While the high initial investment cost of autonomous agriculture equipment may hamper the demand for this technology in the short term, it is expected that the cost of the technology will decrease over time as adoption increases.
FREMONT, Calif., April 7, 2023 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Autonomous Agriculture Equipment Market - A Global and Regional Analysis.
According to this study, the global autonomous agriculture equipment market was valued at $10.71 billion in 2022 and is projected to reach $28.54 billion by 2027.
The following factors are responsible for the increase in demand for autonomous agriculture equipment:
- Growing need for automation in agriculture
- Increasing focus on sustainability
- High efficiency and productivity
- Improved safety on the field
- Lack of awareness and shortage of skilled labor and training
- Increasing demand from co-operative farmers
The detailed study is a compilation of 255 market data tables and 40 figures spread across 340 pages.
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Analyst's Take on the Market Projection
According to Debraj Chakraborty, Principal Analyst, BIS Research, "The development of sensors, GPS, machine learning, and other technologies has made it possible to create machines that can operate autonomously, even in complex environments like farms. In addition, the cost of autonomous agriculture equipment is expected to decrease over time, making it more accessible to farmers of all sizes. This is expected to lead to wider adoption of these technologies. Therefore, the market for autonomous agriculture equipment is expected to continue growing rapidly in the coming years as more and more farmers recognize the benefits of these technologies."
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Spraying Automation Application to Witness the Highest Growth During Forecast Period
According to the research conducted by BIS Research, the spraying segment is expected to register a higher growth rate between 2022 and 2027. This is mainly due to the rise in the need for more efficient and targeted use of chemicals, the desire to reduce costs and increase profitability, concerns about worker safety and environmental impact, and increased emphasis on crop health and yield management.
Major Industry Leaders in the Autonomous Agriculture Equipment Market
The companies profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are AGCO Corporation, Naïo Technologies, CLAAS KGaA mbH, DJI, CNH Industrial N.V., Parrot Drone SAS, AgEagle Aerial Systems Inc., Deere & Company, YANMAR HOLDINGS Co., Ltd., YTO GROUP CORPORATION, Autonomous Tractor Corporation, Mahindra & Mahindra Ltd., Kubota Corporation, Delair, Hexagon Agriculture, and more.
Recent Developments in the Global Autonomous Agriculture Equipment Market
- In December 2022, CNH Industrial NV introduced new driverless tillage and driver-assist harvest solutions under the brand names of CASE IH and New Holland. This strategy enhanced the product portfolio of the company in the market.
- In June 2022, AgXeed launched a new four-wheeled 75hp autonomous tractor. This new product, named Agbot 2,055W4, is specifically suited for seed-bed preparation, sowing, and mechanical weeding.
- In January 2022, in an announcement, Deere & Company revealed a fully autonomous tractor ready for large-scale production. Deere's 8R tractor combines a TruSet-enabled chisel plow, GPS guidance system, and new advanced technologies.
- In May 2022, the acquisition of JCA Industries, Inc. by AGCO Corporation hastened the delivery of autonomous systems and machine automation by AGCO Corporation, which increased farmer productivity. With the goal of converting existing machines into autonomous ones, this acquisition assisted AGCO Corporation in becoming the undisputed market leader in the retrofit machinery sector.
Want to Learn More about the Latest Trends in AgriTech? Speak to Our Analysts
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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