New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Harvesting Technology Global Market Report 2023" - https://www.reportlinker.com/p06479906/?utm_source=GNW
, ST Microelectronics NV, Yara International ASA, Koch AG & Energy Solutions LLC, Coromandel International Limited, and Van Iperen International B.V.
The global harvesting technology market is expected to grow from $12.16 billion in 2022 to $12.95 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. 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 harvesting technology market is expected to reach $16.18 billion in 2027 at a CAGR of 5.7%.
The harvesting technology market consists of revenues earned by entities by providing services such as pruning, irrigating, and fertilizing.The market value includes the value of related goods sold by the service provider or included within the service offering.
The harvesting technology market also includes sales of products such as harvesters, combines, and threshers, as well as tools like knives, shears, and pruners.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.
Harvesting technology refers to the techniques and equipment that are used to gather crops or plants from the field and it is an essential component of modern agriculture, as it helps farmers efficiently and effectively gather crops or plants from the field.
North America was the largest region in the harvesting technology market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the harvesting technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of harvesting technology are light energy harvesting, vibration energy harvesting, frequency energy harvesting, thermal energy harvesting, and radio frequency energy harvesting.Light energy harvesting involves the use of photovoltaic cells, also known as solar cells, to convert light energy into electrical energy, which is used in harvesting technology to power low-power electronic devices such as wireless sensors, smart buildings, and wearable devices.
The components include power management integrated circuits, storage system, transducers, sensors, and others that are used for various applications such as horticulture, greenhouse, crops, and others.
The growing implementation of IoT devices is expected to propel the growth of the harvesting technology market going forward.IoT devices refer to physical devices that are connected to the internet and embedded with sensors, software, and other technologies.
The growing implementation of IoT devices is mostly driven by the growing availability of wireless connectivity, increasing demand for automation and intelligence, and the rise of cloud computing, where IoT devices allow for real-time monitoring and data collection in agriculture practices. For instance, in 2022, according to the India Brand Equity Foundation (IBEF), an India-based semi-government organization, the Internet of Things (IoT) market is projected to witness an 18% growth, reaching 14.4 billion active connections by 2025. Also, it is estimated that the number of connected IoT devices will surge to nearly 27 billion by 2025, driven by easing supply constraints and further acceleration in growth. Therefore, the growing implementation of IoT devices will fuel the harvesting technology market growth.
Product innovation has emerged as a key trend gaining popularity in the harvesting technology market.Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market.
For instance, in August 2020, Deere & Company, a US-based manufacturer of agricultural and turf equipment, launched its new high-capacity X9 combine, which is part of its X Series line of harvesting equipment.The X9 combine is designed to increase productivity and efficiency while reducing operating costs for farmers.
The unique features of the X9 combine is its ability to handle tough harvesting conditions, such as high-yielding crops or wet fields.
In February 2022, Bowery Farming, a US-based vertical farming and digital agriculture company, acquired Traptic for an undisclosed amount.This acquisition is expected to accelerate the commercialization of Bowery Farming’s produce, particularly for crops such as tomatoes, berries, and other vine fruits.
The acquisition is a part of Bowery Farming’s strategy to expand its product portfolio and is a part of a larger trend of increased investment in technology for indoor farming and precision agriculture. Traptic is a US-based startup company that develops 3D vision and robotics harvesting technology for fruiting and vine crops.
The countries covered in the harvesting technology 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 resales along the supply chain, either further along the supply chain or as part of other products.
The harvesting technology market research report is one of a series of new reports that provides harvesting technology market statistics, including the harvesting technology industry global market size, regional shares, competitors with a harvesting technology market share, detailed harvesting technology market segments, market trends and opportunities, and any further data you may need to thrive in the harvesting technology industry. This harvesting technology 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.
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