Press release
Agricultural Robot Market 2024 - Share, Ongoing Trends, Size, Growth Rate And Key Players
Agricultural Robot Market
The Business Research Company offers in-depth market insights through Agricultural Robot Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The agricultural robot market size has grown exponentially in recent years. It will grow from $14.26 billion in 2023 to $17.5 billion in 2024 at a compound annual growth rate (CAGR) of 22.7%. The growth in the historic period can be attributed to labor shortages in agriculture, precision agriculture adoption, rising demand for food production, government support and subsidies, farm mechanization trends.
The agricultural robot market size is expected to see exponential growth in the next few years. It will grow to $39.28 billion in 2028 at a compound annual growth rate (CAGR) of 22.4%. The growth in the forecast period can be attributed to advanced ai and machine learning integration, customization for different crops, climate change adaptation, autonomous fleets and swarm robotics, integration with farm management software. Major trends in the forecast period include remote sensing and imaging advancements, early innovations and pilot projects, advancements in sensor technologies, data-driven farming, robotics in crop monitoring.
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Market Segmentation:
The agricultural robot market covered in this report is segmented -
1) By Offering: Hardware, Software, Service
2) By Farming Environment: Indoor, Outdoor
3) By Application: Harvest Management, Field Farming, Dairy And Livestock Management, Irrigation Management, Pruning Management, Weather Tracking and Monitoring, Inventory Management, Other Applications
Major Driver - Precision Farming Surge Propels Agricultural Robot Market Growth
The rise in precision farming is expected to propel the growth of the agricultural robot market going forward. Precision farming is a farming management strategy based on observing, measuring, and responding to temporal and spatial variability to improve agricultural production sustainability. Agricultural robots contribute to precision farming by increasing efficiency, reducing labor costs, and enabling consistent and precise farming practices. For instance, in October 2023, according to an article published by IOWA State University, a US-based university, 66% of farmers used global positioning system (GPS) yield monitors or maps, demonstrating the increasing use of precision agriculture technologies. Therefore, the rise in precision farming is driving the growth of the agricultural robot market.
Competitive Landscape:
Major companies operating in the agricultural robot market report are Deere & Company, Yamaha Motor Co. Ltd., AGCO Corporation, Trimble Inc., RheinEnergie AG, Carbon Robotics, BouMatic Robots BV, Nova-Tech Engineering, Autonomous Solutions Inc., Clearpath Inc., CNH Industrial N.V., AeroFarms, PrecisionHawk, AgEagle Aerial Systems, Monarch Tractor, Tevel Aerobotics Technologies, Harvest Automation Inc., Agrointelli, Kind Technologies, Abundant Robotics, Demaitere B.V., Naio Technologies, Auroras s.r.l., Blue River Technology Inc., Agribotix LLC, Aigen Inc., PeK Automotive d.o.o, 3D.aero GmbH, FarmDroid, Deepfield Robotics
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