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Agriculture Robots Market 2024: Innovations, Trends, and Growth Prospects
Agriculture Robots Market 2024
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According to The Business Research Company's, The agriculture robots market size has grown exponentially in recent years. It will grow from $6.71 billion in 2023 to $8.37 billion in 2024 at a compound annual growth rate (CAGR) of 24.7%. The growth in the historic period can be attributed to labor shortages, precision agriculture adoption, rising labor costs, demand for higher yields, government subsidies and incentives.
The agriculture robots market size is expected to see exponential growth in the next few years. It will grow to $19.45 billion in 2028 at a compound annual growth rate (CAGR) of 23.5%. The growth in the forecast period can be attributed to robotics-as-a-service (raas), sustainability mandates, global population growth, environmental monitoring, urban agriculture focus. Major trends in the forecast period include robotics in autonomous tractors, robots for weeding operations, modular and customizable robotics, robotic soil management, robotic harvesting solutions.
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Market Drivers and Trends:
The rising labor costs are expected to propel the growth of the agriculture robots market going forward. Labor costs refer to labor expenses or wage costs, which represent the total expenditures incurred by an organization in compensating its workforce for their contributions. Agriculture robots are used to reduce labor costs by automating repetitive tasks such as planting, weeding, and harvesting, with high precision and efficiency and reduces the reliance on manual labor. For instance, in August 2023, according to the United States Department of Agriculture, a US-based government agency, the average hourly wage for agricultural managers was $27.57 in 2022, up 7.9 percent from 2021. Therefore, rising labor costs are driving the growth of the agriculture robots market.
Technological advancement is the key trend that is gaining popularity in the agriculture robot market. Major companies operating in the market are focused on research and development for product advancements to sustain their market position. For instance, in February 2021, Future Acres, a US-based company operating autonomous harvesting machines, introduced Carry, an artificial intelligence-based crop-transporting robot to transport hand-picked crops that work alongside humans to perform the delicate picking process at grapes farms and reduce the human strain of moving the crops around manually. Carry is capable of moving crops up to 500 lbs in all terrain and all weather, which has increased production efficiency by 30% in fields.
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Major Key Players of the Market:
Deere & Company, SZ DJI Technology Co Ltd., AGCO Corporation, DeLaval, Trimble Inc., BouMatic Robotics BV, Lely Industries NV, AgJunction Inc., AgEagle Aerial Systems Inc., Yanmar Co Ltd., Agribotix LLC, Harvest Automation Inc., Topcon Positioning Systems Inc., GEA Group AG, Ag Leader Technology, Deepfield Robotics, Autonomous Tractor Corporation, Clearpath Robotics Inc., Agrobot, Naïo Technologies, PrecisionHawk Inc., CNH Industrial NV, Harvest CROO Robotics LLC, Robotics Plus Limited, Ecorobotix SA, AutoCopter Corp., Autonomous Solutions Inc., Kubota Corporation, DroneDeploy Inc., FFRobotics Ltd., Fullwood Packo, Octinion BV, Dot Technology Corp., SwarmFarm Robotics, Fendt, Robotina, Soft Robotics Inc.
Agriculture Robots Market 2024 Key Insights:
• The agriculture robots market size is expected to see exponential growth in the next few years. It will grow to $19.45 billion in 2028 at a compound annual growth rate (CAGR) of 23.5%.
• Surge In Automation Adoption Propels Growth In Agriculture Robots Market
• Future Acres Introduces Carry Advancing Agriculture Robotics With Artificial Intelligence (AI)-Based Crop-Transporting Robot
• North America was the largest region in the agriculture robots market in 2023
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