Global Agriculture Robots Market Report, published by Variant Market Research, forecast that the global market is expected to reach $5,214 million by 2024 from $968 million in 2016; growing at a CAGR of 23.4% from 2016 to 2024. By geography, Asia Pacific and rest of the world (RoW) are expected to grow at a CAGR of 24.7% and 24.1%, respectively, during the forecast period.
Rising population along with shortage of food worldwide and pressure on farmers to produce more grains in limited time are the major factor supporting the growth of the agriculture robots market. Moreover, lack of availability of skilled labors and high cost of labors are also expected to fuel the growth of the market.
UAV, driverless tractor, milking robots and machines, among others are the major types of agriculture robots. Under this segment of the market, driverless tractor and machines accounted for the market share of 32.4% and 26.5% respectively, in 2016, owing to several benefits of driverless tractor and machines such as precision in work and minimization the labor cost. Moreover, agriculture robots market is also segmented in to different applications such as field farming, dairy management, indoor farming, and horticulture. Among these applications, field farming and horticulture accounted for the market share of 37.3% and 23.4%, respectively in the year 2016.
Asia-Pacific is the fastest growing region in the global agriculture robots market, and is expected to continue this trend during forecast period, owning to increase in population and high penetration of robots for high yield and to reduce human intervention. North America dominated the market with share of 26.8% in the year of 2016, due to increased adoption of agriculture robots in United States.
The key market players in agriculture robots market have been following the various business strategies such as acquisition, contract and agreement to sustain in the competition. For instance, in January 2017, Agribotix partners with senseFly to offer their agriculture clients with a professional grade, end-to-end drone and data processing solutions. Furthermore, some of the key market players are Deere & Company, AGCO Corporation, Harvest Automation, Inc., AutoProbe Technologies LLC, Agribotix LLC., Naio Technology, GEA Group, KC Drone Co., MafRodaAgrobotics and BouMatic Robotics BV, among others.