Dublin, Sept. 24, 2021 (GLOBE NEWSWIRE) -- The "Global Autonomous Agriculture Equipment Market: Focus on Application, Equipment Type, Type, and Country-Wise Analysis and Forecast, 2020-2026" report has been added to ResearchAndMarkets.com's offering.
The global autonomous agriculture equipment market is expected to reach $28.90 billion by 2026, with a CAGR of 10% during the forecast period 2021-2026.
High growth in the market is expected to be driven by significant developments in technology and the incorporation of artificial intelligence in the agriculture sector.
Apart from this, the market is also driven by factors such as the adoption of autonomous equipment in commercial farms, high productivity, and profitability compared to conventional farming. Thus, the growing demand for autonomous equipment in the agriculture sector is also responsible for such a higher growth in the autonomous agriculture equipment market.
The segment gives a brief overview of the product portfolio of different companies and the market presence of different products existing in the market. For instance, in December 2020, Monarch Tractor launched a fully electric smart tractor.
To overcome issues such as labor shortages, sustainability, and environmental concerns, the company launched a driverless tractor. This indicates a greater emphasis on autonomous technologies is expected to lead to their highest growth rate among all the technologies available in the market.
Market by Application, Analysis, and Forecast: The segment gives a brief overview of the market status of different applications of the product and key players offering products in those applications. The harvesting is expected to lead the market in terms of application.
Autonomous equipment is witnessing increasing demand in harvesting applications, majorly due to various countries facing aging populations and labor shortages. Various countries are trying to make further improvements in the agriculture sector so that young people are attracted to farms. For instance, in January 2021, Japan created harvesting robots to help aging farmers and the shortage of labor.
An autonomous machine has been developed by National Research Institute Agricultural Research Organization, Ritsumeikan University, and Denso for harvesting apples in Japan's orchards, hence, increasing the demand for the market during the forecast period.
Impact of COVID-19 on Global Autonomous Agriculture Equipment Market
The supply chain of the majority of the industries across the globe got impacted due to COVID-19, including the autonomous agriculture equipment industry. A significant impact was witnessed on the global autonomous agriculture equipment market as equipment manufacturers were unable to provide the required equipment due to lockdown and other restrictions imposed by the government to prevent the spread of the COVID-19.
Market Segmentation
Global Autonomous Agriculture Equipment Market by Application
The autonomous agriculture equipment market by application is led by harvesting. Harvesting is mainly done for collecting ripe crops from the field. Harvesting activities include stacking, handling, threshing, reaping, cleaning, and hauling. These activities can be performed through harvesters alone or a combined harvester can be used to perform the operations simultaneously.
Field and row crops such as potatoes, wheat, corn can be easily gathered by fully autonomous equipment such as tractors and planters. Thus, the demand for autonomous agriculture equipment for harvesting is highest amongst other applications.
Global Autonomous Agriculture Equipment Market by Equipment
The global autonomous agriculture equipment market by equipment type is dominated by tractors. The autonomous tractor is witnessing an increase in demand, majorly owing to the growing concern of labor shortages and offering increased productivity and efficiencies, bringing higher yields.
The technology used in the autonomous tractor allows working for 24-hour, round-the-clock operations and remote management of operations by the users.
Global Autonomous Agriculture Equipment Market by Region
North America generated the highest revenue of $7.4 billion in 2020, which is attributed to the technological advancements in the North America region. With high food safety, labor shortage, and security concerns in the region, autonomous equipment in the region has offered a big solution to the food safety, labor shortage, and security concerns.
The region is expected to witness high growth of CAGR 11.2% during the forecast period.
Key questions answered in the Report
- What is the estimated global autonomous agriculture equipment market size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
- What are the key trends, market drivers, and opportunities in the market pertaining to autonomous agriculture equipment?
- What are the major restraints inhibiting the growth of the global autonomous agriculture equipment market?
- What kinds of new strategies are being adopted by the existing market players to expand their market position in the industry?
- What is the competitive strength of the key players in the autonomous agriculture equipment market based on analysis of their recent developments, product offerings, and regional presence?
- How is the competitive benchmarking of the key autonomous agriculture equipment companies in the agriculture market based on the analysis of their market coverage and market potential?
- How much revenue each of the segments is expected to record during the forecast period and what is the estimated growth percentage?
- Which are the leading consortiums and associations in the global autonomous agriculture equipment market, and what are their roles in the market?
- How does the regulatory landscape differ in different regions for autonomous agriculture equipment?
Market Report Coverage
Market Segmentation
- Application: Harvesting, Spraying, Planting, and Others
- Equipment Type: Tractors, Planters, Unmanned Aerial Vehicles (UAV), and Others
- Type: Semi-Autonomous and Autonomous
Market Growth Drivers
- Significant Development in Technology and Incorporation of Artificial Intelligence in Agriculture Sector
- Adoption of Autonomous Equipment in Commercial Farms
- High Productivity and Profitability Compared to Conventional Farming
Market Challenges
- Capacity Building among Small-Scale Farmers
- High Purchase Price or Operational Cost
Market Opportunities
- Increasing Awareness about Sustainability
- Consolidation in the Agriculture Industry and Change of Food Production System
- Shortage of Labor in the Agriculture Sector
Key Market Players
- AGCO Corporation
- AutoNext Automation Pvt. Ltd.
- Changzhou Dongfeng CVT Co Ltd
- CLAAS KGaA mbH
- CNH Industrial N.V.
- Deere & Company
- Escorts Limited
- ISEKI & CO., LTD.
- Kubota Corporation
- Mahindra & Mahindra Ltd.
- Monarch Tractor
- Naio Technologies
- YTO Group Corporation
- Yanmar Co. Ltd.
- Ztractor Inc.
For more information about this report visit https://www.researchandmarkets.com/r/jbi416
