Agricultural Robots Market Expected to reach $11.9 billion by 2026

The global agricultural robots market size is expected to grow from USD 4.9 billion in 2021 to USD 11.9 billion by 2026, at a CAGR of 19.3%. The agricultural robots market is developing rapidly. Factors including rising population, increasing labor shortage, and rising wages are driving the market growth. The untapped market potential and scope for automation in agriculture, use of real-time multimodal robot systems in fields, and increased use of electrification technology in agricultural robots are also expected to create opportunities for the manufacturers and suppliers of agricultural robots, driverless tractors, milking systems, UAVs and drones. However, there are certain factors that hamper market growth. These factors include the high cost of automation for small farms, technological barriers pertaining to fully autonomous robots, and non-commercialization and deployment of several agricultural robots.

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Driverless tractors segment is expected to hold the largest market share during the forecast period

The high growth of the driverless tractors segment can be attributed to the progress and development of self-driving technology in the automotive industry, which, in turn, will help lower the cost of developing autonomous tractors. With many tractors already equipped with semi-autonomous technology, autonomous tractors are expected to be fully ready for commercial deployment in the next few years. Companies such as John Deere (US) and CHN Industrial NV (UK) have showcased prototypes of driverless tractors in trade shows, such as the US Farm Progress Show and SIMA International Farm Machinery Show and dealer events. The companies that currently have a strong portfolio of semi-autonomous technology for tractors are expected to lead the development of fully autonomous tractors.

Field crop segment is estimated to be the dominating market during the forecast period

The field crops segment is expected to capture the largest share (~40%) of the agriculture robot market throughout the forecast period and grow at the highest CAGR during the forecast period. Most robots, including drones, driverless tractors, spraying robots, and UAVs, are used for field crop produce. Advantages such as longer operation periods compared with humans and reduced operational expenses have encouraged farmers to replace semi-autonomous tractors with fully autonomous tractors. Therefore, the adoption of driverless tractors for plowing and harvesting field crop farms is expected to grow during the forecast period. Hence, the market for field crops will have the highest growth rate.

The Asia Pacific is expected to grow at the highest rate

The APAC region is expected to witness the highest growth during the forecast period, owing to increasing government initiatives to adopt modern technologies and a rise in awareness among farmers. The region has witnessed an emerging demand for automation since farming is one of the important sectors in Asian countries including, China, Japan, India, Vietnam, and South Korea. The adoption of agricultural robots-especially drones-is expected to grow at a high rate in APAC as this region consists of technologically-advanced countries, such as China, South Korea, Thailand, and other countries in Southeast Asia. Developed countries in APAC, for instance, Japan, are focusing more on driverless tractors. The rapidly increasing population, availability of arable farms, and government support through subsidies are the major factors driving the adoption of agricultural robots in APAC.

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Major players in the Agricultural Robots market include Deere & Company (US), DJI (China), CNH Industrial NV (UK), AGCO Corporation (US), DeLaval (Sweden), Trimble Inc. (US), BouMatic Robotics (The Netherlands), Lely (The Netherlands), AgJunction (US), AgEagle Aerial Systems (US), YANMAR Co. (Japan), Deepfield Robotics (Germany), ecoRobotix (Switzerland), Harvest Automation (US), Naïo Technologies (France), ROBOTICS PLUS (New Zealand), KUBOTA Corporation (Japan), HARVEST CROO (US), Autonomous Tractor Corporation (US), Clearpath Robotics (Canada), DroneDeploy (US), Agrobot (Spain), FFRobotics (Israel), Fullwood Packo (UK), and Monarch Tractor (US) among others.

News also Covered: https://www.prnewswire.com/news-releases/agricultural-robots-market-worth-11-9-billion-by-2026--exclusive-report-by-marketsandmarkets-301419564.html

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This release was published on openPR.