The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Global agricultural robots market is projected to witness a compound annual growth rate of 18.46% during the forecast period to reach a total market size of US$17.614 billion by 2023, increasing from US$6.374 billion in 2017. The growing strain on global food supply owing to increasing population coupled with the rapid urbanization of society is driving the need for agricultural robots to enhance the productivity and efficiency of farms. As a result, advanced and innovative robots are being developed for agricultural activities, hence augmenting the agricultural robot market growth. Moreover, government support and initiatives towards modern technology adoption in the agricultural sector are further contributing significantly to the expansion of this market. However, the high cost of machinery restraints its market growth. Rapidly developing countries like China and South Korea are creating numerous opportunities for vendors, as these countries have a higher rate of adoption for such technologies.
By type, Unnamed aerial vehicle (UAV) is expected to grow at a high rate over the projected period owing to continuous product innovations in this category. Moreover, UAV is comparatively less expensive than a driverless vehicle which further boosts its demand and thereby propelling the segment growth.
Geographically, Americas accounted for the largest market share in 2017 and is expected to grow at a moderate rate. The high rate of technology adoption, especially in the United States is a major contributing factor for this market size. The presence of many leading players within the region coupled with increasing industrialization of farming equipment further contributes to this growth. However, APAC region is expected to grow at a high rate over the projected period owing to the growing investments in the robotics industry, especially in China, Japan, and South Korea. Moreover, advancement in farming practices and rising adoption of new technologies enhance the potential of this region’s market.
The global agricultural robot market is comprised of a moderate number of players and the high initial investment involved along with prior technical knowledge restraints the entry of new players, especially SMEs. The major players discussed in the report include Vision Robotics Corporation, Harvest Automation, AG Eagle LLC, Lely Holding, Boumatic Robotics, Agribotix LLC, and Agco Corporation. New launch and product line expansion is one of the major strategies adopted by these companies to be ahead in the competition. Organizations are constantly trying to focus on differentiating their products in terms of cost, quality, and offerings while enhancing their market share.
Agricultural robot market has been segmented by type, application, and geography.
Unmanned Aerial Vehicles (UAV)
Automated Harvest System
Dairy Farm Management
Europe Middle East and Africa