Published on : May 16, 2017
Albany, New York, May 16, 2017: The report provides a detailed analysis of all the important aspects, such as market dynamics, geographical segmentation, and competitive landscape. Thus, it serves as a reliable source of information regarding the global agricultural robots market. As per the findings of the report, the market is anticipated to reach a valuation of US$27.1 bn by the end of 2023 from US$1.7 bn in 2016.
The rapidly growing global population is creating a massive strain on the food supply worldwide. The constant need for high yield of crops, improving agricultural practices, and maximizing profitability is translating into the greater adoption of novel technologies. One of these technologies is agricultural robots. Agricultural robots are able to enhance the delivery of consistent quality food and augment efficiency in managing food production. These robots also ensure substantial cost savings. The global market for agricultural robots is, therefore, expected to tread along a healthy growth track. Several governments worldwide are taking initiatives to promote the usage of modern techniques in the agricultural sector. This, in turn, is also stoking the growth of the market.
However, the high capital investments required to implement robotics in agricultural practices are adversely affecting the growth of the market. This factor has a greater impact in emerging countries as farmers in these regions generally do not have high disposable incomes. Moreover, the lack of technical expertise to operate agricultural robots is stagnating the development of the market. Besides this, the global agricultural robots market is at its initial stages and therefore, the affiliated industry lacks standardization and safety issues, which in turn is inhibiting the growth of the market. Nevertheless, the growing popularity of unmanned aerial vehicles (UAVS) and drones is escalating their adoption in agricultural farms, which is likely to work in the favor of the global agricultural robots market in the near future.
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North America will continue to be a major revenue contributor in the global arena. The growth of the region can be attributed to the growing trend of mechanization across the agricultural sector and the rising need for increased efficiency and productivity to meet the demand for food. The increasing usage of farm management software and high acceptance of advanced technologies are also positively impacting the growth of the region.
The primary growth strategies of the majority of key players in the global agricultural robots market include mergers and acquisitions, research and development, and product innovation. The leading players in the market are Yamaha, Tetra Laval/DeLaval, Lely, Yaskawa/Motoman, and Kuka. Some other prominent companies operating in the market are ABB Robotics, Agile Planet, Agrobot, Autonomous Tractor Corporation (ATC), Blue River Technology, Bosch Deepfield Robotics, Honey Comb, John Deere, SAGA, Sicily Tractor Harvesting, and Yamaha.
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