PUBLISHER: The Business Research Company | PRODUCT CODE: 1546569
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546569
Precision harvesting involves leveraging advanced technologies and data analytics to enhance the efficiency, accuracy, and sustainability of agricultural harvesting processes. This approach integrates modern tools such as GPS, sensors, drones, and data management systems to monitor and optimize every aspect of harvesting operations. Its primary goals include maximizing yield, minimizing waste, and reducing environmental impact.
Key products of precision harvesting include combined harvesters, harvesting robots, and self-propelled forage harvesters. Combined harvesters are sophisticated agricultural machines that perform reaping, threshing, and cleaning functions to efficiently harvest crops. They play a crucial role in precision harvesting by incorporating GPS, sensors, and data analytics to optimize the harvesting process and increase crop yields. These offerings encompass hardware, software, and services, catering to various applications such as crop harvesting, greenhouse operations, horticulture, and more.
The precision harvesting market research report is one of a series of new reports from The Business Research Company that provides precision harvesting market statistics, including precision harvesting industry global market size, regional shares, competitors with a precision harvesting market share, detailed precision harvesting market segments, market trends, and opportunities, and any further data you may need to thrive in the precision harvesting industry. This precision harvesting research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The precision harvesting market size has grown strongly in recent years. It will grow from $14.50 billion in 2023 to $15.86 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The increase during the historical period can be credited to the adoption of sustainable farming methods, heightened awareness of precision agriculture, expansion of farm operations, growth of agricultural technology startups, and a growing emphasis on crop quality.
The precision harvesting market size is expected to see strong growth in the next few years. It will grow to $22.95 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The anticipated growth in the upcoming period is driven by heightened demand for increased crop yields, greater mechanization in farming, rising global food requirements, escalating labor expenses, and growing demand for superior-quality agricultural products. Key trends projected for the forecast period include advancements in technology, autonomous tractor systems, global positioning systems (GPS), yield monitoring technologies, and sensor innovations.
The precision harvesting market is expected to grow due to increasing demand for high crop yields. High crop yield refers to the amount of agricultural produce harvested per unit of land, measured in weight or volume. Several factors drive this demand, including urbanization, climate change, food security, rising incomes, dietary changes, global trade, and market demands. Precision harvesting technologies help farmers maximize yields by improving efficiency, reducing losses, enhancing quality, and enabling informed decisions through real-time data and analytics. For example, in February 2024, UK's Department for Environment, Food, and Rural Affairs reported an 11% increase in harvested wheat production, reaching over 15.5 million metric tons valued at £4.1 billion ($5.25 billion), driven by higher yields compared to 2021. Oilseed rape production also rose by 39% to about 1,361 thousand tons due to increased average yields and expanded planted areas. This growing demand for high crop yields is driving the precision harvesting market's expansion.
Leading companies in the precision harvesting sector focus on developing advanced products such as automated harvesting systems to boost productivity and profitability during harvest seasons. Automated harvesting systems use robotics, sensors, artificial intelligence, and other technologies to perform tasks with minimal human intervention. For instance, in June 2024, Case IH launched the Axial-Flow 260 series combine, featuring integrated technology tailored to growers' needs. The Axial-Flow 260 series includes Harvest Command combine automation, adjusting settings automatically to optimize throughput and grain quality. It features Pro 1200 Dual Displays for real-time monitoring of machine metrics, field performance, and grain quality. This advanced technology enhances throughput and grain handling using Case IH's single-rotor harvesting technology.
In November 2021, CNH Industrial N.V. acquired Raven Industries Inc., a US-based provider of precision agriculture technologies, to strengthen its portfolio in precision agriculture. This acquisition integrates Raven Industries' expertise in guidance systems, yield monitoring, and data management into CNH Industrial's advanced agricultural technology offerings, enhancing their precision agriculture capabilities.
Major companies operating in the precision harvesting market are Deere & Company, CNH Industrial NV, KUBOTA Corporation, AGCO Corporation, Trimble Inc., Topcon Corporation, Raven Industries Inc., Precision Planting LLC, TeeJet Technologies, CLAAS KGAA mbH, Kinze Manufacturing Inc., Ag Leader Technology, FarmWise Labs Inc., Clearpath Robotics Inc., Sentera Inc., Farmers Edge Inc., DICKEY-john Corporation, Taranis Visual Ltd., senseFly SA, PrecisionHawk Inc., Octinion NV, VineView Sciences Inc.
North America was the largest region in the precision harvesting market in 2023. The regions covered in the precision harvesting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the precision harvesting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The precision harvesting market consist of revenues earned by entities by providing services such as logistics and supply chain management, field services and maintenance, precision technology installation, and remote sensing and imaging. The market value includes the value of related goods sold by the service provider or included within the service offering. The precision harvesting market also includes sales of GNSS guidance systems, automated harvesters, yield monitors, and climate control and preservation systems. 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.
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.
Precision Harvesting Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on precision harvesting market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for precision harvesting ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The precision harvesting market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.