Autonomous Farm Equipment Market; Business Opportunities, Leading Players & Regional Outlook,2024
The autonomous farm equipment market from UAV segment is estimated to grow at a CAGR over 35% through 2024. The advent of drone technology has brought a revolution in the agriculture sector. Apart from field mapping, they have started showing usability in several agricultural processes. For instance, they are profoundly used for critical agriculture processes such as spraying of fertilizers & pesticides.
These UAVs fitted with numerous sensors and high definition cameras can be utilized for effectively monitoring each and every part of the crop, so that any part of the field facing scarcity of water or other resources can be detected earlier.
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Autonomous equipment is designed to give farmers more freedom to manage the farms rather than drive around the farm on a variety of vehicles. Broadly, the operational landscape of autonomous farm equipment market is segmented into partially and fully autonomous farm equipment. Partially autonomous devices already contribute to a large share of the overall autonomous farm equipment industry, subject to their widespread commercialization and competitive pricing.
Farm equipment such as the ones that can separate corn from cob, steer themselves, or pick potatoes while leaving the waste on the field are already widely in use. Fully autonomous farm equipment, such as the ones that can make farming decisions on their own without any human supervision are no more a thing of the future either. Pertaining to rapid technological advancements and farming innovations, fully autonomous farm equipment market size is projected to increase at a growth rate of more than 40% by 2024.
Autonomous farm equipment market is likely to emerge as one of the most revolutionary verticals of the agriculture business space, that will positively reshape the dynamics of farming in the decades to come. Though the notion of automating farm equipment has been around since the 1940s, the idea has been brought to fruition only in the last decade or so. Major autonomous farming equipment industry players are now conducting extensive R&D programs to develop even more technologically advanced automated equipment.
With the advent of robotics technology, the application of GPS, and the expansive deployment of Internet of Things (IoT), the popularity of autonomous farm equipment market has reached tremendous heights, enabling companies to make these components even more reliable and user friendly. In 2016 alone, autonomous farm equipment industry size was valued at USD 55 billion and is speculated to rise considerably over the years to come.
Speaking of regional dominance, it is prudent to mention that North America held the dominant position in autonomous farm equipment industry in 2016, with a revenue of more than USD 26 billion. The widespread use of tractors and combine harvesters endowed with auto steering and rising use of drones can be credited for this large revenue generation. Germany, Italy, France and Russia will reportedly contribute toward augmenting Europe autonomous farm equipment market share over 2017-2024, driven by huge investments in agriculture and substantially massive demand for advanced technology in yielding better harvest.
Across the APAC autonomous farm equipment industry, China, Japan, Australia and South Korea have successfully marked significance, given that farming is a major source of livelihood in these countries. Moreover, the demand for better agricultural facilities, rising population and positive government initiatives to yield better results in the agricultural sector are expected to stimulate APAC autonomous equipment market share, slated to record a growth rate of 25% over 2017-2024.
The high cost of autonomous farm equipment and the training time required to learn the use of such equipment can somewhat hinder the growth of the autonomous farm equipment industry. Nonetheless, major companies have been working toward introducing more cost effective and efficient devices, owing to which autonomous farm equipment market is set to make a significant headway in the forecast period of 2017-2024.
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Some Point from Table of Contents:
Chapter 4 Autonomous Farm Equipment Market, By Operation
4.1 Autonomous farm equipment industry share by operation, 2016 & 2024
4.2 Fully autonomous
4.3 Partially autonomous
Chapter 5 Autonomous Farm Equipment Market, By Product
5.1 Autonomous farm equipment industry share by product, 2016 & 2024
5.2 Tractors
5.3 Harvesters
5.4 UAV drone
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