The agricultural industry is adopting precision agricultural methods by deploying agricultural robots to achieve higher yields. The global agricultural robots market is subjected to witness significant growth owing to rapid increase in population and their demand for food, unexpected climate variations, rise in adoption of indoor farming, and significant transition to automation technologies.
North America accounted for a dominant market share of 37.04% in the global agricultural robots market in 2016, owing to its significant adoption of automated technologies to speed up agricultural produce. However, Asia-Pacific is expected to witness the highest growth rate of 24.5% in global agricultural robots market the during the forecast period, owing to the surge in population leading to high food demand, and gradual adoption of automated technologies by industries. Moreover, increase in rate of migration from rural areas and urbanization are expected to boost the global agricultural robots market growth.
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Among the various types of agricultural robots accessories, milking robots held a major share of 28.1% in 2016 and are expected to dominate in the future. Driverless tractors are gaining increasing application in the agricultural industry due to their ability of planting and seeding for row and extended acre farming.
According to a new report published by Allied Market Research, titled, Agricultural Robots Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global agricultural robots market was valued at $2,927 million in 2016, and is expected to reach $11,050 million by 2023, registering a CAGR of 21% from 2017 to 2023. Asia-Pacific is expected to exhibit high potential, owing to the growth in the agricultural industry as a resultant of exponential increase in demand for food production.
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The dairy management application of global agricultural robots market accounted for the highest market share of 29.13% in 2016, and is expected to continue to lead the global market during the forecast period. It is expected to witness the highest CAGR of 22.1%, followed by soil management.
The study provides an in-depth analysis of the global agricultural robots industry and current & future trends to elucidate the imminent investment pockets.
Information about key drivers, restrains, and opportunities and their impact analysis on the market is provided.
Porters Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global agricultural robots market from 2017 to 2023 is provided to determine the market potential.
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Key Market Players
Autonomous Solutions Inc.
Autonomous Tractor Corporation
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