What Is The Current and Historic Market Size Analysis Of The Harvesting Technology Market?
The harvesting technology market has seen considerable growth due to a variety of factors.
•The market for harvesting technology has seen robust growth in recent years, and it is projected to increase from $13.64 billion in 2024 to $14.42 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.7%.
Factors such as market transformations, economic impacts, advancements in research and development, consumer acceptance, and environmental considerations can be cited for the growth witnessed during the historic period.
What Are The Predictions for The Harvesting Technology Market Size In The Coming Years?
The harvesting technology market is expected to maintain its strong growth trajectory in upcoming years.
• We predict a robust expansion of the harvesting technology market in the coming years, as it's projected to reach a valuation of "$18.33 billion in 2029, delivering a compound annual growth rate (CAGR) of 6.2%.
The factors contributing to this growth during the predicted period include the market dynamics, steps taken towards research and development, the rate of consumer adoption, the focus on sustainability and the governing regulatory framework. Key trends expected during this period encompass the incorporation of automation, the employment of data in farming, adaptability and customization, sustainable and environmentally conscious solutions, advancements to precision and efficiency, and the ability to monitor and control remotely.
Which Key Drivers Are Propelling The Harvesting Technology Market's Growth?
The expansion of IoT device usage is anticipated to accelerate the advancement of the harvesting technology market. IoT devices are physical tools linked to the internet and equipped with sensors, software, and additional technologies. The surge in IoT device usage is mainly due to increasing wireless connectivity availability, a surge in demand for automation and intelligence, and the emergence of cloud computing. In these scenarios, IoT devices enable real-time surveillance and data collection in agricultural practices. For instance, as per the India Brand Equity Foundation (IBEF), an India-based quasi-governmental organization, the Internet of Things (IoT) market is expected to grow by 18% in 2022, with 14.4 billion active connections by 2025. Moreover, predictions suggest that IoT connected devices would spike to nearly 27 billion by 2025, due to easing supply hindrances and further growth acceleration. As such, the escalating utilization of IoT devices is geared to drive the growth of the harvesting technology market.
What Are The Key Segments Within The Global Harvesting Technology Market?
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
Subsegments:
1) By Light Energy Harvesting: Solar Panels, Photovoltaic Cells
2) By Vibration Energy Harvesting: Piezoelectric Generators, Electromagnetic Harvesters
3) By Frequency Energy Harvesting: RF-To-DC Converters, Antenna Systems
4) By Thermal Energy Harvesting: Thermoelectric Generators, Heat-To-Power Converters
5) By Radio Frequency Energy Harvesting: RF Energy Harvesting Chips, Rectennas
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How Are New Trends Impacting The Size Of The Harvesting Technology Market?
Leading enterprises within the harvesting technology industry are innovating advanced solutions such as AI-driven agri-intelligence platforms to boost crop productivity, refine resource utilization, and escalate effectiveness in farming practices. Gen AI-powered agri-intelligence platforms represent high-tech systems harnessing generative artificial intelligence to scrutinize agricultural information and offer valuable farming insights. For example, in July 2024, Cropin Technology, an agritech corporation based in India, introduced Sage - the pioneer real-time Gen AI-powered agri-intelligence platform. Sage aims to equip farmers with practical insights by real-time analysis of expansive agricultural data, thus empowering them to make insightful decisions that can amplify crop yield, enrich resource efficiency, and encourage ecologically responsible farming practices. This groundbreaking platform taps into generative AI to deliver predictive analytics, crop wellbeing tracking, and custom-made suggestions adapted to unique farming scenarios.
Who Are the Key Players in the Harvesting Technology Market?
Major companies operating in the harvesting technology market include:
• Cymbet Corporation
• Mide Technology Corporation
• Powercast Corporation
• Analog Devices Inc.
• EnOcean GmbH
• ABB Ltd.
• Fujitsu Limited
• Honeywell International Inc.
• STMicroelectronics N.V.
• Koch Engineered Solutions LLC
• Advanced Cooling Technologies Inc. (ACT)
• THALES Group
• Paragraf Ltd.
• Insolight SA
• McQ Inc.
• Ilika Technologies Ltd.
• Seatrec Ltd.
• Enteligent Inc.
• ICE Thermal Harvesting
• Abundant Robotics Inc.
• AGJunction Inc.
What are the Regional Insights into the Harvesting Technology Market?
North America was the largest region in the harvesting technology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global harvesting technology market during the forecast period. The regions covered in the harvesting technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
