New York, US, Nov. 14, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),” Autonomous multifunctional agriculture robot Market: Information by Component and Region —Forecast till 2030“, states that the global autonomous multifunctional agriculture robot market value is poised to reach USD 1,278.5 MN by 2030, escalating from USD 360.2 MN in 2021 at a 16.7% CAGR throughout the assessment period (2022-2030).
Autonomous Multifunctional Agriculture Robot Market Overview
The autonomous multifunctional agriculture robot market is likely to garner significant revenue growth over the next few years. Autonomous multifunctional agriculture robots are impacting the global agriculture industry. With future farming, driving new business models, and disrupting existing value chains, robotics, and automation advances, these robots are attracting vast investments, creating numerous opportunities in the agriculture industry earlier considered slow to digitize.
The coronavirus pandemic spiked the interest and investment in farm robotics and automation due to shortages of agricultural workers. AI technology is radically impacting agriculture with a move towards smart systems. Some key market trends include AI integration with robotics that give favorable outcomes such as improved efficiency, reduced environmental pollution, and enhanced crop productivity.
Key players involved in the Autonomous Multifunctional Agriculture Robot Market are,
- Yanmar Holdings CO. LTD.
- AgEagle Aerial Systems
- Harvest Automation
- Ecorobotix SA
- CNH Industrial NV
- Deepfield Robotics
- Ducksize
- FarmDroid ApS
- Naïo Technologies
- Nexus Robotics
- AGROINTELLI
- PeK Automotive
- Advantech Farms Technologies Inc.
- Agrobot
- Korechi Innovations Inc.
- Fendt Corporation
- AgXeed
- FFRobotics
- MetoMotion
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Competitive Analysis
The autonomous multifunctional agriculture robot market would witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technologies integration. Leading industry players are investing strategically in driving research and development activities and fostering their expansion plans.
For instance, on Oct.19, 2022, Telecoms firm BT announced that it is delivering edge and cloud architecture to help crop harvesting robots to interact and cooperate. Multifunctional autonomous units supplied by Saga Robotics of Norway are at the heart of the system. The firm's crop harvesting robot technology, a spun out of the Norwegian University of Life Sciences (NMBU), can be configured to operate polytunnels and open fields & vineyards.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 1278.5 Million |
| CAGR during 2022-2030 | 16.7% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Emerging electrification technology Development of real-time multimodal robots |
| Key Market Drivers | Increase in a farm labor shortage Penetration of IoT and navigation technologies across the globe |
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Industry Trends
Rising uses of robotics to improve agricultural operations drive market growth. Besides, increasing demand for autonomous multifunctional agriculture robots to perform harvesting, seeding, and plant inspection fosters market growth. Growing advances in vision cameras, sensing technology, and artificial intelligence to improve crop production by minimizing the use of arable land escalate the growth of the market.
Also, the rising awareness of modern agriculture methods, such as agribusiness, intensive farming, organic farming, precision agriculture, smart farming, and sustainable agriculture, defines vast opportunities. The rising global food demand drives the autonomous multifunctional agriculture robot market. Besides, increasing robotics applications in the agricultural sectors provide tremendous opportunities for market growth.
Increasing demand to increase grain and fruit & vegetable production substantiates the autonomous multifunctional agriculture robot market growth. Also, decreasing arable land pushes the market demand, driving vertical farming and indoor planting demand. Moreover, the rising pressure to increase the profitability and sustainability of farmers globally increases the autonomous multifunctional agriculture robot market size.
Additionally, the increasing demand for farm robots with 3D cameras that scan the collected data and analyze information fosters the market's growth, improving specific operations. The increasing adoption of autonomous multifunctional agriculture robots for surveillance supports market growth, giving rise to many opportunities. The shortage of skilled labor to harvest fresh produce is bound to push the digitization of farms.
Also, the need to increase production capacities at lower costs has led to the adoption of heavy and expensive machinery in farming. Also, the growing population and decreasing arable lands are key factors that lead to the higher adoption of autonomous multifunctional agriculture robots. Innovative technology vendors have actively started finding new robotics application areas in monitoring and tracking environment and farming activities.
Conversely, the lack of adequate bandwidth of internet connectivity and expertise required to implement robotics is restraining the market growth. Also, the high costs associated with the initial purchase and maintenance of these robots, alongside the lack of regulatory uniformity, pose significant challenges. Nevertheless, the high adoption of robotics in farming would support the market growth throughout the assessment period.
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Autonomous Multifunctional Agriculture Robot Market Regional Analysis
North America dominates the autonomous multifunctional agriculture robot market. The increasing digitalization and automation in agriculture sectors and farming methods, such as vertical and indoor farming, influence market growth.
Furthermore, the increasing uptake of modern farming techniques, such as smart farming, precision farming, and others, creates substantial market demand. Also, the high concentration of key industry players and the easy availability of proficient technical expertise in this region induce market expansion.
APAC is emerging as a profitable market for autonomous multifunctional agriculture robots. Factors such as the growing population, rapidly depleting arable land & water sources, and shortage of farm laborers boost the market size. Besides, the Increasing demand for organic food and vast advancements in technologies and innovations accelerate the region's market shares.
In Europe, Germany exhibits the highest growth in autonomous multifunctional agriculture robots among the major European countries due to its vast technological advances. Additionally, the large presence of agriculture companies and robotics providers fosters market revenues. Moreover, improved Internet connectivity with high reliability in this region accelerates market shares.
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Autonomous Multifunctional Agriculture Robot Market Segments
The autonomous multifunctional agriculture robot market is segmented into components and regions. The component segment is sub-segmented into hardware, software, and services. Among these, hardware is the largest segment. The segment was valued at USD 216.7 MN in 2021, and it will grow at a 15.8% CAGR during the review period. The region segment comprises Europe, North America, Asia-Pacific, the Middle East & Africa, and others.
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