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Global agricultural robots market is projected to grow at CAGR of 14.80% during the 2019-2024 period

Global agricultural robots market is projected to grow at CAGR

The recent study on the global agricultural robots market covers an in-depth analysis of the market on the basis of type, application, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2019-2024. According to the report titled “Global Agricultural Robots Market – Forecasts from 2019 to 2024”, the market is expected to increase from US$1.154 billion in 2017 to US$2.641 billion by 2024, at a CAGR of 14.80% during the projected period. The report has segmented the global agricultural robots market by type (milking robot, unmanned aerial vehicles (UAV), automated harvest system, others), application (dairy farm management, field farming, irrigation management, harvest management, others) and geography (North America, South America, Europe, Middle East and Africa, Asia Pacific). The growing strain of global food supply owing to increasing population coupled with the rapid urbanization is driving the need of agricultural robots to enhance the productivity and efficiency of farms. In addition, rising government support and declining availability of farm workers are anticipated to drive the growth of the market during the forecast period. Furthermore, the rising requirement for modernized and sustainable farming practices to produce faster yields is further expected to propel the market growth opportunities in the coming years.

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By type, milking robots segment is showing an impressive year-on-year increase, and this trend is expected to continue over our forecast period.

By type, milking robots segment of agricultural robots market is estimated to account significant market share and is expected to grow rapidly during the forecast period on account of increasing milk consumption and rising investment in the dairy industry across the globe. In addition, there is increasing pressure for automation for routine milking tasks in order to make the whole process more productive.

North America is expected to account for a significant share in the market.

North America agricultural robots market is estimated to have a significant share in terms of both value and volume in the global market, and the region is further anticipated to grow during the forecast period on account of early adoption of technology in the region. In addition, high disposable income and increasing government support for automation in various sector couple with growing agriculture infrastructure in the region also drive the growth of the market during the forecast period.

Some of the major industry players profiled as part of the report are Vision Robotics Corporation, Harvest Automation, AG Eagle LLC, Lely Holding, Boumatic Robotics, IBM, Trimble and Agribotix LLC, among others.

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About Us:
Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.

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