Autonomous Farm Equipment Market Projected to Surge to $112.8 Billion by 2031

Redding California, March 12, 2024 - Meticulous Research®, a frontrunner in market analysis, unveils its latest report, 'Global Autonomous Farm Equipment Market by Offering, Product (Tractor, Harvesting Equipment, Irrigation Equipment, Livestock Equipment), Technology (IoT, GPS), Automation Type, Application (Farming, Livestock), & Geography-Forecast to 2031.' Anticipating a remarkable trajectory, the report projects the global autonomous farm equipment market to attain a valuation of $112.8 billion by 2031, exhibiting an impressive Compound Annual Growth Rate (CAGR) of 9.4% from 2024 to 2031.

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Revolutionizing Agriculture with Advanced Technology
Autonomous farm equipment encompasses cutting-edge machinery and vehicles integrated with advanced technologies for use in agriculture. Employing technologies such as GPS, sensors, AI, machine learning, and IoT, these systems execute agricultural tasks with precision. Farmers benefit from remote field condition monitoring, enabling informed decision-making. These autonomous tools find application across various agricultural activities, including crop monitoring, spraying, harvesting, livestock management, irrigation, and more.

Addressing Global Challenges in Agriculture
As the global population burgeons and food demand soars, the agricultural industry faces the imperative to integrate advanced equipment. The demand for autonomous farm equipment witnesses a surge worldwide, propelled by factors such as a rising population, government encouragement for advanced equipment adoption, and challenges associated with labor shortages.

Key Insights from the Report
In this comprehensive market study, an in-depth analysis of recent dynamics related to autonomous farm equipment sets the stage for an accurate forecast of its future. The report also profiles key stakeholders in the global autonomous farm equipment market, categorizing them based on their market positions.

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Offering Segmentation: The market is segmented into hardware, software, and services, with the hardware segment expected to dominate in 2024, attributing its growth to the adoption of livestock management equipment, rapid automation of agricultural processes, and the need to improve production yield.

Product Segmentation: Tractor, harvesting equipment, irrigation equipment, fertilizing equipment, livestock equipment, haying & forage equipment, spraying equipment, and other products constitute the product segment, with the tractor segment expected to lead in 2024, driven by increasing sales, labor shortages, lower production costs, and automation in the agriculture sector.

Technology Landscape: Remote sensing, GPS, IoT, AI/ML, computer vision, and other technologies shape the technology segment, with remote sensing expected to account for the largest share in 2024, while the AI/ML segment is projected to register the highest CAGR, driven by growing acceptance and integration in farm equipment.

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Automation Types: Fully autonomous and partially autonomous are the two segments in automation types, with the partially autonomous segment leading in 2024 and the fully autonomous segment projected to exhibit the highest CAGR, driven by rapid adoption of digitalization, automation, and artificial intelligence.
Application Focus: Farming and livestock constitute the application segment, with farming expected to lead in 2024 and exhibit the highest CAGR, attributed to population growth, rising labor costs, and the need to improve the quality and productivity of yield.

Geographic Insights: The global autonomous farm equipment market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe is expected to account for the largest share in 2024, while the Asia-Pacific region is projected to register the highest CAGR, driven by the increasing adoption of smart devices for agriculture, demand for enhanced food quality, government initiatives for precision farming, and the growing number of start-ups in the region.

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Key Players in the Autonomous Farm Equipment Market:
Key players include Deere & Company (U.S.), Yanmar Holdings Co., Ltd. (Japan), Naio Technologies (France), Clearpath Robotics Inc. (U.S.), Agrobot (Spain), CNH Industrial N.V. (U.K.), KUBOTA Corporation (Japan), GEA Group Aktiengesellschaft (Germany), Lely (Netherlands), Robert Bosch GmbH (Germany), AGCO Corporation (U.S.), American Robotics, Inc. (U.S.), DJI (China), Ecorobotix SA (Switzerland), Mahindra & Mahindra Ltd. (India), and Harvest Automation (U.S.).

Mr. Khushal Bombe
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This release was published on openPR.