Global autonomous and semi-autonomous agricultural equipment markets of $ 28.9 billion until 2026
Dublin, September 24, 2021 (GLOBE NEWSWIRE) – The “Global Self-Contained Farm Equipment Market: Application Concentration, Equipment Type, Type and Analysis, and Forecast by Country, 2020-2026” report was added to ResearchAndMarkets.com offer.
The global autonomous agricultural equipment market is expected to reach $ 28.90 billion by 2026, with a CAGR of 10% during the forecast period 2021-2026.
The strong growth of the market is expected to be driven by significant technological developments and the incorporation of artificial intelligence in the agricultural sector.
Apart from this, the market is also influenced by such factors as adoption of autonomous equipment in commercial farms, high productivity and profitability compared to conventional agriculture. Thus, the growing demand for stand-alone equipment in the agricultural sector is also responsible for such higher growth in the market for stand-alone agricultural equipment.
The segment gives a brief overview of the product portfolio of different companies and the market presence of the different products that exist in the market. For example, in December 2020, Monarch Tractor released a fully electric smart tractor.
To overcome issues such as labor shortages, sustainability and environmental concerns, the company launched a driverless tractor. This indicates that an increased focus on autonomous technologies is expected to lead to their highest growth rate of any technology available in the market.
Market by Application, Analysis and Forecast: The segment provides a brief overview of the market status of the various applications of the product and the major players offering products in these applications. Harvest is expected to dominate the market in terms of application.
Stand-alone equipment is experiencing increasing demand in harvesting applications, mainly due to aging populations and labor shortages in various countries. Various countries are trying to further improve the agricultural sector so that young people are attracted to farms. For example, in January 2021, Japan created harvesting robots to help aging farmers and the labor shortage.
An autonomous machine has been developed by the Agricultural Research Organization of the National Research Institute, Ritsumeikan University and Denso to harvest apples in Japanese orchards, thus increasing the market demand during the forecast period.
Impact of COVID-19 on the global market for autonomous agricultural equipment
The supply chain of the majority of industries across the world has been affected due to COVID-19, including the self-contained farm equipment industry. A significant impact has been seen in the global stand-alone farm equipment market as equipment manufacturers have been unable to provide the required equipment due to the lockdown and other restrictions imposed by the government to prevent the spread of COVID-19.
Global Autonomous Farm Equipment Market By Application
The Autonomous Farm Equipment Market by Application is driven by Harvest. Harvesting is done primarily to pick up ripe crops from the field. Harvesting activities include stacking, handling, threshing, harvesting, cleaning and transportation. These activities can be performed by single harvesters or a combination combine harvester can be used to perform the operations simultaneously.
Field and row crops such as potatoes, wheat, corn can be easily harvested by fully autonomous equipment such as tractors and planters. Thus, the demand for self-contained agricultural equipment for harvesting is the highest among other applications.
Global Autonomous Agricultural Equipment Market By Equipment
The global market for autonomous agricultural equipment by type of equipment is dominated by tractors. The autonomous tractor is experiencing an increase in demand, mainly due to the growing concern of labor shortages and offers increased productivity and efficiency, bringing higher yields.
The technology used in the autonomous tractor allows working for 24 hour operations and remote management of operations by users.
Global Autonomous Agricultural Equipment Market By Region
North America generated the highest revenue of $ 7.4 billion in 2020, which is attributed to technological advancements in the North America region. With high food security, labor shortage and security issues in the region, self-contained facilities in the region have offered a great solution to the issues of food security, labor shortage and security.
The region is expected to experience strong CAGR growth of 11.2% during the forecast period.
Key questions answered in the report
What is the estimated size of the global autonomous agricultural equipment market in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
What are the key market trends, drivers, and opportunities in the Self-Contained Farm Equipment market?
What are the major constraints holding back the growth of the global stand-alone agricultural equipment market?
What kinds of new strategies are adopted by existing market players to expand their market position in the industry?
What is the competitive strength of major players in the Autonomous Farm Equipment market based on the analysis of their recent developments, product offerings, and regional presence?
How is the competitive benchmarking of the leading stand-alone farm equipment companies in the Agriculture market based on the analysis of their market coverage and market potential?
What revenue is each of the segments expected to register during the forecast period and what is the estimated percentage of growth?
What are the main consortia and associations in the global stand-alone agricultural equipment market and what are their roles in the market?
How does the regulatory landscape differ in different regions for autonomous agricultural equipment?
Market Report Coverage
Application: Harvesting, spraying, planting and others
Type of equipment: Tractors, planters, unmanned aerial vehicles (UAVs) and others
Type: Semi-Autonomous and Autonomous
Market growth drivers
Significant development of technology and incorporation of artificial intelligence in the agricultural sector
Adoption of autonomous equipment in commercial farms
High productivity and profitability compared to conventional agriculture
Increased awareness of sustainability
Consolidation of the agricultural industry and change of the food production system
Labor shortage in the agricultural sector
For more information on this report, visit https://www.researchandmarkets.com/r/jbi416
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