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The SNS Insider report forecasts the Agriculture Robots Market Size to reach USD 76.4 Billion by 2031, growing at a CAGR of 23.8% over the period 2024-2031. This growth is attributed to the rising demand for food due to population increase, Integrated with a global shortage of agricultural labour. Farmers are increasingly turning to automation to bridge this gap and ensure efficient food production.
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Some of the Major Key Players:
- DeLaval
- GEA Group
- Autonomous Tractor Corporation, AGCO
- Lely
- Autonomous Solutions Inc.
- Harvest Automation
- John Deere
- Clearpath Robotics
- Deepfield Robotics
Growing Demand for Agricultural Robots
The agricultural robot’s market is experiencing significant growth due to Various factors such as increasing global population and growing demand for food and a shortage of Labor.
Agricultural robots are helping to increasing productivity and minimizing dependence on manual labour. Agricultural robots can perform various tasks such as planting, weeding, harvesting, and monitoring of crops, result to reduce the time and resources for other aspects of their operations. The governments worldwide are promoting automation in agriculture through subsidies and initiatives. This is increasing awareness about agricultural robots among farmers and encouraging their adoption. Additionally, advancements in technologies like AI and machine learning are making agricultural robots more sophisticated and capable, further fuelling market growth. The agricultural Robots market faces some challenges such as the high capital investment in initial stage of agricultural robots and limited awareness among the farmers.
Kubota Exhibits New Autonomous Tractor at Agritechnica 2023
A recent development in the market is Kubota’s unveiling of its new MR 1000A Agri Robo KVT at Agritechnica 2023. This autonomous tractor can be operated manually, remotely, or autonomously, allowing farmers greater flexibility and efficiency in their operations. This highlights the trend towards increasingly sophisticated agricultural robots capable of performing complex tasks with minimal human intervention.
October 2023: Deere & Company and Avri Technologies announce a collaboration to develop and commercialize autonomous agricultural equipment. This partnership leverages Deere’s expertise in agricultural machinery with Avri’s self-driving technology for enhanced automation solutions.
September 2023: Autonomous tractor manufacturer, Olli Robotics, raises $20 million in Series A funding. This funding signifies investor confidence in the potential of autonomous tractors and will likely accelerate Olli’s development efforts.
August 2023: Bosch launches its new deep learning framework for agricultural robots. This framework allows robots to better recognize and classify objects in fields, leading to improved performance in tasks like weed control and selective crop harvesting.
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Segment Analysis
By Offering
The Hardware segment currently holds the largest market share of more than 51%, due to the essential role of physical components Such as motors and sensors in robot functionality. The software segment is expected to witness the fastest growth due to advancements in AI and machine learning, which are revolutionizing robot capabilities.
- Hardware
- Software
- Service
By application, Field farming is expected to remain the dominant segment, while harvest management is projected to achieve the second fastest CAGR. Agricultural robots are transforming harvest practices by offering efficient, precise methods for maximizing yields and minimizing losses.
- Field Farming
- Harvest Management
- Soil Management
- Dairy Management
- Others
By Farming Environment
- Indoor
- Outdoor
By Type
- Milking Robots
- Unmanned Aerial Vehicles (UAVs) Drones
- Driverless Tractors
- Automated Harvesting System
- Others
Impact of Global Events
The Russia-Ukraine war has disrupted global supply chains and Result in increasing fertilizer and fuel prices. This could impact the adoption of agricultural robots, as farmers may face budget challenges. In the long run, the war may also emphasize the need for automation and self-sufficiency in food production, potentially driving demand for agricultural robots in the future.
An economic slowdown the farmers may be a fear to make large investments in new technologies. The long-term benefits of agricultural robots, such as increased efficiency and reduced labour costs, are expected to maintain market in future.
Key Regional Developments
North America currently holds the largest market share of more than 35%, due to factors Such as vast expanses of farmland and a strong ecosystem of technology companies and research institutions focused on agriculture. The Asia Pacific region is expected to witness the fastest growth due to factors like a growing population, government support for automation, and a diverse agricultural landscape.
Key Takeaways for the Agriculture Robots Market Study
The SNS Insider report on the agricultural robot’s market offers a comprehensive analysis of the market’s current state and future potential.
The report identifies rising food demand, lab or shortages, and technological advancements as the key drivers propelling market growth.
The report acknowledges challenges Such as high initial investment costs but emphasizes the long-term benefits of increased efficiency and productivity that will outweigh these hurdles.
The report provides valuable insights into dominant and emerging segments within the market, along with regional trends and the impact of global events.
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