Agriculture robots market projected to reach US$5.7 billion by 2024

January 20, 2017  - By

The agriculture robots market is projected to reach US$5.7 billion by 2024, according to a report by Transparency Market Research (TMR).

The diverse nature of the competitive landscape in the global agriculture robots market presents a number of prominent players for each of its key regions, TMR analysts said.

PrecisionHawk Inc., Clearpath Robotics and Harvest Automations Inc. were the leaders of the agriculture robots market in North America, while SenseFly SA and Naio Technologies led the market in Europe for 2015. At the time, Shibuya Seiki was the leading player in the agriculture robots market for Asia Pacific.

Also, a diverse array of names is appearing as emergent players in the global agriculture robots market within each region, denoting a strong scope of entry for advanced innovations and increased player competition.

Agriculture robots include UAVs, driverless tractors, automated harvesting machines and more.

According to the report, the global agriculture robots market was led by North America until 2015. It was considered to be the base for several of the stronger players in the market and the leading region in terms of technological development and rate of implementation.

In 2015, the global agriculture robots market was dominated by driverless tractors. This segment is likely to hold the leading share in the market in the immediate future, followed by automated harvesting machine. Driverless tractors are currently in very high demand due to factors such as their ability to automatically plough the field, and pick and place articles from one place to another at an extremely consistent rate.

By revenue, the global agriculture robots market is likely to reach US$1.01 billion by the end of 2016. Its revenue generation is expected to continue expanding at a CAGR of 24.1% within a forecast period from 2016 to 2024, and is expected to reach US$5.7 billion by the end of 2024.

agriculture-robots-market

Urban Migration Pushes Need for Agriculture Robots Globally

“The progress of regions and cultures has primarily driven a growing number of people towards the urban areas and the suburbs. The chance of industrial progress and growth in personal income are key factors attracting more and more people to the city life. This, in turn, has caused a twofold need for the incorporation of agriculture robots in several countries,” said a TMR analyst.

“Firstly, the growing global population — a lot of it being urban — is pressuring countries to increase food production while steadily reducing the hands available for the agriculture industry. Secondly, the overall land slotted for agriculture in nearly all countries is reducing, thanks to the burgeoning industrial sector and residential construction projects. This is creating an additional layer of demand for agriculture robots as they are as close as the industry can get to precision farming,” said the analyst.

Other factors driving the global agriculture robots market include the reduction in the use of chemicals through the efficient performance of jobs such as weeding, spraying, and pick-and-place, and the increasingly accepted modes of corporate farming.

Functionality Still Limited for Multiple Robotic Farming Aspects

It is currently not feasible to aim for constructing robots that are capable of performing multiple functions that constitute running a farm. Between crop management, irrigation, and even livestock rearing, the design of robotic programs and functions can be utterly difficult to accomplish.

This results in the requirement of multiple robot types in a single farm in order to completely automate the process, which is a serious financial burden to consider. The scope of utility in the global agriculture robots market is thus limiting the overall customer pool, which is already thinned out by the heavy investments required in installation and maintenance of single function robots.

“Future opportunities in the global agriculture robots market lie in the adoption of telematics sensors to reduce the complications that are caused by tractor failure and other functions, the use of crop sensors to increase the precision of pesticide use and gauge overall crop health, and the use of robotic farm swarms,” said the analyst.

The information presented in this review is based on a Transparency Market Research report, titled, “Agriculture Robots Market (Products — UAV, Driverless Tractors, Milking Robots and Automated Harvesting Machines; Applications — Field Farming, Dairy Management, Indoor Farming and Horticulture) — Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2024.”

A PDF research brochure of this report is available.

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