PUBLISHER: The Business Research Company | PRODUCT CODE: 1425196
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425196
Agriculture Robots Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on agriculture robots market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for agriculture robots? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The agriculture robots market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.
Agricultural robots are robotic systems designed to enhance various agricultural processes by automating labor-intensive or time-consuming tasks, ultimately making farming operations more efficient, quicker, and productive.
The primary types of agricultural robots include milking robots, unmanned aerial vehicles (UAVs) or drones, automated harvesting systems, and driverless tractors, among others. Milking robots automate the entire milking process by employing a combination of manual and mechanical systems to milk and manage cows. These robots offer a range of solutions, including hardware, software, and services, applied to the cultivation of fruits and vegetables, field crops, dairy and livestock, both in indoor and outdoor farming environments. They find application in harvest management, field farming, dairy and livestock management, soil and irrigation management, and various other agricultural tasks.
The agriculture robots market research report is one of a series of new reports from The Business Research Company that provides agriculture robots market statistics, including agriculture robots industry global market size, regional shares, competitors with agriculture robots market share, detailed agriculture robots market segments, market trends, and opportunities, and any further data you may need to thrive in the agriculture robots industry. This agriculture robots market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The agriculture robots market size has grown exponentially in recent years. It will grow from $6.71 billion in 2023 to $8.37 billion in 2024 at a compound annual growth rate (CAGR) of 24.7%. The growth observed in the historical period can be attributed to several factors, including labor shortages, the adoption of precision agriculture practices, increasing labor costs, the demand for higher yields, and the influence of government subsidies and incentives.
The agriculture robots market size is expected to see exponential growth in the next few years. It will grow to $19.45 billion in 2028 at a compound annual growth rate (CAGR) of 23.5%. The anticipated growth in the forecast period can be attributed to factors such as the emergence of Robotics-as-a-Service (RaaS), sustainability mandates, global population growth, a heightened focus on environmental monitoring, and increased attention to urban agriculture. Major trends expected in the forecast period encompass the integration of robotics in autonomous tractors, the use of robots for weeding operations, the development of modular and customizable robotic systems, innovations in robotic soil management, and the introduction of robotic harvesting solutions.
The upward trajectory of the agriculture robots market is significantly driven by the increasing adoption of automation technology. This technology streamlines processes with minimal human intervention, employing programmed commands and automatic feedback for precise execution. In agriculture, automation serves to enhance farm management technologies, optimizing day-to-day tasks and bolstering crop and livestock production. Its application in dairy farms focuses on enhancing profitability, animal welfare, lifestyle, and milk quality by leveraging robots for milking, cattle health monitoring, labor-intensive tasks like feeding, and more. Notably, Formstack, a US-based software company, reported in May 2023 that 76% of organizations implement automation for daily workflows, with 58% utilizing it for data and reporting automation for planning purposes, while 36% use it for regulatory compliance. This surge in automation adoption significantly fuels the growth of the agriculture robots market.
The burgeoning expenses associated with labor are poised to drive the expansion of the agriculture robots market. Labor costs encompass the total expenditures incurred by organizations in compensating their workforce. Agriculture robots offer a solution to mitigate these costs by automating repetitive tasks such as planting, weeding, and harvesting with heightened precision and efficiency, thereby reducing reliance on manual labor. Notably, according to the United States Department of Agriculture's August 2023 report, the average hourly wage for agricultural managers surged to $27.57 in 2022, marking a notable 7.9% increase from 2021. This substantial rise in labor costs significantly contributes to the escalating growth of the agriculture robots market.
Technological advancement stands out as a pivotal trend driving traction within the agriculture robot market. Key market players focus extensively on research and development to advance product offerings and sustain their competitive edge. A compelling illustration is Future Acres, a US-based company specializing in autonomous harvesting machines, which introduced Carry in February 2021. Carry, an AI-based crop-transporting robot, collaborates with human workers in delicately transporting hand-picked crops at grape farms, alleviating the physical strain of manual transportation. Capable of transporting up to 500 lbs across all terrains and weather conditions, Carry has notably increased production efficiency by 30% in fields, underscoring the transformative impact of technological advancements within the agriculture robot domain.
Prominent players within the agriculture robots sphere are spearheading innovative technological advancements, exemplified by Solix, an autonomous crop monitoring robot designed to deliver dependable services to customers. Launched by Solinftec, a Brazil-based ag-tech company in May 2022, Solix represents a cutting-edge solution that meticulously monitors crops plant-by-plant, striking a balance between efficiency and productivity. Its primary objective is to offer real-time insights into fields. Solix operates on solar power and incorporates lithium-ion batteries for energy storage. Equipped with onboard cameras, sensors, and AI technology, the robot diligently monitors plant health, detects insect damage, and identifies field alterations, underscoring a significant leap in precision agriculture.
In a strategic move in September 2021, AGCO Corporation, a leading US-based manufacturer and distributor of agricultural machinery and precision ag technology, undertook the acquisition of Farm Robotics and Automation S.L. (Faromatics), marking a pivotal undisclosed investment. AGCO Corporation's intent behind this acquisition is to fortify its suite of smart farming solutions and expedite innovations in farm technology, ultimately enabling customers to achieve heightened profitability while enhancing animal welfare. Faromatics, a Spain-based company specializing in smart robotics for livestock farms, stands as a strategic addition to AGCO Corporation's vision of bolstering its offerings and catalyzing advancements in agricultural technology for the benefit of its clientele.
Major companies operating in the agriculture robots market report are Deere & Company, SZ DJI Technology Co Ltd., AGCO Corporation, DeLaval, Trimble Inc., BouMatic Robotics BV, Lely Industries NV, AgJunction Inc., AgEagle Aerial Systems Inc., Yanmar Co Ltd., Agribotix LLC, Harvest Automation Inc., Topcon Positioning Systems Inc., GEA Group AG, Ag Leader Technology, Deepfield Robotics, Autonomous Tractor Corporation, Clearpath Robotics Inc., Agrobot, Naio Technologies, PrecisionHawk Inc., CNH Industrial NV, Harvest CROO Robotics LLC, Robotics Plus Limited, Ecorobotix SA, AutoCopter Corp., Autonomous Solutions Inc., Kubota Corporation, DroneDeploy Inc., FFRobotics Ltd., Fullwood Packo, Octinion BV, Dot Technology Corp., SwarmFarm Robotics, Fendt, Robotina, Soft Robotics Inc.
North America was the largest region in the agriculture robots market in 2023. Europe is expected to be the fastest-growing region in the global agriculture robots market during the forecast period. The regions covered in the agriculture robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the agriculture robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The agriculture robots market consists of revenues earned by entities by providing GPS agriculture, satellite imagery, farming software, online data and merging datasets services. The market value includes the value of related goods sold by the service provider or included within the service offering. The agriculture robots market also includes sales of fixed-wing drones, rotary blade drones, hybrid drones, SCARA (selective compliance assembly robot arm) robots, crop-harvesting robots, and weeding robots which are used in providing agriculture robots services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.