Global Autonomous Farm Equipment Market at an impressive 13.6% CAGR during the forecast period 2018-2026 for revenues worth nearly US$ 170,000Mn by 2026-end

Press Release – 09 Jan 2019
Research and Development News --
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Latest Update "Global Market Study on Autonomous Farm Equipment: APEJ Will Continue to Lead the Market during 2017-2026" with Industries Survey | Global Current Growth and Future.
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Agriculture is one amongst the most overbearing industry since the beginning of human civilization. Constant growth in population, increasing need for food, fuel and feed is anticipated to influence trifold of the present-day cultivation. For this purpose, strategies such as initiation of autonomous farming and mechanization are adopted on a larger basis for yielding more from the constrained arable land. Increasing labor shortage and changing trends for the use of autonomous equipment are driving the demand for autonomous farm equipment. Development of IoT along with GPS systems application has transformed the agriculture industry.

Automation of farm equipment provide several advantages such as precise and fast operations, incessant operation, regardless of the climatic conditions and time, as well as long-term resolutions for heavy and complex operations such as harvest and plow. Autonomous farm equipment help in saving cost and time involved in the yielding compared to standard farm equipment, thereby making this advanced equipment a preferable choice for farming procedures. Technology is developing incessantly and the manufacturers are focusing on introducing new and advanced types of autonomous equipment.
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Extensive usage of tractors as well as combine harvesters induced with auto steering and rise in usage of drones attributes to the large revenue generation of the global market. High costs related to autonomous farm equipment along with training time essential for learning regarding the usage of autonomous equipment is likely to hinder the development of autonomous farm equipment industry. However, foremost companies are working towards introducing cost-efficient and effective equipment, due to which, market for autonomous farm equipment is set to exhibit a noteworthy headway in the review period of 2017-2026.

As per latest report by Persistence Market Research, the global market for autonomous farm equipment is poised to expand at an outstanding 13.6% CAGR during the forecast period, 2017-2026. The report gauges that by 2026-end, nearly US$ 16, 9691.5 Mn worth of autonomous farm equipment will be sold across the world. The report furthermore expects that APEJ will be spearheading the global autonomous farm equipment market, in terms of revenue.
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“31–100 HP Output Power of Farm Tractors to Gain Traction during the Forecast Period”

U.S., India and China are amongst the topmost countries witnessing maximum sales of farm tractors. 31–100 HP output power of farm tractors holds nearly 34.5% of the global market for autonomous farm equipment throughout 2026. Canada and U.S. contribute largely towards the growth of the segment. Factors such as low cost in comparison to restricted agricultural land for each farmer and superior horsepower farm tractors will drive fuel the market for medium and small range farm tractors in North America and APEJ.

“APEJ’s Autonomous Farm Equipment Market to Hold the Lion’s Share in Global Market by Expanding at Exceptional 14.1% CAGR”

The market size of APEJ’s autonomous farm equipment is expected to reach a value of US$ 65165.8Mn throughout 2026, due to strong existence of well-known industry competitors in the region. High revenue production can be credited to rolling demand of products like tractors, harvesters and UAV (unmanned aerial vehicle), installed with auto steering operations. North America’s market for autonomous farm equipment is likely to depict momentous growth through 2026. Increasing product use in the region provides better fuel proficiency and higher productivity, which will drive the growth of industry players. Varying trend with regards to smart devices due to expansion of agrarian economies like India, will positively impact the product penetration in APEJ region.

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