The autonomous farm equipment market is projected to expand considerably by 2027 on account of the increasing integration of technologically advanced equipment into conventional farming. In addition, the growing adoption of precision farming across key regions is estimated to foster market expansion over the forecast period.
The adoption of autonomous farm equipment has been shown to offer several benefits, including improving food security, managing labor shortages, minimizing the impact of agriculture on the environment, increasing efficiency, and producing greater yield. The advent of AI-controlled autonomous farm equipment has revolutionized farming by providing customized solutions to individual crops, which has fueled industry uptake in recent years.
To monetize emerging trends in the market, industry players have been employing lucrative strategies, which has favorably impacted the overall business landscape. For instance, in December 2021, AGCO, a prominent manufacturer of agricultural machinery, announced the acquisition of Appareo Systems, LLC, a leading electronic manufacturing, hardware development, and software engineering company. The deal enabled AGCO to enhance its manufacturing and engineering capabilities by leveraging Appareo’s expertise in designing innovative electronics.
To cite another instance, in May 2021, Ecorobotix, a key provider of innovative farming machines, launched its novel robotic weeder, dubbed ARA, in partnership with Tereos, a major supplier of agriculture raw materials. The ARA is equipped with a 6-meter wide folding boom, which is attached to the tractor, and three high definition cameras that detect weeds using a recognition algorithm.
Furthermore, in December 2021, Bobcat Company, a U.S.-based farm and construction equipment manufacturer, launched its latest telehandler, dubbed TL619 telehandler, which has been designed to perform demanding tasks with utmost precision.
The autonomous farm equipment market has been segmented on the basis of product, operation, and region.
In terms of product, the market has further been bifurcated into UGVs, tractors, UAVs, and harvesters. The UGVs sub-segment is expected to exhibit solid growth over the forecast period owing to the introduction of new technology with advanced features.
From the regional point of view, the Asia Pacific autonomous farm equipment market is speculated to attain a substantial valuation by 2027 on account of growing focus on addressing the issue of aging among farmers in the region.
The Middle East & Africa autonomous farm equipment market is projected to develop at a robust pace through the analysis timeline. Increasing government support to promote the adoption of autonomous farm equipment in the MEA is likely to drive regional market growth in the next few years.