Precision harvesting market : Key business opportunities along with potential challenges

The Global Precision Harvesting Market is expected to grow from USD 8.94 Billion in 2017 to USD 21.54 Billion by 2025 at a CAGR of 11.6% during the forecast period from 2018-2025. North America is dominating the market as farmers are highly implementing advanced harvesting systems and equipment such as steering and guidance systems, sensors, display devices, and harvesting management software.

Precision Harvesting Market by Offering (Hardware, Software, Services), Product Type (Combine, Harvesting Robots, Self-Propelled Forage Harvesters), Application, Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.

Leading companies in the industry include John Deere & Company, Trimble, AGCO Corporation, AgJunction, Raven Industries, AG Leader, CropMetrics LLC, Trimble, Inc., Raven Industries, Inc., Precision Planting, FFRobotics, Abundant Robotics, Harvest Automation, Harvest Croo Robotics, and Vision Robotics Corporation which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share. For instance, in September 2017, Deere & Company acquired Blue River Technology (US) to strengthen its foothold in the precision harvesting market.

The offering segment is classified hardware, software and services. The hardware segment is dominating the market and valued around USD 4.10 Billion in 2017 due to the high use of automation and control devices, such as GPS, guidance and steering systems, yield monitors, and sensors.

Product type segment is divided into segments such as combine, harvesting robots and self-propelled forage harvesters. The combine segment is dominating the market with the highest share 49.90% in 2017. The use of connected and autonomous combine harvesters with advanced precision agriculture technology components–GPS, sensors, 3D cameras, and yield monitoring systems has gained high importance.

Application segment includes crop, horticulture, greenhouse and others. The crop segment is dominating the precision harvesting market and valued around USD 3.68 Billion in 2017. It is due to the high level of mechanization in open field farming which includes crops like corn, soybean, sugarcane, cotton, maize, rice, and wheat. Growing adoption of autonomous harvesting equipment due to the shortage of skilled labor is the major reason for the high growth of this segment.

Growing trend of maximizing agricultural resources in a sustainable manners is one of the driving force. Also, increasing consciousness regarding Internet of Things (IoT) devices and advanced analytics among farmers and high use of harvesting robots in greenhouse and horticulture are also fuelling the growth of market. But high amount of capital investments is associated with the technique which may hinder the growth of market. However, emerging countries to offer significant growth opportunities should drive the industry growth in coming years.