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Autonomous Farm Equipment Slated for Robust Growth Worldwide
Autonomous Farm Equipment Slated for Robust Growth WorldwideMeticulous Research®—a leading global market research company, published a research report titled, ‘Autonomous Farm Equipment Market by Offering, Product (Tractor, Harvesting Equipment, Irrigation Equipment, Livestock Equipment), Technology (IoT, GPS), Automation Type, Application (Farming, Livestock), & Geography—Forecast to 2031.’
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According to this latest publication from Meticulous Research®, the global autonomous farm equipment market is projected to reach $112.8 billion by 2031, at a CAGR of 9.4% during the forecast period. The growth of the autonomous farm equipment market is attributed to advancements in farm equipment technology, rising population and growing demand for high-quality agriculture products, and increasing government initiatives supporting the agriculture sector. However, the high costs of implementing advanced agricultural equipment restrain the market’s growth.
Key Findings in the Global Autonomous Farm Equipment Market Study:
In 2024, the Hardware Segment is Expected to Dominate the Global Autonomous Farm Equipment Market
Based on offering, the global autonomous farm equipment market is segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of the global autonomous farm equipment market. The large market share of this segment is attributed to the increasing adoption of livestock management equipment, rapid automation of agricultural processes, growing population, increasing labor cost, and increasing need to improve production yield.
The Tractor Segment to Register the Highest CAGR During the Forecast Period
Based on product, the tractor segment is projected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing sales of tractors by key players, labor shortage, lower production costs, and increasing automation in the agriculture sector.
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In 2024, the Remote Sensing Segment is Expected to Dominate the Global Autonomous Farm Equipment Market
Based on technology, the global autonomous farm equipment market is segmented into remote sensing, GPS, IoT, AI/ML, computer vision, and other technologies. In 2024, the remote sensing segment is expected to account for the largest share of the global autonomous farm equipment market. The large market share of this segment is attributed to the reduction in the prices of sensors, rapid automation of agricultural processes, and increasing government spending promoting farm automation systems.
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Asia-Pacific is Expected to Register the Highest CAGR During the Forecast Period
Based on geography, Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this region is attributed to the increasing adoption of smart devices for agriculture, rising demand for enhanced food quality, growing government initiatives for the adoption of precision farming, and the growing number of start-ups in the region. Countries such as China, India, and Japan have adopted advanced agriculture equipment to automate agricultural processes, transforming agriculture earnings with increased profitability.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by major market players in the last three to four years. The key players profiled in the global autonomous farm equipment market study are Deere & Company (U.S.), Yanmar Holdings Co., Ltd. (Japan), Naio Technologies (France), Clearpath Robotics Inc. (U.S.), Agrobot (Spain), CNH Industrial N.V. (U.K.), KUBOTA Corporation (Japan), GEA Group Aktiengesellschaft (Germany), Lely (Netherlands), Robert Bosch GmbH (Germany), AGCO Corporation (U.S.), American Robotics, Inc. (U.S.), DJI (China), Ecorobotix SA (Switzerland), Mahindra & Mahindra Ltd. (India), and Harvest Automation (U.S.).
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