Autonomous Farm Equipment Market: Regional Trend & Growth Projections By 2021-2024
The Autonomous Farm Equipment Market is set to observe growth rate of over 16.3% till 2024. Autonomous farm equipment industry 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.
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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.
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.
Tractor’s segment will lead the autonomous farm equipment market owing to high importance of the device and multirole benefits for carrying out several farm operations. Increasing implementation of self-steering and obstacle avoidance systems in this equipment will drive the business demand. Tractors segment accounted for over 60% of the autonomous farm equipment industry share in 2016 and is further estimated to keep growing at a significant pace through the forecast timeframe.
The APAC autonomous farm equipment market, 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.
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 by 2024, driven by huge investments in agriculture and substantially massive demand for advanced technology in yielding better harvest.
Key industry players like John Deere, Agrobot, Case IH, CLAAS, AGCO and Mahindra are working towards launching high-grade technological products in autonomous farm equipment industry. It is estimated that a major portion of the farming budget is required not only to buy equipment but also for the upkeep and repair. In this regard, companies partaking in autonomous farm equipment industry share are focusing on bringing forth better hardware technology. As per statistics, hardware technology currently dominates the autonomous farm equipment industry, accounting for 95% of the total share.
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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 Industry, By Product
5.1 Autonomous farm equipment industry share by product, 2016 & 2024
5.2 Tractors
5.3 Harvesters
5.4 UAV drone
Chapter 6 Autonomous Farm Equipment Market, By Technology
6.1 Autonomous farm equipment industry share by technology, 2016 & 2024
6.2 Software
6.3 Hardware
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