(MENAFN- GetNews) According to new report available with Million Insights, the global precision harvesting industry is expected to witness enhanced demand due to rising labor costs owing to a lack of skilled labor from 2020 To 2027. Also, hardware category accounted for the highest share in the market, mainly due to the increasing adoption of automation devices like GPS systems, steering systems, yield monitors and sensors.
The global precision harvesting market size is estimated to attain USD 22.9 billion by the end of 2027 and is projected to register a CAGR of 8.6% from 2020 to 2027, according to a new report by Million Insights. Precision harvesting is a modern technique that involves sensors & cameras for detecting an accurate period for higher crop production. This technique helps in improving crop efficiency through the monitoring of humidity, soil & temperature.
In this harvesting technique big data, automation and robotics technology is used. Moreover, the high labor cost associated with lack of skillful labor is a key factor boosting the market growth. Several manufacturers in the agriculture sector are using telematics services for better farming efficiency. Precision harvesting help in maximizing profitability through precise operations in agriculture with reduced cost.
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Furthermore, rising food demand and high profitability is also supporting the market growth. In addition, supportive government initiatives for encouraging farmers to enhance crop yield capacity are anticipated to bolster the demand for advanced harvesting solutions. however, lack of technical skills among farmers is expected to restrain the market growth.
Absence of agronomic model, high investment and lack of advisory services regarding advanced techniques are impacting market growth. Independent advisory services are not associated with any farmer association and co-operatives. However, using these services, farmers can take improved decisions with the help of accurate information for better crop production.
Key manufacturers in the precision harvesting market include Trimble Inc.; AGCO Corporation; Deere and Company; AgJunction Inc.; AG Leader Technology, Inc.; Raven Industries, Inc.; Precision Planting LLC; and FFRobotics.
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Further key findings from the report suggest:
• Supportive government initiatives for adopting advanced cultivation techniques for higher crop production is projected to foster market growth.
• Software offering segment is estimated to expand at a substantial rate in the coming few years due to growing demand for cloud solutions.
• In Europe, financial incentives and rising use of digital technology are key factors surging the market growth.
• Asia Pacific is projected to grow at the highest CAGR during the forecast period, 2020 to 2027.
Million Insights has segmented the global precision harvesting market based on product, application, offering and region:
Precision Harvesting Product Outlook (Revenue, USD Billion, 2016 – 2027)
• Combine Harvesters
• Harvesting Robots
• Self-propelled Forage Harvesters
Precision Harvesting Application Outlook (Revenue, USD Billion, 2016 – 2027)
Precision Harvesting Offering Outlook (Revenue, USD Billion, 2016 – 2027)
• Automation & Control System
• Sensing Devices
Precision Harvesting Regional Outlook (Revenue, USD Billion, 2016 – 2027)
• North America
• Asia Pacific
• South America
• Middle East & Africa
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