Global Harvesting Technology Market is segmented By Technology (Light Energy Harvesting, Vibration Energy Harvesting, Frequency Energy Harvesting, Thermal Energy Harvesting, Radio Frequency Energy Harvesting) By Components (Power Management Integrated Circuits, Storage System, Transducers, Sensors, Others) By Application (Horticulture, Greenhouse, Crops, Others) and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Size
Global Harvesting Technology Market reached US$ 17.25 billion in 2023 and is expected to reach US$ 27.08 billion by 2031, growing with a CAGR of 5.8% during the forecast period 2024-2031.
There's a rising demand for mechanization and automation in agriculture to improve efficiency and productivity. As a result, there's a growing adoption of advanced harvesting machinery equipped with technologies such as GPS guidance, sensors, and automation systems. These technologies enable precise and timely harvesting, leading to higher yields and better-quality crops. Harvesting Technology, being a natural alternative to artificial sweeteners like aspartame and sucralose, has witnessed a surge in demand.
Government initiatives play a pivotal role in driving the harvesting technology market forward, primarily by creating favorable conditions for innovation, investment, and adoption. In December 2023, to lower post-harvest losses in the horticulture and fisheries sectors, Covestro (India) launched a digital platform. To empower farmers with cutting-edge postharvest technologies and reduce losses while increasing the value of agricultural output, government officials, business executives, and farmers have come together to create this digital platform.
Horticulture has the highest share in the harvesting technology market due to the delicate nature of crops, the demand for precision, and the value of perishable produce. Similarly, North America leads the harvesting technology market due to its advanced agricultural industry, innovation-driven approach, and widespread adoption of cutting-edge technologies.
Market Scope
| Metrics | Details |
| CAGR | 5.8% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Technology, Components, Application and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Increasing Population and Food Demand
The increasing global population and its corresponding demand for food have become significant driving forces behind the growth and evolution of the harvesting technology market. According to the FAO, it would be necessary to increase global food production by around 70% between 2005/07 and 2050 to feed the 9.1 billion people that will inhabit the world by then. This demand is particularly acute in regions experiencing rapid population growth and urbanization, where arable land is limited. Harvesting technology plays a crucial role in meeting this demand by enhancing agricultural productivity and efficiency.
One of the primary challenges facing modern agriculture is the need to produce more food with limited resources. Harvesting technologies offer solutions to this challenge by enabling farmers to maximize yields while minimizing input costs. Advanced machinery such as combine harvesters, crop sensors, and GPS-guided tractors allow for precise planting, monitoring, and harvesting of crops. These technologies optimize resource utilization, minimize waste, and increase overall productivity, thus helping farmers meet the growing demand for food.
Technological Advancements
Rapid advancements in technology lead to more efficient, precise, and automated harvesting processes, improving overall productivity and reducing costs. According to the India Brand Equity Foundation (IBEF), by 2025, there will be 14.4 billion active connections in the Internet of Things (IoT) market, growing at a rate of 18%. This rapid progress in fields such as robotics, artificial intelligence (AI), Internet of Things (IoT), and machine learning, is undergoing transformative changes, leading to increased efficiency, precision, and automation.
Moreover, advancements in robotics and AI are leading to the development of autonomous harvesting systems. Robotic harvesters equipped with sophisticated sensors and AI algorithms can identify and selectively harvest ripe crops while leaving immature ones untouched. These autonomous systems not only reduce the need for manual labor but also improve harvesting efficiency and minimize damage to crops, thereby increasing overall yield and quality.
High Initial Investment
The high initial investment required for harvesting technology is a significant restraint on the market's growth and adoption. Implementing modern harvesting technologies often demands a substantial upfront financial commitment encompassing the purchase of specialized equipment, technology systems, and infrastructure upgrades. For many farmers and agricultural businesses, especially smaller ones or those operating with tight budgets, this financial barrier can be prohibitive.
The cost-intensive nature of acquiring and installing harvesting technology can deter potential adopters from investing in these innovations, particularly when considering alternative traditional methods that may seem more financially feasible upfront. Additionally, the prospect of uncertain returns on investment and the need for ongoing maintenance and upgrades further compound the financial risk associated with adopting new harvesting technologies.
Market Segment Analysis
The global harvesting technology market is segmented based on technology, components, application and region.
