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The
competition among players is expected to intensify in the coming
years. With the advent of specific farming needs in a number of
emerging and advanced economies, the agriculture robots market is
expected to witness the entry of new players with cutting-edge data
technology solutions for automated machines. The global agriculture
robots market estimated valuation was US$1.01 bn at the end of 2016,
in terms of revenue. Expanding at an impressive CAGR of 24.1% from
2016 to 2024, the market is projected to reach US$5.7 bn by the end
of forecast period.
Regionally,
the global agriculture robots market was led by North America till
2015. The dominance of the regional market was attributed to a number
of early adopters and the rapid pace of technological development in
farming. Meanwhile emerging regional markets such as as that of Asia
Pacific is predicted to grow at a substantial CAGR during the
forecast period. The major application segments of the agriculture
robots market comprise field farming, dairy management,
indoor farming, and horticulture. Of these, the adoption of
agriculture robots in dairy farming and horticulture is anticipated
to boost major regional markets.
Dwindling
Workforce in Urban Farming to Bolster Demand
World
over, the rapidly rising demand for food is intensifying the need for
improving farm productivity on the existing agriculture lands by
boosting yield and enhancing productivity. The almost stagnant
increase in the agriculture lands available in several countries has
mounted pressures on the agriculture sector to maintain a constant
food supply of food for a burgeoning population. In addition, the
need for supporting a dwindling farming workforce in several urban
areas across economies has propelled the demand for agriculture
robots.
In a
number of developed economies, such as the U.S., a shifting
demographics has led to fewer chunk of younger population in farming.
This has negatively affected the agriculture sector, catalyzing the
demand for automation and robotics solutions in these regions. The
need for reducing the use of chemicals by optimizing jobs such as
spraying, pick-and-place, and weeding has propelled the demand for
agriculture robots. Furthermore, the decline in available workforce
for potentially dangerous farming jobs, particularly weeding lettuce,
has bolstered the uptake of agriculture robots to complement human
labor in these areas.
The
accelerating demand for automation to routine farming tasks to make
them more productive and curtailing investment in buying expensive
machinery are crucial factors boosting the market. This has also led
to the demand for agriculture robots, such as driverless tractors,
for a variety of specialized tasks including grapevine pruning,
strawberry picking, and cow-milking.
Rising
Adoption of Telematics Sensors Open up Promising Market Opportunities
However,
the high investment required in installing agriculture robots and the
exorbitant cost of their maintenance and upkeep is a crucial factor
likely to hinder the market to an extent. Coupled with this, the
integration of these robots with advanced sensor technologies has
amplified the cost, thereby limiting their uptake among farmers in
cost-sensitive nations. Be that as it may, the growing popularity of
farm-bots in precision agriculture to improve harvest in commercial
as well as residential farming is expected to accentuate the global
market. There is rising adoption of agriculture robots in regulating
the pesticide use and ascertaining the overall health of crops.
The
growing adoption of telematics sensors has boosted the functional
performance of driverless tractors, thereby making them more useful
and employable among farmers, especially in developed economies. This
is predicted to open lucrative growth avenues for several market
players to capitalize on in the forthcoming years.
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