Published: Mar-2021 | Format: PDF | Market Research Store | Number of pages: 110 | Code: MRS - 828553
According to the report published by Market Research Store, global demand for the agricultural robots market was estimated at approximately USD 3,500 Million in 2019 and is anticipated to generate revenue of around USD 22,000 Million by end of 2026, growing at a CAGR of around 30% between 2020 and 2026.
Global Agricultural Robots Market: Overview
Agricultural robots, also known as AgriBots have majorly helped in the transformation of agricultural practices in this modern world of digitalization and automation. This constant evolution of technology has helped the farmers in improvising their productivity, thus increasing their income, These robots majorly help the farmers in their tasks such as harvesting, monitoring the environment changes, weed control, soil analysis, and many other purposes. The utilization of drones in farming activities has helped the farmers in saving time and labor costs. These drones equipped with hi-tech cameras and sensors help in monitoring crop growth, predict yields, and other farm management services.
Global Agricultural Robots Market: Growth Factors
The rapid implementation of indoor farming methods, fueled by dramatic changes in climatic conditions and the growing need to track crops, would open up enormous market growth opportunities. Governments' heavy focus on promoting the implementation of automation in any industry encourages producers to develop new products. During the forecast period, the prevalence of IoT in the agriculture sector, accompanied by a substantial increase in labor salaries, is further energizing demand development. Also, the rising wages of the laborers along with the rising number of untrained laborers have driven the farmers to use cost-efficient methods for increasing their crop productivity, which in turn stimulates the market growth. However, the lack of awareness among the farmers in developing countries about agricultural robots along with the high costs of these products hinders the market growth in coming years. However, the usage of real-time multimodal systems for planning and execution along with the rising utilization of electrification technology in agricultural robots provide lucrative opportunities to the market in the coming years.
Global Agricultural Robots Market: Segmentation
The global agricultural robots market is divided based on offering, type, farming environment, farm produce, application, and region. The segment of offering is bifurcated into software, hardware, and services. The type segment is categorized as driverless tractors, milking robots, automated harvesting systems, unmanned aerial vehicles, and other robots. The farming environment is divided into outdoor farming and indoor farming. The segment of farm produce is divided into field crops, livestock, fruits and vegetables, and others. The application segment is further bifurcated into weather tracking & monitoring, harvest management, irrigation management, inventory management, dairy & livestock management, field farming, soil management, pruning management, and others. The regional segmentation includes Latin America, Asia-Pacific, the Middle East and Africa, Europe, and North America.
Global Agricultural Robots Market: Regional Analysis
The region of North America is predicted to hold the maximum share in the market owing to the high investments in technological advancements related to agriculture from the government and private companies along with the presence of top market players manufacturing such advanced robots for farming activities. The surging demand for automated robots for labor-intense farming activities along with the shortage of labor workforce further augments the market growth. The region of Asia Pacific is also expected to have a huge market share in the coming years owing to the presence of large farming lands, along with the growing investments in farming technology from developing countries such as China, India, and Vietnam for improvising the farming activities and fulfilling the growing food demand of the high population.
Global Agricultural Robots Market: Competitive Players
The major players dominating the global agricultural robots market in terms of revenue and development are Deere & Company, YANMAR CO., Clearpath Robotics, AgEagle Aerial Systems, Ag Leader Technology, Naïo Technologies, CNH INDUSTRIAL N.V., Trimble, Boumatic, ecoRoborix, CLAAS KGaA mbH, KUBOTA Corporation, Autonomous Tractor Corporation, AGCO Corporation, Harvest Automation, Topon, Abundant Robotics, Iron Ox, DJI, AgJunction, Lely, ROBOTICS PLUS, DeLaval, Deepfield Robotics, and HARVEST CROO. These key players in order to obtain a reputed position in the global market have implemented several strategies such as signing agreements, bonds, contracts, partnerships, joint ventures, new product launches, collaborations, and mergers & acquisitions.
Agricultural Robots Market: Regional Segment Analysis