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Milking Robots Market 2024 - Industry Outlook, Present Manufacturers, Channels Analysis And Forecast To 2033
Milking Robots Market
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According to The Business Research Company's, The milking robots market size has grown rapidly in recent years. It will grow from $2.63 billion in 2023 to $3 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to farm modernization, precision agriculture demands, cost of labor, rise in farm size, regulatory changes, animal welfare focus.
The milking robots market size is expected to see rapid growth in the next few years. It will grow to $5.21 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to sustainability and efficiency demands, data analytics integration, global farm size changes, cost-effectiveness forecast, labor shortages prediction. Major trends in the forecast period include software updates & upgrades, automation for increased productivity, emphasis on cow comfort, adoption in small-scale farms, remote monitoring & control.
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Market Drivers and Trends:
The increase in demand to reduce labor costs through automation is expected to propel the growth of the milking robots market going forward. Automation refers to the creation and application of various technologies to deliver any good or service with minimum human interaction and intervention. Milking robots that use automation can reduce labor costs by milking more cows in less time without requiring more labor to maintain a farm. For instance, in May 2022, Miltrim Farms, a US-based farm with 1800 cows, automated the farm by installing 30 box barn milking robots to decrease labor. The farm added 1,200 cows without adding any additional labor, and only six full-time employees run the 1800 farm. Therefore, increasing demand to reduce labor costs through automation is driving the growth of the milking robots market.
Technological advancement is a key trend gaining popularity in the milking robots market. Major market players are creating innovative technologies for upgrading the older versions of machines in order to improve features, increase efficiency, and decrease cost and durability. For instance, in July 2021, GEA Group AG, a Germany-based manufacturer of milking robots, released the Edition 2021 of GEA DairyRobot R9500 and DairyProQ equipped with GEA's In-Liner Everything milking process technology, which is the most sustainable, reliable, comfortable, and fastest automatic milking system with numerous innovations such as the milking technology module, the In-Liner Everything milking process, the feeding trough, the milk filter, the supply unit, the receiver unit, and the robot arm.
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Major Key Players of the Market:
GEA Group Aktiengesellschaft, Pearson International LLC, Lely Holding S.à r.l., DeLaval AB, Paul Mueller Company, Eurotec GmbH, Afimilk Agricultural Cooperative Ltd., Interpuls GmbH, Fullwood Packo Ltd., Dairymaster International Ltd., FutureDairy Pty Ltd., Milkplan SA, Hokofarm Group B.V., Rovibec Agrisolutions Inc., Rotec Engineering B.V., C-Lock Inc., ADF Milking Ltd., Milkomax Solutions Laitieres, DairyTech Inc., Icerobotics Ltd., AMS Galaxy USA Inc., System Happel GmbH & Co KG, VMS Robotics BV, GEDOSEN S.A., DairyRobotics LLC, Wadleren Robotics, Milking Automation Pty Ltd., Scruton Dairy Services Ltd., RoboCow BV, Robotic Milking Systems BV
Milking Robots Market 2024 Key Insights:
• The milking robots market size is expected to see rapid growth in the next few years. It will grow to $5.21 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%.
• Surge In Demand For Labor Cost Reduction Spurs Growth In The Milking Robots Market
• Technological Advancements Driving Innovation In Milking Robots Market
• Europe was the largest region in the milking robots market in 2023
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