New York, United States , May 15, 2023 (GLOBE NEWSWIRE) -- The Global Autonomous Farm Equipment Market Size is to grow from USD 72.3 Billion in 2022 to USD 192.1 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 10.2% during the projected period. The market is primarily driven by rising food demand as the world's population grows, the need to increase agricultural productivity, and a shortage of skilled labor in the farming sector. Autonomous farm equipment has several advantages, including lower labor costs, increased efficiency, and higher crop yields, making it an appealing investment for farmers.
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The autonomous farm equipment offers agricultural, horticultural, animal husbandry, and forestry equipment. Autonomous farming is the modelling and regulation of agricultural machinery within a unified framework. These agricultural technologies use the on-farm sensing and control power of automated farming equipment to achieve agronomy-based goals. One of the market's major driving factors is the use of autonomous equipment in cultivating land processes such as harvesting, seed sowing, fertilization, and scarifying. Autonomous equipment, in part, reduces human effort by assisting the driver in specific actions. While autonomous equipment does not require a driver, a variety of software and hardware components completely replace the driver. These are the key factors that are anticipated to propel the Global Autonomous Farm Equipment Market over the period of forecasting.
To meet the changing needs of farmers, key players are investing heavily in research and development to improve the capabilities of autonomous farm equipment and expand their product portfolio. Verdant Robotics, a robotics system manufacturer based in the United States, developed its robot-as-a-service (RaaS) model in February 2022 with autonomous farm robots that include artificial intelligence, computer vision, GPS (global positioning system)-denied navigation, robotics, chemistry, and soil, as well as plant sciences to achieve the next phase of crop production.
Government support is a key driver of the autonomous farm equipment market, as it can help to accelerate adoption and reduce the financial risk for farmers who invest in new technology. Autonomous farm equipment typically has a higher initial investment cost than traditional farm equipment. This high cost can be a deterrent for farmers.
Browse key industry insights spread across 200 pages with 105 market data tables and figures & charts from the report on "Global Autonomous Farm Equipment Market Size, Share, and COVID-19 Impact Analysis, By Technology (Partially Autonomous, Fully Autonomous), By Product Type (Harvesters, Tractors, Unmanned Aerial Vehicles (UAVs), and Others), By Application (Horticulture, Agriculture, Animal Husbandry, Forestry, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here
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The partially autonomous segment is anticipated to hold the largest share of the global autonomous farm equipment market during the forecast period.
The global autonomous farm equipment market is divided into two categories based on technology: partially autonomous and fully autonomous. The partially autonomous segment is expected to account for the majority of the global autonomous farm equipment market during the period of forecasting. The farm equipment that is partially autonomous is designed to operate with some human intervention, which accounts for the expansion. These machines may be outfitted with sensors and software to perform specific tasks autonomously, such as planting or spraying crops, but they still require human supervision and control.
The tractors segment is expected to hold the largest share of the global autonomous farm equipment market over the study period.
The global autonomous farm equipment market is divided into harvesters, tractors, unmanned aerial vehicles (UAVs), and others based on product type. Among these, tractors are expected to account for the largest share of the global autonomous farm equipment market during the study period. Tractors are essential equipment for most farming operations, and the adoption of autonomous technology in tractors can significantly improve efficiency and productivity. Autonomous tractors are intended to perform tasks like plowing, planting, and spraying crops without the assistance of human operators.
The agriculture segment is anticipated to hold the largest share of the global autonomous farm equipment market over the projected period.
The global autonomous farm equipment market is divided into several applications, including horticulture, agriculture, animal husbandry, forestry, and others. Among these, agriculture is expected to account for the largest share of the global autonomous farm equipment market over the forecast period. Agriculture is the largest sector of the global economy, and demand for food and agricultural products continues to rise. The use of autonomous technology in agriculture can assist farmers in optimizing crop yields, lowering labor costs, and improving resource efficiency.
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North America is estimated to hold the largest share of the global autonomous farm equipment market during the predicted timeframe.
North America is anticipated to hold the largest share of the global autonomous farm equipment market during the study period. Some of the key factors driving the market growth are the high adoption rate of advanced technologies in the agricultural sector and the presence of major autonomous equipment manufacturers in the region. The United States and Canada are the primary markets for autonomous farm equipment in North America, with a focus on crop cultivation equipment such as autonomous tractors and crop monitoring drones. The Asia Pacific market for autonomous farm equipment is projected to expand at the highest pace throughout the period of projection, fueled by the region's rising demand for food and agricultural products and the increasing adoption of precision agriculture practices. The country has a large agricultural industry, and the implementation of autonomous farm equipment is anticipated to help farmers enhance crop yields while lowering labor costs.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Autonomous Farm Equipment Market include Bobcat, Autonomous Solutions, Clearpath Robotics, Agrobot, New Holland, Case IH, John Deere, AGCO Corporation, Yanmar, ClaasKGaA GmbH, Iseki & Co., Kubota, Kinze Manufacturing, Energid, Deutz-Fahr, and Others.
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Recent Developments
In March 2023, Ouster & Fieldin Announces the Largest Retrofit Autonomy Kit Deployment for Autonomous Tractors.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Autonomous Farm Equipment Market based on the below-mentioned segments:
Global Autonomous Farm Equipment Market, By Technology
- Partially Autonomous
- Fully Autonomous
Global Autonomous Farm Equipment Market, By Product Type
- Harvesters
- Tractors
- Unmanned Aerial Vehicles (UAVs)
- Others
Global Autonomous Farm Equipment Market, By Application
- Horticulture
- Agriculture
- Animal Husbandry
- Forestry
- Others
Global Autonomous Farm Equipment Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa.
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