Jersey City, NJ, May 11, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Autonomous Agriculture Equipment Market Size, Share & Trends Analysis Report By Type (Autonomous, Semi-Autonomous), Product (Tractors, Unmanned Aerial Vehicles (UAVs), Robots) And Application (Planting, Harvesting, Spraying)- Market Outlook And Industry Analysis 2031"
The Autonomous Agriculture Equipment Market is estimated to reach over USD 60.30 billion by 2031, exhibiting a CAGR of 20.81% during the forecast period.
The autonomous agriculture equipment market is in a growing phase owing to different advanced technologies in the market. An increase in the adoption of automated machinery and equipment, sensors and navigation systems, robots, autonomous vehicles, and others is expected to drive market growth. The autonomous agriculture equipment market is expected to be caused by an upsurge in the adoption of automated farming technologies due to labor shortages and high labor costs, a rise in optimization of crop yield and waste reduction, and a rise in dependence on advanced technologies to enhance productivity across the globe.
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Autonomous Agriculture or farming is the use of autonomous or self-driving machinery and equipment in agriculture. This involves the use of advanced technologies such as artificial intelligence, sensors, GPS. Autonomous farming equipment can include tractor, combine, harvester, and other machinery that are used in various farming operations. These machines can be programmed to commit specific tasks, such as planting, harvesting, tilling, and spraying, without the need for human intervention. Autonomous agriculture equipment has positive agriculture operations and livestock farming.
Recent Developments:
- In December 2022, CNH Industrial NV introduced new driverless tillage and driver-assist harvest solution under the brand names of CASE IH and New Holland. This strategy has enhanced the product portfolio of the company in the market.
- In June 2022, AgXeed launched a new four-wheeled 75hp autonomous tractor. This new product, named Agbot2,055W4, is specifically suited for seed-bed preparation, sowing and mechanical weeding.
- In January 2022, in an announcement, Deere & Company unveiled a fully autonomous tractor ready for large-scale production. Deere’s 8R tractor combines a TruSet-enable chisel plow, GPS guidance system, and new advanced technologies.
List of Key players in the Autonomous Agriculture Equipment Market:
- AGCO Corporation
- Naio Technologies
- CLAAS KGaA mbH
- DJI
- CNH Industrial N.V.
- Parrot Drone SAS
- AgEagle Aerial System Inc
- Deere & Company
- YANMAR HOLDING Co. Ltd.
- YTO GROUP CORPORATION
- Autonomous Tractor Corporation
- Mahindra & Mahindra Ltd.
- Kubota Corporation
- Delair
- Hexagon Agriculture
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Autonomous Agriculture Equipment Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 11.15 Bn |
| Revenue forecast in 2031 | USD 60.30 Bn |
| Growth rate CAGR | CAGR of 20.81% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (Unit) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Type, Product And Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
Rise in the adoption of advanced technical solutions in farming. With manufacturers incorporating more cutting-edge features in their products and the agriculture sector gaining momentum, autonomous farm equipment providers are expected to come across lucrative opportunities in the near future. Furthermore, the Incorporation of artificial intelligence has brought about drastic changes in autonomous farm equipment, while the recovery of the agriculture industry is forecast to pave new paths for suppliers in the coming years.
Challenges:
The prime challenge is the high initial investment and lack of awareness regarding agriculture sector in developing countries, predicted to reduce growth of the autonomous equipment agriculture market. Due to the COVID-19 pandemic, research & development has decreased funding, halted manufacturing activities, and had raw material supply chain disruption. In addition, the positive impact of covid-19 has been seen in autonomous farming solution adoption, such as autonomous tractors, robots, drones, harvesters, planters, and sensors by farmers owing to the lack of workers, which increased demand for autonomous agriculture equipment worldwide.
Regional Trends:
North America generated the highest revenue of CAGR shortly. The region is experiencing a growth in the adoption of autonomous agriculture equipment such as autonomous vehicles, drones, robots, irrigation systems, and other automation and control systems. In addition, the augmented adoption of digital technologies for modern farm machinery in efficient crop production in the region, along with the incline in popularity of indoor farming owing to urbanization. In addition, the North American region is also anticipated to grow at a faster rate. Besides, Germany is attracting potential investors from all over the world due to the country’s manufacturing facilities using cutting-edge technology. Sales of autonomous farm equipment are anticipated to grow in the nation as a result of increased government investment and fresh initiatives, and advanced machinery aimed at bolstering the agriculture sector.
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Segmentation of Autonomous Agriculture Equipment Market:
By Type-
- Autonomous
- Non- autonomous
By Application-
- Planting
- Harvesting
- Spraying
- Other Applications
By Products-
- Tractors
- Unmanned Aerial Vehicles (UAVs)
- Robots
- Other Products
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of middle East and Africa
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