Global Smart Harvest Market Is Expected to Reach $36.97 Billion by 2030: Allied Market Research

Rapid increase in the global population, surge in urban population in emerging countries, limited availability of arable land, and rise in need for smart technologies in the agricultural equipment drive the growth of the global smart harvest market. However, the outbreak of the COVID-19 pandemic hampered the growth of the global smart harvest market, owing to lack of penetration of smart technologies in harvesting robots and agricultural practices.

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Portland, OR, May 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart harvest market generated $12.45 billion in 2020, and is projected to reach $36.97 billion by 2030, witnessing a CAGR of 11.4% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.

Rapid increase in the global population, surge in urban population in emerging countries, limited availability of arable land, and rise in need for smart technologies in the agricultural equipment drive the growth of the global smart harvest market. However, lack of technical knowledge among farmers and a high-cost factor restrain the market to some extent. On the other hand, the growth in demand for food is expected to provide new opportunities in the upcoming years.

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COVID-19 scenario:

  • The outbreak of the COVID-19 pandemic hampered the overall growth of the global smart harvest market, owing to lack of penetration of smart technologies in harvesting robots and agricultural practices.
  • The pandemic further disrupted the whole supply chain, which led to difficulty in supply of raw materials.
  • Lack of skilled labor force in the agricultural industry was a major challenge.

The report offers detailed segmentation of the global smart harvest market based on component, crop type, technology, and region.

Based on component, the software segment held the highest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 11.9% from 2021 to 2030. The report also analyzes the hardware segment.

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Based on crop type, the fruits segment held the largest market share in 2020, holding more than three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. However, the vegetables segment is projected to register the highest CAGR of 13.1% from 2021 to 2030.

Based on region, Europe contributed to the highest share in terms of revenue in 2020, holding around two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 14.3% during the forecast period.

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Leading players of the global smart harvest market analyzed in the research include Robert Bosch, Deere & Company, Dogtooth Technologies, Harvest Automation, Abundant Robotics, Agrobot, Harvest, and AVL Motion.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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