Report Overview

An increasing adoption of smart agriculture technique to optimize crop yield, a rising need for reducing crop production cost, and growing government initiatives related to modernization of agricultural techniques are projected to propel the expansion of Vietnam smart harvest market during the forecast period between 2023 and 2029.

Vietnam Smart Harvest Market - Industry Trends & Forecast Report, 2029

Vietnam smart harvest market size was estimated at USD 174.02 million in 2022. During the forecast period between 2023 and 2029, the size of Vietnam smart harvest market is projected to grow at CAGR of 12.38% reaching a value of USD 389.63 million by 2029. Major growth drivers for Vietnam smart harvest market include increasing adoption of smart agriculture technique to optimize crop yield, rising need for reducing crop production cost and growing government initiatives related to modernization of agricultural techniques. Smart harvesting is an advanced and innovative method of farming that reduces human labor, saves time, and maximizes farm productivity. The smart harvest technology incorporates hardware, services, and software into the farming process. The adoption of cutting-edge agricultural technologies for increased productivity and profitability are expected to boost the expansion of the overall market. Likewise, agricultural technological advancements and increased government backing for innovative technologies are projected to drive the smart harvest industry. The expanding population and better research will create further chances for the smart harvest market during the forecast period.

Vietnam Smart Harvest Market – Overview

Smart harvesting incorporates a variety of farming practices and advanced, creative technology. These strategies are used in conjunction with standard farming practices to boost productivity and efficiency. A rapidly growing population suffers from a shortage of good agricultural produce; smart farming practices are being introduced to alleviate this burden. Smart farming processes are organically characterized as the use of one or more technologies in the agricultural process to obtain more efficiency and effectiveness, as well as the mix of hard effort and smart work with the use of technology.

Vietnam Smart Harvest Market

Growth Drivers

Government Incentives for Modernization of Agriculture Techniques

Government initiatives and financial assistance for farmers to purchase smart technology for their agricultural farms are assisting in the expansion of the Vietnam smart harvest market. Consistent research and technical progress will also play an important part in the growth of the global smart harvest market over the next five years. The availability of automation and control systems, sensors, cameras, and so on is allowing farmers to monitor, process, and raise their agricultural produce, hence boosting market growth during period in analysis.

Restraints

High Cost of Smart Harvesting Equipment and Lack of Technical Knowledge

Smart harvesting systems necessitate a high level of technical expertise and skill. However, many farmers lack these skills, and hiring someone with technical knowledge can be difficult and expensive. This factor prevents farmers from implementing smart harvesting systems. Furthermore, the high cost of installing smart harvest technology stifles the growth of the smart harvest market.

Impact of COVID-19 on Vietnam Smart Harvest Market

COVID-19 had a short-term impact on the smart harvest industry in 2020 and 2021. However, the market is expected to experience robust development and recovery due to rising demand for the installation of smart harvest equipment in agricultural farms throughout the world in order to maximize resource utilization in the face of a skilled workforce scarcity in the agriculture sectors. As a result, demand for smart harvesters in the agricultural industry is projected to rise during and after the COVID-19 pandemic.

Vietnam Smart Harvest Market

Segmental Coverage

Vietnam Smart Harvest Market – By Component

By component, Vietnam smart harvest market is bifurcated into Hardware and Software segments. The hardware segment held a higher market share. In comparison to the software component, hardware-based smart harvesting devices are widely used nowadays. Hardware components enable advanced features, such as control systems and robots, which significantly add to farmers' income. The hardware component enables farmers to do thorough analyses of soil moisture levels and fruit and vegetable harvesting patterns. The hardware segment includes sensors, imaging systems, harvesting robots and automation & control systems.

Vietnam Smart Harvest Market – By Site of Operation

Based on site of operation, Vietnam smart harvest market is segmented into On-field, Green House and Indoor. The on-field segment is expected to hold the highest market share. Farmers and agro-entrepreneurs are mostly using these harvesting technologies on-field. The bulk harvesting process of these smart harvesting devices enables farmers to make better use of their time. When applied on-field, the characteristics and components that fall under these smart mechanisms, such as harvesting robots, AI, and other control systems, produce extremely favorable results. On-field use of smart harvesting devices decreases production costs and enhances profitability, masking the negative impact of personnel shortages. The diminishing ratio of fields and farmlands, on the other hand, may account for rapid expansion in the indoor site of operations within smart harvest markets.

Vietnam Smart Harvest Market – By Crop Type

Based on crop type, Vietnam smart harvest market is bifurcated into Fruits and Vegetables segments.

Competitive Landscape

Major players operating in Vietnam smart harvest market include Trimble, John Deere, AGCO, AGRI-tech, Kinh Do, New Holland, Case IH, Kubota, Yara, and Agrivi. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Component

• Hardware

• Software 

By Site of Operation

• On-field

• Green House

• Indoor

By Crop Type

• Fruits

• Vegetables