme temperatures and humidity.
In November 2021, Fieldin Inc. a US-based digital agriculture company acquired Midnight Robotics for an undisclosed amount. The acquisition aims to bring more autonomy to Fieldin’s farm management software by integrating Midnight Robotics’ autonomous technology into the platform. This would enable Fieldin’s customers to automate a wider range of farm tasks and reduce labor costs, particularly in labor-intensive crops. Midnight Robotics is a US-based firm that specializes in autonomous driving technology for various agricultural applications.
The countries covered in the smart harvest market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The smart harvest market research report is one of a series of new reports that provides smart harvest market statistics, including smart harvest industry global market size, regional shares, competitors with a smart harvest market share, detailed smart harvest market segments, market trends and opportunities, and any further data you may need to thrive in the smart harvest industry. This smart harvest market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06479856/?utm_source=GNW
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