Increasing Global Population And The Resultant Need For Food Security To Drive The Global Agricultural Robot Market

  • Analysis
  • 28-June-2017

The agricultural robots market is expected to grow from USD 1.3 billion in 2016 to USD 4.6 billion by 2023, showing a CAGR of around 23.8% between 2017 and 2023, according to a new report by An agricultural robot is a robot which is being used for agricultural purposes. The report covers how agricultural robot market and innovations in technology will change the business of agriculture, enabling ultra-precision farming and helping address key global challenges.

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Global population growth, declining availability of farm workers, changing farmlands, changing climate, increasing pressure on the food supply, the difficulties of farm labour, the cost of farm workers, the growth of indoor farming and the automation of the agriculture industry are the major factors which increases the demand for agricultural robots market. In addition, the growing attention on farm productivity and efficiency and increasing global demand for food are some of the important drivers that are pushing the agricultural robots market uphill. Moreover the agriculture robots are anticipated to replace human labour and thus help to overcome the shortage of physical labour. Constant work rates, reduction in the use of chemicals and pesticides applied to crops, and concept of precision agriculture are the main advantages offered by agricultural robot which is further boosting the demand for this market. Through agricultural robots, markets across the world are able to possess high growth as these are used in farming, food production, milking and animal control.
Product Insights
On the basis of product, the market is segmented into unmanned aerial vehicle (UAV), driverless tractor, milking robots, and materials management. Among the aforementioned segments, the UAV product segment is expected to hold high market share over the next three years. Also the milking robots segment captured the market in terms of revenue. The driverless tractor product segment, on the other hand, is expected to have significant growth owing to the increased industrialization of the agriculture sector.

Application Insights
Based on application, the industry is segmented into dairy management, animal management, field farming, soil management, and crop management. Among all of these, the dairy management segment captured the market in terms of revenue in 2015. The soil management segment is expected to observe highest growth rate over the projected period.
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Regional Insights
Regionally, the global agriculture robots market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Among all of these, North America has become one of the most influential markets in terms of revenue generation due to the high adaptability of consumers for the advanced technology. The largest share of the agriculture robot market was held by the Americas in 2016 owing to the increased industrialization of farming equipment with the need for improved efficiency and productivity to meet the global demand for food. Asia Pacific ranked third in terms of holding the market share in the global agriculture robots market for 2015. The chief contributors in the Asia Pacific region are China and Japan owing to high rate of adoption of agriculture robots.

Some of the major companies operating in the global agriculture robots market include Agribotix LLC (U.S.), AGCO Corporation (U.S.), Autonomous Solutions, Inc. (U.S.), and BouMatic Robotics B.V. (Netherlands). 
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