Precision Harvesting Market Size will Escalate Rapidly in Upcoming Years | Global Forecast Report by 2027
Global Precision Harvesting Market was valued at USD 10.11 billion in 2018 which is expected to reach USD 18.2 billion by 2027at a CAGR 10.65%.
Precision harvesting is the modern agriculture cultivation technique which involves the usage of various cameras and sensors to detect the appropriate period of time for cultivation and for maximum yield. Theses sensors are helpful in raising the efficiency of crops and affecting crop return by monitoring humidity, temperature, crops, and soil.
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Market Drivers
Rise in adoption of mechanical labor technique in agriculture is the key driving factor which is expected to boost the global precision harvesting market growth. Also, increase in government support and initiatives for adoption and development of modern agriculture technique which is expected to boost the global precision harvesting industry growth. Furthermore, rise in technological advancements and innovations will have the positive impact on global precision harvesting market growth. For instance, in August 2019, Sundance had launched new VCS-1 embedded processor module for precision robotics applications. VCS- 1 technology is designed for precision robotics incorporating complex, control, real-time vision, and sensor applications.
Market Restraints
However, high cost for purchasing and integration of machines is the major restraining factor which is expected to hamper the global precision harvesting market growth. Also, lack of penetration and skilled professionals will affect the global precision harvesting market growth.
Market Segmentation
Global Precision Harvesting Market is segmented into product such as Harvesting Robots, Combine Harvesters, and Self-propelled Forage Harvesters, by offering such as Hardware, software, and Services. Further, Global Precision Harvesting Market is segmented into application such as Horticulture, Crop, and Greenhouse.
Also, Global Precision Harvesting Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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Market Taxonomy
By Product
- Harvesting Robots
- Combine Harvesters
- Self-propelled Forage Harvesters
By Offering
- Hardware
- Software
- Services
By Application
- Horticulture
- Crop
- Greenhouse
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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