April 18, 2024
Agriculture Robots Market

Agriculture Robots Market is Estimated to Witness High Growth Owing to Surging Farm Automation

Agriculture robots refers to robots deployed for agricultural purposes. They are utilized to carry out crucial farming tasks like weeding, harvesting, soil preparation and many others. Agriculture robots boost farm efficiency by substantially reducing time and labor costs involved in farming activities. They offer precision in agricultural activities that enables optimal utilization of resources like water, fertilizers and enhances crop yields.

The global agriculture robots market is estimated to be valued at US$ 15.26 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Agriculture Robots are BASF SE, Eastman Chemical Company, Merck KGaA, Evonik Industries AG, Tokyo Chemical Industry Co., , td., Alfa Aesar, TCI America, MP Biomedicals, Santa Cruz Biotechnology, Inc., Energy Chemical. The agriculture sector is witnessing rising demand for automation solutions to overcome issues like lack of labors, rising labor costs and enhancing crop yields. This acts as a key opportunity for agriculture robots market players to tap into. Geographically, North America dominates the agriculture robots market due to high affordability of farmers and supportive government initiatives in the region for farm automation. Asia Pacific is expected to witness highest growth in the market over the forecast period supported by rapidly growing population, reduction in arable land and government efforts to increase farm mechanization in the region.

Market drivers

Surging farm labor costs is a key factor driving demand for agriculture robots. Agriculture Robots Market Demand substantially help minimize farm operation costs by reducing dependency on human labor. Agriculture requires extensive manual labor for various activities like weeding, harvesting, soil preparation etc. Rising farm wages is compelling farmers to adopt automated solutions like agriculture robots for completing agricultural tasks effectively at lower costs. This will continue to drive their demand over the forthcoming years.

PEST Analysis

Political: Government regulations related to import and export policies, import duties and subsidies affect the agriculture robots market. Government support and funding for precision farming technology adoption boost the market.

Economic: The agriculture robots market is directly dependent on economic growth and spending power of the farming community. High initial investment in precision farming technology impacts small farmers.

Social: Younger generation farmers are more technology-savvy and early adopters of agriculture robots compared to traditional farmers. Labor shortage in agricultural sector drives the demand for automated solutions.

Technological: Advancements in robotics, artificial intelligence, IoT, remote sensing and automation help develop smart and efficient agriculture robots. Precision agriculture robotics enhance productivity and reduce wastage of resources like water, fertilizer.

Regions where market is concentrated in terms of value:

North America holds the largest share of the global agriculture robots market due to large-scale industrial farming, availability of advanced technologies, and government support for technological adoption. Asia Pacific is one of the fastest growing markets driven by rising population, increasing demand for food grains and government initiatives to modernize agriculture sector. Western Europe is another major region owing to focus on sustainable and organic farming practices.

Fastest growing region:

Asia Pacific region is poised to grow at the fastest rate owing to increasing acceptance of smart farming practices to meet rising food demand. Governments in countries like China, India are investing in technology development and infrastructure projects to boost agriculture sector productivity and efficiency. Adoption of precision farming robotics helps optimize resource utilization and boosts crop yields in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it