Agricultural Robots Market earned USD 5.3 billion in 2021 and to reach USD 19.5 billion in 2029, Growing at a higher CAGR of 17.7% | Size & Analysis Report
Research Reports
Mar 10, 2023
Agricultural Robots Market size was estimated around USD 5.3 billion in 2021 and is projected to reach USD 19.5 billion in 2029, growing at a CAGR of 17.7% over the forecast period 2022-2029 attributed to increasing world’s population and growing need for agriculture automation.
Key Agricultural Robots Market Drivers
Global agricultural robots market is majorly driven by growing concerns related to labor shortage, increasing adoption of modern farming practices by farmers and rising population growth rates around the world. As per united nation’s estimates, world’s population is projected to add nearly 2 billion between 2021-2050. Increasing world’s population will put more pressure on farmers to increase their yield output at the same time improving overall yield’s quality, which is expected to increase the demand for agricultural robots and other automated technologies, to help them in achieving these objective. Additionally, Worldwide, many countries are facing labor shortages primarily in the agricultural sector. As per recent estimates, around 1.4% of the workforce in the agricultural sector was employed across United States in 2019. Rapid urbanization and changing demographics are the major factors, propelling youth to migrate to cities for better career prospects, which has reduced the employment rates in the agricultural sector. Agricultural employment rates are likely to decline in the future, which is pushing farmers to use unmanned ariel vehicles and other automated technologies to automate tasks which requires human intervention.
Request For a FREE Sample Report on Agricultural Robots Market
Subsidies offered by offered by governments to boost the adoption of automated technologies along with investments in multimodal systems, are some of the factors augmenting the growth of agricultural robots market. For instance in United Kingdom Research and Innovation (UKRI) in December 2022, entered into a partnership with Defra to fund GBP 12.5 million for promoting sustainable farming practices in the United Kingdom. Through this project, both the entities will fund this amount in robotics projects and horticulture automation, to address challenges in the agriculture sector in the country. However, some of small farmers are not able to afford autonomous tractors due to budget constraints coupled with limited knowledge amongst farmers in developing countries about advanced technologies, are some of the factors restricting the market growth.
Offering: Segment Analysis
Agriculture robot services are gaining traction in the agriculture industry due to surge in the demand for leasing models. Agricultural equipment like driverless tractors is expensive, thus many growers prefer to go for leasing services, to save their costs.
Type: Segment Analysis
Drones or unmanned ariel vehicles (UAVs) are cost-effective and are available in different sizes. Unmanned ariel vehicles find its application majorly in monitoring crops and analysing field data for managing livestock.
North American region is expected to dominate the market.
United States agricultural robots market is propelled by rise in the labor cost in the agriculture sector, growing adoption of drones by farmers and high disposable incomes of consumers. Europe agricultural robot market is driven by investments by farm owners in various European countries in automated systems and government programs promoting the adoption of smart farming technologies.
AG robotics companies
Some of the leading players operating in the agricultural robots market are AG Leader Technology, Lely Group, Topcon Positioning Systems, Inc., Deere & Company, Trimble Inc., Agco Corporation, AG Eagle LLC, Agjunction, Inc., DJI, and Boumatic, among others.
Key Developments:
- In July 2022, Yamaha Motor Company Ltd., a manufacturer of motorized products based out of Japan made additional investments in Tier 4 Inc., to promote its automated solutions business.
- In August 2021, John Deere, major manufacturer of agricultural machinery announced that it has acquired Bear Flag Robotics for USD 250 million, to boost the delivery of automated technology on the farm.
Market Segmentation
Segmentation by Offering
• Hardware
• Automation & Control Systems
o Guidance & Steering
o Displays
o Cameras
o GPS/GNSS Systems
o Flow & Application Control Devices
o Mobile Devices/Handheld Computers
o Others
• Sensing & Monitoring Devices
o Soil Sensors
o Yield Monitors
o Climate Sensors
o Water Sensors
o Others
• Software
o Cloud-Based Software
o Local/Web-Based Software
• Services
o Managed Services
o Data Services
o Farm Operation Services
o Analytics Services
o System Integration & Consulting
o Assisted Professional Services
o Connectivity Services
o Maintenance & Support Services
Segmentation by Type
o Milking Robots
o Unmanned Aerial Vehicles (UAVs)/Drones
o Rotary Blade Drones
o Fixed-Wing Drones
o Hybrid Drones
o Driverless Tractors
o Automated Harvesting Systems
o Others
Segmentation by Farming Environment
o Indoor
o Outdoor
Segmentation by Farm Produce
o Field Crops
o Fruits & Vegetables
o Dairy & Livestock
o Others
Segmentation by Application
o Field Farming
o Plant Scouting
o Crop Monitoring
o Crop Scouting
o Harvest Management
o Soil Management
o Nutrient Monitoring
o Moisture Monitoring
o Dairy & Livestock Management
o Livestock Monitoring
o Dairy Farm Management
o Precision Fish Farming
o Pruning Management
o Irrigation Management
o Inventory Management
o Weather Tracking & Monitoring
o Others
Segmentation by Region
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Contact Information:
Media Contact Company Name: GMI RESEARCH Contact Person: Sarah Nash Email: enquiry@gmiresearch.com Phone: Europe – +353 1 442 8820; US – +1 860 881 2270 Address: Dublin, Ireland Website: https://www.gmiresearch.com/
Tags:
Reportedtimes, iCN Internal Distribution, Extended Distribution, Research Newswire, English