New York, USA, May 26, 2021 (GLOBE NEWSWIRE) -- The latest report published by Research Dive states that the global agricultural robot market is predicted to witness a rise in revenue from $4,082.8 million in 2018 to over $16,640.4 million in 2026 at a stable CAGR of 19.2%.
Market Dynamics
Farming is one of those activities that holds a lot of importance in the world. It is the one sector that feeds the entire population. With technology getting a major boost, automation solutions such as robots are used to increase the yield while reducing the time required for farming. They are also used to control weeds, explore soil fertility levels, and harvest crops.
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According to the World Health Organization, the population of the world is set to sore to over 9.7 billion by 2050. This may put a lot of strain on the farmers working manually to produce the required quantity of food. This has led to a growth in the agriculture robot market.
One of the major drawbacks within this industry is not many of the farmers can afford to invest in these robotic devices due to their higher prices.
Segmental Analysis
The report segregates the market into different segments – by type and by application.
Unmanned Aerial Vehicle Sub-segment to Witness Significant Growth
By type, the unmanned aerial vehicle sub-segment is set to witness a rise in revenue from $408.3 million to over $1,763 million by 2026. These vehicles make it easier for the famers to monitor the crops from afar while also helping the farmers understand how to increase land efficiency. This has led to the growth of the segment.
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Dairy Management Sub-segment to Dominate the Market
By application, the dairy market segment is set to experience a rise in revenue from $1,146 million in 2018 to over $4,492.9 million in 2026. This is due to the increased use of robots in the process of milking cows and also helping them graze fields.
Regional Analysis
The North American region is predicted to witness a rise in revenue from $1,469.8 million in 2019 at a steady CAGR of 18.9% in the forecast period. Many farmers are investing in advanced equipment to boost their crop production and the industry is also making progress in newer variants of the same. This has been leading to the steady growth of the market in the region.
Key Players of the Market
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As per the report, some of the noteworthy brands working on helping the market grow further are:
- LelyHarvest Automation
- Clearpath Robotics
- AGCO
- Deepfield Robotics
- John Deere
- DeLaval
- Autonomous Solutions Inc
- Autonomous Tractor Corporation
- John Deere
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
For instance, in March 2021, John Deere announced the launch of a brand-new piece of technology known as the See and Spray technology. This technology helps add over 36 cameras on sprayer machines to help in the detection and removal of weeds which are also miniscule in size.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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