LONDON, March 19, 2024 (GLOBE NEWSWIRE) -- The global market for agricultural robot has seen significant growth in recent years, as indicated by the latest report titled " Agricultural Robot Global Market Report 2024" from The Business Research Company.
Overview of Agricultural Robot
The agricultural robot market has surged from $14.26 billion in 2023 to $17.5 billion in 2024, with a compound annual growth rate (CAGR) of 22.7%. This growth is driven by factors like labor shortages, precision agriculture adoption, increased food demands, government support, and farm mechanization.
Forecasting a continued upward trend, the market is projected to reach $39.28 billion by 2028, with a CAGR of 22.4%. This growth will be fueled by advanced AI integration, crop-specific customization, climate adaptation, autonomous fleets, and software integration. Key trends include remote sensing advancements, sensor innovations, data-driven farming, and robotic crop monitoring.
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Advancements in Precision Farming and Autonomous Agricultural Robots
The agricultural robot market is set to expand due to the increasing adoption of precision farming. Precision farming involves observing, measuring, and responding to temporal and spatial variability to enhance agricultural production sustainability. Agricultural robots play a crucial role in precision farming by enhancing efficiency, cutting labor costs, and facilitating consistent and precise farming practices.
Leading companies in the agricultural robot market are prioritizing technological advancements, particularly in electric and autonomous robots. These robots offer precise weeding and implement guidance without constant human oversight or the need for continuous electrical connection.
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Major Players
Key players in the agricultural robot market include Deere & Company, Yamaha Motor Co. Ltd., AGCO Corporation, Trimble Inc., RheinEnergie AG, Carbon Robotics, BouMatic Robots BV, Nova-Tech Engineering, Autonomous Solutions Inc., Clearpath Inc., CNH Industrial N.V., AeroFarms, PrecisionHawk, AgEagle Aerial Systems, Monarch Tractor, Tevel Aerobotics Technologies, Harvest Automation Inc., Agrointelli, Kind Technologies, Abundant Robotics, Demaitere B.V., Naio Technologies, Auroras s.r.l., Blue River Technology Inc., Agribotix LLC, Aigen Inc., PeK Automotive d.o.o, 3D.aero GmbH, FarmDroid, Deepfield Robotics
Regional Insights
In 2023, North America led the agricultural robot market, while Asia-Pacific is expected to grow the fastest. The report covers Asia-Pacific, Western and Eastern Europe, North and South America, the Middle East, and Africa.
Summary of Agricultural Robot Market Segmentation
The agricultural robot market in this report is segmented into:
- Offering: Hardware, Software, Service
- Farming Environment: Indoor, Outdoor
- Application: Harvest Management, Field Farming, Dairy/Livestock Management, Irrigation Management, Pruning Management, Weather Tracking/Monitoring, Inventory Management, Other Applications
Agricultural Robot Global Market Report 2024 by The Business Research Company provides insights on the agricultural robot market size, agricultural robot market segments, agricultural robot market trends, agricultural robot market drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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