Global Agricultural Robots Market to Reach US$ 10.1 Billion by 2024: IMARC Group

Global Agricultural Robots Market to Reach US$ 10.1 Billion by 2024: IMARC Group

“Global Agricultural Robots Market Spurred by Development of Collaborative Robots – IMARC Group”
The global agricultural robots market has witnessed robust growth over the past few years. This can be attributed to ongoing research and development to introduce agricultural robots with enhanced capabilities.

According to the latest report by IMARC Group, titled “Agricultural Robots Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global agricultural robots market size reached US$ 4.1 Billion in 2018. Agricultural robots, or agribots, refer to autonomous machines that help in minimizing the dependence on manual labor and improving the overall production yield. The agriculture sector has been facing challenges such as rising input costs and lack of water resources, skilled workers and crop monitoring. To overcome these problems, robotics technology is being deployed to advance the production capabilities of farmers. Various governments are also offering subsidies and undertaking initiatives to create awareness about automated technologies among farmers. These technologies help in performing numerous functions such as field mapping, harvesting, monitoring, irrigation and various dairy farming activities.

Market Trends:

Owing to the rising population, and the consequent increase in food demand, the leading artificial intelligence (AI) companies are developing robots that are capable of handling multiple agricultural tasks at a much faster pace than human workers. Apart from this, many organizations are supporting fundamental research in the field of computing and engineering to enable advancements in robotics. For instance, the US Department of Agriculture’s (USDA) National Institute of Food and Agriculture (NIFA) has announced the joint National Robotics Initiative for the development of collaborative robots that will help in the long-term prosperity of agriculture in the country. Another emerging trend in the market is the introduction of swarm robots which can help in sowing, tilling and harvesting in future farms. These robots can also fertilize, weed and aid in controlling pests and diseases by collecting valuable data. Looking forward, the market size is projected to reach US$ 10.1 Billion by 2024, growing at a CAGR of around 16% during 2019-2024.

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Market Segmentation:

Market Breakup by Product Type

1. Unmanned Aerial Vehicles (UAVs)/Drones
2. Milking Robots
3. Automated Harvesting Systems
4. Driverless Tractors
5. Others

Based on the product type, the market has been segregated into Unmanned Aerial Vehicles (UAVs)/drones, milking robots, automated harvesting systems, driverless tractors and others. Amongst these, milking robots are the most popular type of agricultural robots.

Market Breakup by Application

1. Field Farming
2. Dairy Farm Management
3. Animal Management
4. Soil Management
5. Crop Management
6. Others

On the basis of the application, crop management represents the largest segment, accounting for the majority of the global market share. Other major applications are dairy farm management, animal management, field management and soil management.

Browse full report on global agricultural robots market with Table of Contents:

Market Breakup by Offering

1. Hardware
2. Software
3. Services

The market has been categorized based on the offering as hardware, software and services. Currently, hardware dominates the market, holding the largest market share.

Market Breakup by Region

1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. Latin America

Region-wise, North America enjoys the leading position in the market. The other major markets include Asia Pacific, Europe, Middle East and Africa, and Latin America.

Competitive Landscape

The competitive landscape of the market has also been examined with some of the key players being Deere & Company, Trimble Inc., Agco Corporation, Lely Holding S.À.R.L, AG Eagle LLC, Agribotix LLC, Agrobot, Harvest Automation, Naio Technologies, Precision Hawk, IBM, Agjunction, Inc., DJI, Boumatic Robotics, B.V., AG Leader Technology, Topcon Positioning Systems, Inc., Autocopter Corp, Auroras S.R.L., Grownetics Inc. and Autonomous Tractor Corporation.

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