Autonomous multifunctional agriculture robots market size is expected to reach USD 1.3 Billion at a CAGR of 16.70% by 2030
Research Reports
Sep 20, 2023
In 2022, the Autonomous Multifunctional Agriculture Robots Market was estimated to be worth USD 0.35 billion. It is anticipated that the market for autonomous multifunctional agriculture robots will increase from USD 0.40 billion in 2023 to USD 1.03 billion in 2030, with a compound annual growth rate (CAGR) of 16.70% over the five-year forecast period (2023– 2030). The primary market factors boosting the growth of the autonomous multifunctional farm robot market are a shortage of labour, rising labour prices, and consumer awareness of robots.
Given the growing demand for fresh produce and the declining number of agricultural workers, farmers are under pressure to maintain production. Additionally, growing labour pay is a result of the increase in labour costs. Additionally, it is a frequent tendency in many industrialised countries, including the United States, the United Kingdom, and others, for the agricultural sector to depend on labourers. Data from the World Bank show that during the previous ten years, employment in agriculture has fallen internationally by 15%. The supply of physical labour is further diminished by an ageing farmer population, which adds to the labour shortage that is now a global problem. Therefore, the difficulties brought on by the lack of labour in agriculture can be lessened with the use of automated farming technologies. Agtech can increase the productivity of agricultural systems and their efficiency. Stakeholders are looking at methods to modernise the farms as a result of the labour shortage.
For instance, research from the American Farm Bureau Federation (AFBF) indicates that 56% of US farms currently use agritech, with more than half claiming a labour shortage as the reason for this. Wireless sensors, robotics, predictive forecasting models, and data analytics are a few cutting-edge agrotech applications. As a result, the demand for autonomous multipurpose agriculture robots is growing due to rising wages and a labour shortage. As a result, this aspect is fueling the market’s CAGR for autonomous multipurpose agriculture robots.
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Key Players
Key Companies in the Autonomous multifunctional agriculture robot market include
- AgEagle Aerial Systems
- Yanmar Holdings CO LTD
- Harvest Automation
- CNH Industrial NV
- Ecorobotix SA
Segmentation
Hardware, software, and services are included in the Autonomous Multifunctional Agriculture Robot Market segmentation based on components. With a revenue contribution of roughly 65–67% to the Autonomous Multifunctional Agriculture Robot Market in 2022, the Hardware sector had the lion’s share of the market.
The analysis offers market information for North America, Europe, Asia-Pacific, and the rest of the world, organised by region. The autonomous multifunctional agriculture robot market in North America, which had sales of USD 0.2 billion in 2022, is anticipated to develop at a substantial CAGR over the research period. The rise of the market for autonomous multifunctional agriculture robots and agriculture-related sectors as well as agricultural practises, such as vertical and indoor farming, is influenced by the expanding automation and digitization. The expanding usage of modern agricultural techniques like smart farming, precision farming, and others has also created a sizable market requirement. Additionally, the region’s considerable concentration of key industry participants and easy access to highly skilled technical talents promote the market expansion of autonomous multipurpose farm robots.
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Europe’s autonomous multifunctional agriculture robot market is growing at the fastest rate among the major European countries as a result of its substantial technology breakthroughs. Robotics and agriculture businesses are widely used, which boosts market revenue. The improved, extremely dependable Internet access in this region expands market shares. Additionally, the UK’s autonomous multipurpose farm robot market grew at the highest rate in the European Region, while Germany’s market for these machines had the largest market share.
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