Agricultural Robots Market Insights with Statistics and Growth Prediction 2023
Agricultural Robots Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global agricultural robots market was valued at $2,927 million in 2016, and is expected to reach $11,050 million by 2023, registering a CAGR of 21% from 2017 to 2023
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Growth in population, high requirement for food, rise in popularity of indoor farming, common climate variations, and the surge in adoption of automation technology are expected to drive the global agricultural robots market during the forecast period. However, restricted awareness about these robots among the farmers and incapability of the robots to match to human-like dexterity impede the market growth. The agricultural robots market is segmented on the basis of type, application, and geography. The milking robots segment dominates the market, accounting for $6,555 million in 2016, registering a CAGR of 7% during the forecast period.
Based on application, the dairy management segment is expected to generate the maximum revenue during the forecast period, accounting for 61.3% share by 2023.
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KEY FINDINGS OF AGRICULTURAL ROBOTS MARKET STUDY
• The dairy management application accounted for a market share of 29.13% in 2016 and is expected to exhibit a CAGR of 22.1% during the forecast period.
• Among the type segment, the driverless tractors are expected to witness the highest CAGR as compared to other types.
• North America was the highest revenue contributor with around 37.04% share in 2016 and is projected to reach $3,602 million by 2023, growing at a CAGR of 18.8%.
The key players operating in the global agricultural robots market are DeLaval, GEA Group, Autonomous Tractor Corporation, AGCO, Lely, Autonomous Solutions Inc., Harvest Automation, John Deere, Clearpath Robotics, and Deepfield Robotics.
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