Delicate & Perishable Nature of Horticulture Crops
Within the realm of harvesting technology, horticulture stands out with the highest share of applications. Horticultural crops, which include fruits, vegetables, herbs, and ornamental plants, often require specialized handling and care during harvesting due to their delicate nature and specific ripening conditions. As a result, there is a greater demand for precise and efficient harvesting technologies tailored to the unique requirements of these crops.
In December 2023, to lower post-harvest losses in the horticulture and fisheries sectors, Covestro (India) launched a digital platform. To empower farmers with cutting-edge postharvest technologies and reduce losses while increasing the value of agricultural output, government officials, business executives, and farmers have come together to create this digital platform.
Market Geographical Share
Advanced Agricultural Industries in North America
North America holds the highest share of the harvesting technology market due to several key factors. First and foremost is the region's advanced agricultural industry, which is characterized by large-scale farming operations and a high degree of mechanization. The adoption of cutting-edge technologies such as precision agriculture, drones, and automated harvesting machinery has significantly boosted efficiency and productivity in North American farms.
Additionally, the presence of leading agricultural equipment manufacturers and research institutions has fueled innovation and the development of sophisticated harvesting solutions tailored to the specific needs of the market. In January 2020, Kubota Corporation declared that it had invested in Abundant Robotics, Inc., a U.S. start-up providing robotics-based agricultural automation. By making this investment in Abundant Robotics, Kubota hopes to boost farming productivity and save labor in the United States and other nations.
COVID-19 Impact Analysis
The COVID-19 pandemic significantly impacted the harvesting technology market, bringing both challenges and opportunities. On one hand, disruptions in global supply chains and labor shortages due to lockdown measures hindered the production and distribution of harvesting machinery and equipment. Farmers faced delays in acquiring necessary tools, leading to potential yield losses and increased operational costs. Additionally, uncertainty surrounding the pandemic caused some agricultural businesses to postpone or scale back investments in advanced harvesting technologies.
However, the pandemic also accelerated the adoption of automation and robotics in agriculture as a means to mitigate labor shortages and ensure operational continuity. Farmers increasingly turned to autonomous harvesting solutions and precision agriculture technologies to streamline operations and improve efficiency while minimizing human contact. Consequently, there has been a growing demand for smart harvesting equipment equipped with sensors, AI, and machine learning algorithms. Despite initial setbacks, the COVID-19 crisis has catalyzed innovation in the harvesting technology market, paving the way for a more resilient and technologically advanced agricultural sector.’
Russia-Ukraine War Impact Analysis
The conflict disrupted supply chains, leading to shortages of key components and materials necessary for manufacturing harvesting machinery and equipment. Farmers in the region have faced logistical challenges, such as difficulty accessing spare parts and maintenance services for their existing machinery. Moreover, the uncertainty surrounding the conflict has dampened investor confidence, leading to a slowdown in agricultural technology investments in the affected areas.
Key Developments
- In March 2024, the government launched the "e-Upaja Kisaan Nidhi" digital portal to empower farmers with the ability to pledge funds against gathered commodities. Through this program, farmers can obtain post-harvest loans from banks and store their agricultural produce with the Warehousing Development and Regulatory Authority (WDRA).
- In August 2023, at the Farm Progress Show, Raven Industries, a pioneer in innovation and ag tech solutions, Unveiled Ag Technology Advancements. Raven Cart Automation reduces operator stress by 33% for combine operators and 22% for tractor operators. This makes harvesting processes more effective.
- In October 2023, CNH Expanded its high-tech harvesting stake with an investment in Advanced Farm Technologies. CNH Industrial announced that it made a minority investment in Advanced Farm Technologies, a start-up company based in California that specializes in robotic fruit picking, including strawberries and apples. Through joint R&D and commercialization efforts, the two companies will propel industry and ecosystem innovation.
Market Competitive Landscape
The major global players in the market include Analog Devices, Inc., EnOcean GmbH, ABB, Fujitsu, Ag Leader Technology, Keetronics (India) Pvt. Ltd., Microchip Technology Inc., Mide Technology Corp, E-Peas SA, Powercast Corporation.
Why Purchase the Report?
- To visualize the global harvesting technology market segmentation based on technology, components, application and region as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of global harvesting technology market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global harvesting technology market report would provide approximately 62 tables, 57 figures, and 209 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
