PUBLISHER: The Business Research Company | PRODUCT CODE: 1455159
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455159
An agricultural robot, commonly known as an agribot, is a robotic device specifically designed for use in the agriculture industry to enhance agricultural processes by automating tasks that are slow, labor-intensive, or hazardous for humans. These robots are intended to improve efficiency, reduce dependence on manual labor, and assist farmers in meeting the increasing global demand for sustainable food production.
The primary components of agricultural robots include hardware, software, and services. Hardware refers to the physical components of a computer system or any electronic device. These components are deployed in various farming environments, both indoor and outdoor, to cater to diverse applications. These applications encompass harvest management, field farming, dairy and livestock management, irrigation management, pruning management, weather tracking and monitoring, inventory management, and others.
The agriculture robot market research report is one of a series of new reports from The Business Research Company that provides agriculture robot market statistics, including agriculture robot industry global market size, regional shares, competitors with a agriculture robot market share, detailed agriculture robot market segments, market trends and opportunities, and any further data you may need to thrive in the agriculture robot industry. This agriculture robot market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The agricultural robot market size has grown exponentially in recent years. It will grow from $14.26 billion in 2023 to $17.5 billion in 2024 at a compound annual growth rate (CAGR) of 22.7%. The growth observed during the historical period can be attributed to factors such as labor shortages in agriculture, the adoption of precision agriculture, an increasing demand for food production, government support, and subsidies, as well as trends in farm mechanization.
The agricultural robot market size is expected to see exponential growth in the next few years. It will grow to $39.28 billion in 2028 at a compound annual growth rate (CAGR) of 22.4%. The expansion anticipated in the forecast period can be attributed to the integration of advanced AI and machine learning, customization for different crops, adaptation to climate change, the use of autonomous fleets and swarm robotics, and integration with farm management software. Major trends in the forecast period include advancements in remote sensing and imaging, early innovations and pilot projects, progress in sensor technologies, the adoption of data-driven farming, and the implementation of robotics in crop monitoring.
The anticipated increase in precision farming is set to drive the growth of the agricultural robot market in the future. Precision farming, a management strategy based on observing, measuring, and responding to temporal and spatial variability, enhances agricultural production sustainability. Agricultural robots play a vital role in precision farming by improving efficiency, reducing labor costs, and enabling consistent and precise farming practices. As of October 2023, 66% of farmers, according to an article from IOWA State University, utilized global positioning system (GPS) yield monitors or maps, showcasing the growing adoption of precision agriculture technologies. Consequently, the rise in precision farming serves as a catalyst for the growth of the agricultural robot market.
The increasing demand for food is expected to propel the agricultural robot market in the coming years. With food being a crucial element for nutritional and energetic purposes, agricultural robots contribute to meeting the high demand by enhancing efficiency in cultivation, harvesting, and precision agriculture. Their automated capabilities improve efficiency, reduce reliance on manual labor, and promote sustainable agricultural practices. A report from the State of Food Security and Nutrition in July 2023 revealed that between 691 and 783 million people experienced starvation in 2022, emphasizing a mid-range of 735 million and indicating a 122 million increase compared to the previous three years. Thus, the heightened demand for food acts as a driving force for the agricultural robot market.
The agricultural robot market faces hindrances due to high initial investment costs. The substantial upfront expenses associated with agricultural robots can limit widespread adoption, particularly among small-scale farmers, hindering overall industry growth. Overcoming this financial barrier requires initiatives such as promotions, subsidies, or breakthroughs in cost-effective technology to enhance accessibility and promote widespread adoption. For example, weeding robots, as mentioned in a report from howtorobot.com in July 2023, may cost between $50,000 to $250,000+, representing a significant investment for farmers. Therefore, the high initial investment costs act as a restraint on the growth of the agricultural robot market.
Key players in the agricultural robot market are concentrating on technological advancements, particularly in electric and autonomous robots, to offer high-precision weeding and implement guidance. Electric and autonomous robots operate independently, executing complex tasks without human intervention or a constant electrical connection. In February 2022, Naio Technologies, a France-based robotic manufacturing company, introduced Orio, a multi-crop, multi-task robot designed to provide a sustainable alternative to herbicides, improve soil conditions, and collect data for smart farming. Orio, an electric and autonomous robot equipped with GPS, camera guidance, multiple sensors, and AI-based algorithms, is offered under a Robots as a Service (RaaS) model.
In June 2023, Tertill, a US-based solar-powered weeding robot developer for home gardens, merged with Harvest Automation to consolidate engineering teams and portfolios, focusing on the development of cost-effective and durable robots for agrobotics applications.
Major companies operating in the agricultural robot market report are 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
North America was the largest region in the agricultural robot market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the agricultural robot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the agricultural robot market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The agricultural robot market includes revenues earned by entities by providing services such as automated harvesting and picking of crops, weed control, nursery automation, livestock management, crop monitoring, data collection, soil and environmental analysis, and inventory management in warehouses and farms. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The agricultural robot market consists of sales of driverless tractors, drones for crop monitoring and data collection, autonomous precision seeders, automated irrigation and harvesting systems, and milking dairy herds. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Agricultural Robot Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on agricultural robot market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for agricultural robot ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The agricultural robot market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.