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Agriculture Robots Market Key Players, Growth, Analysis, 2016 – 2024
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The competition among players is expected to intensify in the coming years. With the advent of specific farming needs in a number of emerging and advanced economies, the agriculture robots market is expected to witness the entry of new players with cutting-edge data technology solutions for automated machines. The global agriculture robots market estimated valuation was US$1.01 bn at the end of 2016, in terms of revenue. Expanding at an impressive CAGR of 24.1% from 2016 to 2024, the market is projected to reach US$5.7 bn by the end of forecast period.
Regionally, the global agriculture robots market was led by North America till 2015. The dominance of the regional market was attributed to a number of early adopters and the rapid pace of technological development in farming. Meanwhile emerging regional markets such as as that of Asia Pacific is predicted to grow at a substantial CAGR during the forecast period. The major application segments of the agriculture robots market comprise field farming, dairy management, indoor farming, and horticulture. Of these, the adoption of agriculture robots in dairy farming and horticulture is anticipated to boost major regional markets.
Dwindling Workforce in Urban Farming to Bolster Demand
World over, the rapidly rising demand for food is intensifying the need for improving farm productivity on the existing agriculture lands by boosting yield and enhancing productivity. The almost stagnant increase in the agriculture lands available in several countries has mounted pressures on the agriculture sector to maintain a constant food supply of food for a burgeoning population. In addition, the need for supporting a dwindling farming workforce in several urban areas across economies has propelled the demand for agriculture robots.
In a number of developed economies, such as the U.S., a shifting demographics has led to fewer chunk of younger population in farming. This has negatively affected the agriculture sector, catalyzing the demand for automation and robotics solutions in these regions. The need for reducing the use of chemicals by optimizing jobs such as spraying, pick-and-place, and weeding has propelled the demand for agriculture robots. Furthermore, the decline in available workforce for potentially dangerous farming jobs, particularly weeding lettuce, has bolstered the uptake of agriculture robots to complement human labor in these areas.
The accelerating demand for automation to routine farming tasks to make them more productive and curtailing investment in buying expensive machinery are crucial factors boosting the market. This has also led to the demand for agriculture robots, such as driverless tractors, for a variety of specialized tasks including grapevine pruning, strawberry picking, and cow-milking.
Rising Adoption of Telematics Sensors Open up Promising Market Opportunities
However, the high investment required in installing agriculture robots and the exorbitant cost of their maintenance and upkeep is a crucial factor likely to hinder the market to an extent. Coupled with this, the integration of these robots with advanced sensor technologies has amplified the cost, thereby limiting their uptake among farmers in cost-sensitive nations. Be that as it may, the growing popularity of farm-bots in precision agriculture to improve harvest in commercial as well as residential farming is expected to accentuate the global market. There is rising adoption of agriculture robots in regulating the pesticide use and ascertaining the overall health of crops.
The growing adoption of telematics sensors has boosted the functional performance of driverless tractors, thereby making them more useful and employable among farmers, especially in developed economies. This is predicted to open lucrative growth avenues for several market players to capitalize on in the forthcoming years.
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