Automation of any production system helps increase the quality and quantity of the yield. Agricultural field is no different, wherein different operational tasks such as seeding, capturing images, harvesting, spraying water, and milking among others can be swiftly done by the use of agriculture robots. As the demand for food surges to new peaks owing to growing population, and scarcity of affordable labor, the demand in the global agriculture robot market is escalating. According to a recent research study by Transparency Market Research (TMR), the global agriculture robots market had an opportunity of US$1.01 bn in 2016, which is estimated to reach a valuation of US$5.7 bn by the end of 2024. That is a glaring CAGR of 24.1% for the market during the forecast period of 2016 to 2024.
What factors are favoring the growth rate?
The striking growth rate projected by TMR report is a reflection of industrial progress of the recent past and growing personal income of the end-users. Owing to rapid urbanization, innovative methods of production are now readily adapted and incorporation of agriculture robots is being observed in several countries. The escalating pressure on governments to meet the food demand has prompted various subsidies and tax rebates for the players in agriculture robots, which is augmenting the demand. Moreover, urbanization has considerably reduced the land allotted for agriculture purposes across the globe, which makes it necessary to increase yield. This can be achieved by agriculture robots. The reduction in the use of chemicals owing to efficient performance these robots for weeding, pick-and-place, and spraying is another factor driving the growth rate.
Which segments of the market are most lucrative?
By type, the TMR report divides the global agriculture robots market into unmanned aerial vehicles (UAV), driverless tractors, milking robots, automated harvesting machine, and others. Currently, UAV is the most lucrative segment as they are comparatively less expensive than the driverless tractors. The report also credits the increased preference of precision agriculture for the increase in demand for UAV segment. By application, the market has been segmented into field farming, dairy management, indoor farming, horticulture, and others. The report notes that the need for fruit production is escalating at a robust pace, which will propel the segment of horticulture during the forecast period. Currently, field farming contributes the maximum demand in application segment of global agriculture robots market.
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How stiff is the competition in this market?
Global agriculture robots market makes for a diverse competitive landscape wherein each region has an independent dominant player. PrecisionHawk, Inc., Harvest Automations, Inc, and Clearpath Robotics led the North American region in 2015 while SenseFly SA and Naio Technologies dominated the European region. In the same year, Shibuya Seiki was the leader of the agriculture robots market in Asia Pacific.