Agriculture Robots Market Revenue to Surpass USD 27.32 Billion By 2026 With Registering a 29.44% CAGR | Agriculture Robots Industry Growth is Fuelled by Precision Agriculture and Smart Farming Methods
Top leaders In Agriculture Robots Market are Trimble, Deere & Company, AGCO Corporation, DJI, DeLaval, Boumatic Robotics, AgJunction Inc., Lely, Topcon Positioning Systems, Inc., Yanmar Co., and AgEagle Aerial Systems, Inc.
Market Research Future (MRFR), in its recent global agriculture robots market analysis, asserts that the market valuation is poised to reach USD 27.32 billion by 2026, registering a 29.44% CAGR during the forecast period (2020–2026). Also, the rising awareness of modern agriculture methods, such as agribusiness, intensive farming, organic farming, precision agriculture, smart farming, and sustainable agriculture, defines vast opportunities.
Just like most industries, the agriculture robots industry was too hit by the COVID-19 outbreak. Many robotics component manufacturers and technology developers faced various problems ranging from obtaining raw materials and components required to develop agriculture robots and delivering end products to attracting workers from quarantines.
Major farmers, vertical & indoor farming operators, and farming organizations postponed developing and implementing agriculture robots. Also, considering opportunities in the healthcare sectors, robotics developers and sensor developers shifted their focus to medical robot applications. With the pandemic-driven lockdown, product prices spiked, and the demand lowered.
However, post lockdown limitations were relaxed, the agriculture robots market is regaining momentum. Innovative technology vendors have actively started finding new robotics application areas in monitoring and tracking environment and farming activities.
The rising global food demand drives the agriculture robots market. Besides, increasing applications of robotics in the agricultural sectors provide tremendous opportunities for market growth. Increasing demand to increase the grain and fruits & vegetable production substantiate the agriculture robots market growth. Also, decreasing arable land pushes the market demand, driving the vertical farming and indoor planting demand.
Additionally, the increasing demand for farm robots with 3D cameras that scan the collected data and analyze information fosters the market's growth, improving specific operations. The increasing adoption of agriculture robots for surveillance supports the market growth, giving rise to many opportunities. Moreover, the rising pressure to increase the profitability and sustainability of farmers globally increases the agriculture robots market size.
On the other hand, there are two crucial requirements in implementing agriculture robotics – systems integrators to make this technology work on the farm and connectivity on the farm to connect everything together. Lack of adequate bandwidth of internet connectivity and expertise required to implement robotics are major growth restraining factors challenging the agriculture robots market share. Also, high costs associated with the initial purchase and maintenance of these robots, alongside the lack of regulatory uniformity, pose significant challenges.
Agriculture robots resonate with the future farming, driving new business models and disrupting existing value chains. Robotics and automation are poised to have a major impact on the global agriculture industry. Advances in AI & machine vision and increasing investments into the field are creating numerous opportunities in the agriculture industry earlier considered as slow to digitize.
The coronavirus pandemic spiked the interest and investment in farm robotics and automation due to agricultural workers' shortages. AI technology is radically impacting agriculture with a move towards smart systems. Some key agriculture robots market trends include AI integration with robotics that give favorable outcomes such as improved efficiency, reduced environmental pollution, and enhanced crop productivity.
And the trend of nondestructive evaluation of agro-products by intelligent sensing techniques that provides readers timely updates in advances and progress of intelligent sensing techniques used for nondestructive evaluation of agro-products.
The agriculture robots market forecast is segmented into robot type, farm type, farm produce, application, and region.
The robot type segment is sub-segmented into UAV, milking robots, driverless tractors, automated harvesting systems, and others. Among these, the UAV segment is projected to dominate the market share during the review period, heading with its wide applications, small size, and affordability. Simultaneously, the milking robots segment would take the second position in terms of the overall type segment's valuation. Americas accounts for the largest market for milking robots globally.
The farm type segment is sub-segmented into indoor and outdoor farming. The outdoor segment is estimated to gain the largest market share. The most common outdoor farming robots are driverless tractors, fruit harvesters, and weeding robots.
The farm produce segment is sub-segmented into fruits & vegetables, field crops, dairy & livestock, and others. Among these, the field crops segment is estimated to account for the largest market share, witnessing large applications in auto-steering systems and autonomous robots.
The application segment is sub-segmented into field farming, harvest management, dairy & livestock management, irrigation management, inventory management, and others. Among these, field farming accounts for the largest application segment and is projected to hold the largest market share. On the other hand, the harvest management segment is estimated to grow at an impressive CAGR during the forecast period.
The regional segment is bifurcated into the Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), the Americas (Canada, Mexico, US, Rest-of-North America), and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), and Rest-of-the-World.
It is observed that Europe has been consistently dominating the global agriculture robots market and is estimated to maintain its market position in the coming years as well. Factors such as the increasing population and decreasing arable lands in this region drive the market growth, leading to higher adoption of agriculture robotics solutions.
Germany exhibited the highest growth in agriculture robots among the major European countries due to its vast technological advances. Additionally, the large presence of agriculture companies and robotics providers foster the region's agriculture robots market share.
North America holds the second-best position globally in terms of the agriculture robots market revenue. The increasing digitalization and automation in agriculture sectors and farming methods, such as vertical and indoor farming, influence the market growth.
Furthermore, the increasing uptake of modern farming techniques, such as smart farming, precision farming, and others, creates substantial agricultural robots market demand. Also, the high concentration of key industry players and the easy availability of proficient technical expertise in this region induce market expansion.
The Asia Pacific region is emerging as a profitable market in terms of the agriculture robots market value. Factors such as the growing population, rapidly depleting arable land & water sources, and shortage of farm laborers in the region boost the agriculture robots market size. Increasing demand for organic food and vast advancements in technologies and innovations are major agriculture robot market trends.
Moreover, improved Internet connectivity with high reliability in this region boosts the agriculture robots market revenues. China is a key revenue contributor to the regional market, witnessing the high adoption of robotics in farming. The APAC agriculture robots market is projected to record the highest growth during the review period.
The agriculture robots market would witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technologies integration. Leading industry players are making strategic investments in driving research and development activities and fostering their expansion plans.
For instance, on Jan.28, 2021, Tevel Aerobotics Technologies (Israel), a robotics platform that develops flying fruit-picking robots providing autonomous on-demand harvest, announced that it has raised US$20 million for its technology. This brings the company's total funding to US$33.9 million, which includes a US$2.5 MN grant from the Israel Innovation Authority.
Notable Players Operating In The Global Agriculture Robots Market Include:
- Trimble (US)
- Deere & Company (US)
- AGCO Corporation (US)
- DJI (China)
- DeLaval (Sweden)
- Boumatic Robotics (Netherlands)
- AgJunction Inc. (US)
- Lely (Netherlands)
- Topcon Positioning Systems, Inc. (US)
- Yanmar Co. (Japan)
- AgEagle Aerial Systems, Inc. (US)
Source: Global News Wire