The Harvesting Technology Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Harvesting Technology Global Market Report 2024, The harvesting technology market size has grown strongly in recent years. It will grow from $12.95 billion in 2023 to $13.75 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to market transformations, economic influences, research and development, consumer adoption, environmental concerns.
The harvesting technology market size is expected to see strong growth in the next few years. It will grow to $17.18 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to market dynamics, research and development trends, consumer adoption rates, sustainability trends, regulatory landscape. Major trends in the forecast period include integration of automation, data-driven farming, customization and adaptability, sustainability and eco-friendly solutions, precision and efficiency enhancement, remote monitoring and control.
The growing implementation of Iot devices is expected to propel the growth of the harvesting technology market going forward. IoT devices refer to physical devices that are connected to the internet and embedded with sensors, software, and other technologies. The growing implementation of IoT devices is mostly driven by the growing availability of wireless connectivity, increasing demand for automation and intelligence, and the rise of cloud computing, where IoT devices allow for real-time monitoring and data collection in agriculture practices. For instance, in 2022, according to the India Brand Equity Foundation (IBEF), an India-based semi-government organization, the Internet of Things (IoT) market is projected to witness an 18% growth, reaching 14.4 billion active connections by 2025. Also, it is estimated that the number of connected IoT devices will surge to nearly 27 billion by 2025, driven by easing supply constraints and further acceleration in growth. Therefore, the growing implementation of IoT devices will fuel the harvesting technology market growth.
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The harvesting technology market covered in this report is segmented –
1) By Technology: Light Energy Harvesting, Vibration Energy Harvesting, Frequency Energy Harvesting, Thermal Energy Harvesting, Radio Frequency Energy Harvesting
2) By Component: Power Management Integrated Circuits, Storage System, Transducers, Sensors, Other Components
3) By Application: Horticulture, Greenhouse, Crops, Other Applications
Product innovation has emerged as a key trend gaining popularity in the harvesting technology market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in August 2020, Deere & Company, a US-based manufacturer of agricultural and turf equipment, launched its new high-capacity X9 combine, which is part of its X Series line of harvesting equipment. The X9 combine is designed to increase productivity and efficiency while reducing operating costs for farmers. The unique features of the X9 combine is its ability to handle tough harvesting conditions, such as high-yielding crops or wet fields.
The harvesting technology market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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