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Riding the Robotics Wave: Agriculture Market Worth $23.9 Billion by 2030

user image 2024-09-27
By: Deeya5220
Posted in: Agriculture

Introduction
According to a new report from Meticulous Research® titled " Agriculture Robots Market   by Offering, Deployment, Automation Type, and End Use—Global Forecast to 2031," the agriculture robots market is expected to reach $28.2 billion by 2031. This reflects a CAGR of 16.6% in value, alongside a projected volume growth of 8.6%, taking total units to over 30 million by 2031.

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Factors Fueling Growth
The agriculture robots market is witnessing growth due to several factors such as the increased utilization of drones in smart farming, rising global populations, and ongoing labor shortages. Additionally, supportive government initiatives aimed at modernizing agriculture further enhance the market’s prospects. However, the high costs associated with the adoption of agricultural robots can impede market growth.

AI's Role in Market Expansion
The increasing integration of artificial intelligence (AI) into agricultural robots offers substantial growth opportunities. Despite this, challenges including a lack of technical knowledge among farmers and concerns over data privacy may hinder widespread adoption.

Market Segmentation by Offering
The agriculture robots market can be segmented into hardware, software, and services. The hardware segment is anticipated to dominate the market with over 88% of the share by 2024, driven by rising automation in agriculture. Notably, MetoMotion launched an AI-powered robot for tomato picking, highlighting advancements in hardware technology to address labor shortages.

Deployment Overview
Agricultural robots are deployed both indoors and outdoors, with the outdoor segment expected to capture over 89% of the market share by 2024. This is largely due to the need for crop monitoring and climate adaptation. Clearpath Robotics’ outdoor navigation solutions are examples of technology tailored for outdoor agricultural applications.

Types of Automation
The market is divided into automated and semi-automated systems. By 2024, the automated segment is expected to hold over 81% of the market share, largely due to the integration of technologies such as AI and automation in farming. Naio Technologies has developed Orio, a fully autonomous agricultural robot designed for various farming tasks, which reflects this trend.

End-Use Analysis
Crop farming is projected to account for over 56% of the agriculture robots market by 2024, driven by rising labor costs and the need for increased agricultural productivity. Meanwhile, the livestock segment is forecasted to grow at the highest CAGR, propelled by advancements in livestock health monitoring technologies.

Regional Market Dynamics
Europe is expected to account for over 34% of the agriculture robots market by 2024, driven by government initiatives promoting advanced technologies in agriculture. The EU’s funding for the Robs4Crops project exemplifies efforts to enhance the agricultural sector. In contrast, the Asia-Pacific region is projected to record the highest CAGR, fueled by the adoption of smart agricultural technologies in countries like China, India, and Japan.

Conclusion
The agriculture robots market is poised for significant growth, driven by technological advancements, supportive government initiatives, and an increasing demand for agricultural productivity. Despite challenges such as high costs and data privacy concerns, the integration of AI and automation technologies is expected to transform agricultural practices, creating vast opportunities for market stakeholders.

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Key Players

The key players operating in the agriculture robots market are Yanmar Holdings Co., Ltd. (Japan), AgEagle Aerial Systems Inc. (U.S.), Lely International N.V. (Netherlands), BouMatic (U.S.), DJI (China), Deere & Company (U.S.), XAG Co., Ltd. (China), Clearpath Robotics Inc. (Canada), Naio Technologies (France), Robotics Plus Limited (New Zealand), GEA Group Aktiengesellschaft (Germany), DeLaval (Sweden), and Small Robot Company (U.K.).

Key Questions Answered in the Report:


  • What are the high-growth market segments in terms of the offering, deployment, automation type, and end use?
  • What is the historical market size for the agriculture robots market?
  • What are the market forecasts and estimates for 2024–2031?
  • What are the major drivers, restraints, opportunities, challenges, and trends in the agriculture robots market?
  • Who are the major players in the agriculture robots market, and what are their market shares?
  • What is the competitive landscape like?
  • What are the recent developments in the agriculture robots market?
  • What are the different strategies adopted by major market players?
  • What are the trends and high-growth countries?
  • Who are the local emerging players in the agriculture robots market, and how do they compete with other players?

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