Agriculture Robots Market is projected to grow substantially by 2024 according to new research report

Agriculture robots perform different operational tasks such as capturing images, seeding, spraying water, harvesting, and milking among others. The growing need for food and scarcity of agriculture labor is boosting the growth of agriculture robots market. The global market for agriculture robots is majorly driven by increase in precision agriculture and increase in need for real time data which helps in decision making. Moreover, the global market of agriculture robots is experiencing a growth due to increased corporate farming and increase in demand for food production. The above mentioned trends are propelling the market of agriculture robots globally at a significant pace. Ongoing research and developments undertaken by different companies across the globe are expected to boost the market of agriculture robots during the forecast period.

The growing market in the emerging regions such as Asia-Pacific and Latin America are anticipated to grow the market of agriculture robots in these regions. Propelled by rapidly increasing demand for food, the manufacturers are adopting new robust technologies to modernize the existing robots. In addition, robots also help in spraying the right amount of chemicals, fertilizers and pesticides without human involvement, which is generating interest among the farmers or growers round the globe. However, due to high cost of the machineries, the market of agriculture robots is experiencing a limitation in the market growth. Another factor hindering the growth of the market is the limited functionality of the agriculture robots. The effects of these limiting factors are expected to reduce over the forecast period from 2016 to 2024.

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The rising demand for agriculture robots on a global scale is attributed to the staggering rate of growth in the world population and a relative reduction in the average available agriculture workforce. This is a direct consequence of an increase in urban migration. Agriculture robots are expected to replace human labor and can thus help overcome the scarcity of physical labor. These robots bring with them advantages such as constant work rates under a diverse array of harsh environmental conditions, a reduction in the use of chemicals and pesticides applied to crops, and the heavily sought-after concept of precision agriculture.

However, the global agriculture robots market is being restrained by the very high investments required for installing and maintaining robots. The use of technologies such as integrated high definition cameras and obstacle sensors, along with the incoming wave of increasing advanced tech are drastically increasing the cost of each unit within the global agriculture robots market in terms of both purchasing them as well as maintaining them, further deterring several local farmers from incorporating agriculture robots into their farmlands. The global agriculture robots market’s revenue had reached US$830.0 mn in 2015, and is projected to reach US$5.70 bn by 2024, after expanding at a CAGR of 24.1% from 2016 to 2024.

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Regionally, the global agriculture robots market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. In 2015, North America led the global agriculture robots market in terms of revenue generation. The U.S. was a key contributors to the lead held by North America and is expected to continue doing that over the coming years.

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