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Agriculture Robots Market – Expanding at a CAGR of 24.1% from 2016 to 2024

Monday, February 13, 2017 11:21
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Global Agriculture Robots Market: Snapshots

The rising demand for agriculture robots on a global scale is attributed to the staggering rate of growth in the world population and a relative reduction in the average available agriculture workforce. This is a direct consequence of an increase in urban migration. Agriculture robots are expected to replace human labor and can thus help overcome the scarcity of physical labor. These robots bring with them advantages such as constant work rates under a diverse array of harsh environmental conditions, a reduction in the use of chemicals and pesticides applied to crops, and the heavily sought-after concept of precision agriculture.

However, the global agriculture robots market is being restrained by the very high investments required for installing and maintaining robots. The use of technologies such as integrated high definition cameras and obstacle sensors, along with the incoming wave of increasing advanced tech are drastically increasing the cost of each unit within the global agriculture robots market in terms of both purchasing them as well as maintaining them, further deterring several local farmers from incorporating agriculture robots into their farmlands. The global agriculture robots market’s revenue had reached US$830.0 mn in 2015, and is projected to reach US$5.70 bn by 2024, after expanding at a CAGR of 24.1% from 2016 to 2024.

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North America Likely to Continue Leading Global Agriculture Robots Market

Regionally, the global agriculture robots market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. In 2015, North America led the global agriculture robots market in terms of revenue generation. The U.S. was a key contributors to the lead held by North America and is expected to continue doing that over the coming years.

Asia Pacific, on the other hand, is showing a much faster rate of growth in the global agriculture robots market. This region ranked third in terms of market share hold in the global agriculture robots market for 2015 and was already making a fair contribution to the overall revenue generated in the global scenario. China and Japan have been the chief contributors in the Asia Pacific region due to a high rate of adoption of agriculture robots as well as capable players that are putting forth a consistent rate of development and product innovation. The use of agriculture robots in dairy management and horticulture are expected to be significant contributors towards the growth of Asia Pacific in this market from 2016 to 2024. Automated harvesting machine and driverless tractors are extensively used in Asia-pacific region.

Driverless Tractors Assume Lead Among Agriculture Robot Types

The global agriculture robots market is segmented on the basis of types, into agriculture UAVs, driverless tractors, milking robots, and automated harvesting machines. Other minority segments include seeding robots, mowing robots and pruning robots. For 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, pick and place articles from one place to another at an extremely consistent rate.

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