Press release
Autonomous Farm Equipment Market Surging to $112.8 Billion by 2031
Redding California, February 16, 2024- Meticulous Research®, a renowned global market research firm, has unveiled a comprehensive report titled 'Global Autonomous Farm Equipment Market,' providing a deep dive into the dynamics of this rapidly evolving sector. The report, published on [XX, 2024], analyzes various facets of the market, including offering, product, technology, automation type, application, and geography. It anticipates the global autonomous farm equipment market to soar to a value of $112.8 billion by 2031, exhibiting an impressive CAGR of 9.4% during the forecast period.Download Free sample Report Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5755
The report, which explores the market under the lens of precision farming and technological advancements, identifies key drivers such as the continuous evolution of farm equipment technology, a surging global population, and an increasing demand for high-quality agricultural products. Despite these positive trends, the market faces challenges due to the high costs associated with implementing advanced agricultural equipment.
Opportunities for market growth are presented through the growing adoption of precision farming techniques and the integration of artificial intelligence (AI) into agricultural equipment. However, the report acknowledges hindrances such as the lack of technical knowledge among farmers and concerns surrounding data privacy.
Meticulous Research® has meticulously segmented the market based on offering, product, technology, automation type, application, and geography to provide a thorough analysis. The study evaluates industry competitors and scrutinizes the market at regional and country levels.
Speak to analyst: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5755
Key Findings:
1. Offering Segment: In 2024, the hardware segment is expected to dominate the market, driven by the increasing adoption of livestock management equipment, rapid automation in agricultural processes, and the need to improve production yield. The hardware segment is also projected to register the highest CAGR during the forecast period.
2. Product Segment: Tractors are projected to account for the largest share of the market in 2024, attributed to increasing sales, labor shortage, lower production costs, and the rising trend of automation in the agriculture sector. The tractor segment is expected to register the highest CAGR during the forecast period.
3. Technology Segment: Remote sensing is expected to hold the largest market share in 2024, driven by reduced sensor prices, rapid automation in agricultural processes, and government spending promoting farm automation systems. The AI/ML segment is projected to register the highest CAGR during the forecast period.
4. Automation Type Segment: Partially autonomous equipment is anticipated to dominate the market in 2024, due to lower production costs and increased use of semi-autonomous equipment to boost productivity. However, the fully autonomous segment is expected to register the highest CAGR during the forecast period.
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5. Application Segment: The farming segment is projected to account for a larger share of the market in 2024, driven by population growth, rising labor costs, and the need to improve the quality and productivity of yield. The farming segment is also expected to register the highest CAGR during the forecast period.
6. Geography Segment: Europe is anticipated to lead the market in 2024, owing to innovation in the European agri-tech industry, increasing pressure on the food supply chain, rising adoption of precision farming, and government initiatives to implement advanced technology in agriculture.
The Asia-Pacific region is expected to register the highest CAGR during the forecast period.
The report concludes with a comprehensive analysis of key players in the global autonomous farm equipment market, including Deere & Company, Yanmar Holdings Co., Ltd., Naio Technologies, Clearpath Robotics Inc., Agrobot, CNH Industrial N.V., KUBOTA Corporation, GEA Group Aktiengesellschaft, Lely, Robert Bosch GmbH, AGCO Corporation, American Robotics, Inc., DJI, Ecorobotix SA, Mahindra & Mahindra Ltd., and Harvest Automation.
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
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We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.
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