Global Agriculture Robots Market Report, published by Variant Market Research, forecast that the global market is expected to reach $5,214 million by 2024 from $968 million in 2016; growing at a CAGR of 23.4% from 2016 to 2024. By geography, Asia Pacific and rest of the world (RoW) are expected to grow at a CAGR of 24.7% and 24.1%, respectively, during the forecast period.
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Population explosion has led to shortage of food worldwide. This have added additional pressure on farmers to increase grain production in a limited time. These factors are driving the growth of the agriculture robots market. Moreover, high labor cost and dearth of availability of skilled labors are also projected to fuel the market growth.
The global agriculture robots market has been segmented on the basis of type and application. The segmentations by type include, UAV, driverless tractor, milking robots, and machines. Driverless tractor and machines accounted for the market share of 32.4% and 26.5% respectively, in 2016. The growth is driven by numerous benefits of driverless tractor and machines such as minimization the labor cost.
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UAV, driverless tractor, milking robots and machines, and others are the major types of agriculture robots. Moreover, agriculture robots market is further classified into field farming, dairy management, indoor farming, and horticulture. Among all the applications segments, field farming accounted for the largest market share of 37.3%, in the year 2016.
The maximum revenue was generated by North America. The region accounted for the market share of 26.8% in the year of 2016. The growth is attributed to increased adoption of agriculture robots in the U.S. and Canada.Asia-Pacific is expected to grow at the fastest CAGR during the forecast period, driven by rising population and huge demand of robots for high yield crop cultivation.
Major market players in agriculture robots market include, AGCO Corporation, Agribotix LLC., Harvest Automation, AutoProbe Technologies LLC, Deere & Company, Inc., Naio Technology, GEA Group, KC Drone Co., MafRodaAgrobotics and BouMatic Robotics BV, among others.
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