by Autonomous tractors and farm equipment integrated with GPS, sensors and cameras facilitate precision farming by automating farming operations while optimizing resource usage. The growing demand for food owing to rising global population has increased pressures on farmlands leading to need for sustainable and efficient agricultural practices.
The Global Agriculture Robots Market is estimated to be valued at US$ 15.26 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Agriculture Robots are BASF SE, Eastman Chemical Company, Merck KGaA, Evonik Industries AG, Tokyo Chemical Industry Co., , td., Alfa Aesar, TCI America, MP Biomedicals, Santa Cruz Biotechnology, Inc., and Energy Chemical. The growing demand for food production and need to increase yields sustainably is expected to drive adoption of agriculture robots globally. Leading companies are expanding their agriculture robot offerings and geographical presence to capitalize on the vast potential for robotics and automation in the agriculture industry.
Market key trends
One of the key trends in the Agriculture Robots Market Size is the integration of advanced technologies like artificial intelligence, machine learning and computer vision. Agriculture robots are increasingly being developed and deployed with built-in autonomous navigation, sensing and decision making capabilities to perform complex tasks independently and adapt to dynamic farming conditions. This is enhancing their utility and drive wider adoption across different crop types and geographies.
Porter’s Analysis
Threat of new entrants: Agriculture Robot market requires high capital investments which act as a barrier for new players.
Bargaining power of buyers: Large buyers have more bargaining power due to their volumes.
Bargaining power of suppliers: Suppliers have less bargaining power due to availability of substitute resources.
Threat of new substitutes: Emerging technologies can pose threat of substitution.
Competitive rivalry: Market has few global players with different product portfolios competing on technology and quality.
The value market for Agriculture Robots is primarily concentrated in North America and Western Europe due to higher acceptance of advanced technologies. The US market dominated the North American region owing to large scale farming and adoption of smart technologies by farmers.
Asia Pacific region is expected to be the fastest growing market during the forecast period driven by factors such as growing population, rising demand for food and supportive government policies for adoption of robotics in farming. Countries like China and India are witnessing increased demand for agriculture robots to boost farm productivity due to reducing average farm size.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
