CHICAGO, July 13, 2020 /PRNewswire/ -- According to the new market research report "Agricultural Robots Market with COVID-19 Impact Analysis by Offering Type (UAVs, Milking Robots, Driverless Tractors, Automated Harvesting Systems), Farming Environment, Farm Produce, Application (Harvest Management, Field Farming), Geography - Global Forecast to 2025", published by MarketsandMarkets, the Agricultural Robots Market is projected to grow from USD 4.6 billion in 2020 to USD 20.3 billion by 2025; it is expected to grow at a CAGR of 34.5 % during the forecast period. Owing to COVID-19, the agricultural robots market is estimated to decline by ~8 % for 2019-2020. Growing agricultural automation owing to a decline in the number of skilled labor (as indicated by the growing median age of farmers) and increasing affordability of IoT and GPS technologies is driving the growth of the market. The decrease in the number of young farmers entering the agricultural sector and the rise in minimum wages of farmers is also driving the growth of the agricultural robots market. The advent of low-cost IoT devices is enabling companies to offer various agricultural software and analytics services to their customers. The use of multi-modal systems for coordination among various hardware such as unmanned aerial vehicles (UAVs), autonomous tractors, and other automated farm equipment through a centralized management software acts as a growth opportunity for agricultural robots market.
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The driverless tractors segment of the agricultural robots market is projected to grow at the highest CAGR during the forecast period.
Driverless tractors are quickly taking over farms for spraying, planting, plowing, and weeding crops. Industry leaders such as Deere & Company (US) and CNH Industrial NV (UK), as well as startups such as Autonomous Tractor Corporation (US), are fueling both the development and the production of driverless tractors. Rising minimum wages of farmers and reducing costs for self-driving technologies through developments in the automotive industry are expected to fuel the growth of the agricultural robots market worldwide. Driverless tractors are already being field-tested in countries such as the US and Japan. Even emerging economies such as India are using driverless tractors. Thus, the growing adoption of driverless tractors in agricultural fields is expected to fuel the growth of the driverless tractors segment of the market.
The hardware segment is projected to dominate the agricultural robotics market from 2020 to 2025.
Although the number of emerging agricultural software and services is increasing at a rapid pace, the agricultural hardware is still expected to dominate the agricultural robotics market. Increasing affordability of auto-steering systems and improving GPS accuracy have enabled tractors and other agricultural ground vehicles to operate autonomously. Swarm vehicles are set to replace heavy tractors in the future to minimize soil damages. Agricultural drones are increasingly being used by farmers due to their effective utility and high affordability in crop monitoring and spraying applications. The deployment of IoT devices and sensors in farms is also contributing to the overall growth of the hardware segment of the market.
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The Americas is estimated to hold the largest share of the agricultural robots market in 2025.
The Americas is expected to hold the largest share of the agricultural robots market in 2020. The market in the region is also projected to account for the largest share of the market in 2025. The US is set to be the largest contributor to the agricultural robots market in the Americas. The country has vast stretches of farmlands such as the Corn Belt, and the large agricultural hubs in states such as California. The US is also home to several key companies developing autonomous agricultural technologies such as Deere & Company, Trimble, and Harvest CROO. Canada and Mexico are also expected to follow agricultural practices used in the US, thereby leading to the growth of the agricultural robots market in the Americas.
Major vendors in the agricultural robots market include Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), DJI (China), Boumatic (Netherlands), Lely (Netherlands), DeLaval (Sweden), Topcon (US), and AgEagle Aerial Systems (US). Apart from these, Abundant Robotics (US) and Iron Ox (US) are among a few emerging companies in the agricultural robots market.
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