New York, USA, Nov. 01, 2021 (GLOBE NEWSWIRE) -- A new report on the global agriculture robot market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $16,640.4 million by 2026, rising at a CAGR of 19.2% from 2019 to 2026. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
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Factors Impacting the Market Growth
Growing adoption of vertical farming techniques by farmers and rising demand for food supply across the globe are the main factors boosting the growth of the global market. Additionally, the increasing adoption of cutting-edge technologies, such as agriculture robots, in farming practices is projected to bring in lucrative growth opportunities for the market in the forecast period. However, huge investments involved in the procurement of agricultural robots and dearth of knowledge in their handling are projected to hamper the growth of the market.
The report segments the global agriculture robot market into type, application, and region.
Unmanned Aerial Vehicle Sub-Segment to be at the Foremost Position
The unmanned aerial vehicle sub-segment of the type segment is expected to dominate the market by surpassing $1,763 million in the estimated timeframe. This growth is primarily owed to the growing demand for unmanned aerial vehicles as they aid in growing and monitoring the production of crops.
Dairy Management Sub-Segment to Dominate the Market
The dairy management sub-segment of the application segment is projected to lead the market and hit $4,492.9 million in the projected timeframe. This growth is primarily because agriculture robots are greatly used in dairies for milking the cows and grazing them on agricultural ground.
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Asia-Pacific Region to Hold a Leading Market Position
The report evaluates the global agriculture robot market across numerous regions including Asia Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific region market is projected to grow significantly and garner $3,798.3 million in the estimated timeframe. The growth of this region market is mainly owing to the rising demand for agriculture robots and increasing beneficial initiatives by government, such as subsidies, in this region.
The North America is considered to be the dominant region utilizing the robotic farming techniques. North America agricultural robot market size is expected to rise at a CAGR of 18.9% by generating a revenue of $5,857.4 million by 2026. This region adopted the robotic farming in advance to other countries, and this will be a key factor driving the market growth. Moreover, the favorable initiatives taken by the governing bodies are expected to drive the agricultural robot industry.
Major Players of the Market
Some of the prime players functioning in the global agriculture robot market are -
- AGCO
- LelyHarvest Automation
- DeLaval
- Autonomous Solutions Inc.
- Autonomous Tractor Corporation
- Deepfield Robotics
- Clearpath Robotics
- GEA Group
- John Deere
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry.
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For instance, in February 2021, SITIA, a technology company functioning in the fields of simulation, automation, mechanical, and industrial computing, introduced the first hybrid agriculture robot to enable farmers’ transition towards a progressively autonomous future.
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