Agriculture robots offer a variety of benefits to farmers through automation of many agricultural tasks including harvesting, weed control, soil management etc. These robots help in reducing the dependency on human labours and increases productivity through efficient management of farm activities. Agriculture robots are equipped with advanced technologies like computer vision, artificial intelligence and sensing capabilities to identify crops, detect weeds and calculate optimum doses of fertilizers and chemicals. The global adoption of agricultural robots enables 24×7 operations, minimizes crop damage and improves overall farm management.
The global Agriculture Robots Market is estimated to be valued at US$ 13.24 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend gaining traction in the agriculture robots market is the advancement of food production technologies driven by growing population. Development of autonomous robots, drones and driverless tractors with technologies like computer vision, IoT and AI is aiding efficient agricultural activities. For instance, autonomous weeders and harvesters uses machine learning algorithms to identify crops and eliminates weeds with precision. Similarly, drones are being used for crop monitoring, soil analysis and precision spraying. This is improving productivity and quality of agricultural land. Moreover, government initiatives in developed nations to support adoption of robotics is boosting market revenues during the forecast period.
Threat of new entrants: The threat of new entrants is moderate as agriculture robots require huge capital investments and technologies. Established players have strong distribution networks and brand recognition.
Bargaining power of buyers: The bargaining power of buyers is high as buyers have alternatives and agriculture robots are not highly differentiated. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as technology providers and component manufacturers have established relationships with OEMs and suppliers are not easily substitutable.
Threat of new substitutes: The threat of new substitutes is low as agriculture robots provide precision, automation and higher productivity which are not easily substitutable. However, advanced machinery can be a potential threat.
Competitive rivalry: The competition is high among global players to increase their market share through new product launches, collaborations and targeting new application areas.
The Global Agriculture Robots Market Demand is expected to witness high growth. The market size is projected to reach US$ 13.24 Bn by 2024, growing at a CAGR of 6.5% during the forecast period.
Regional analysis: Asia Pacific dominates the agriculture robots market currently due to higher penetration in countries such as India and China. Both countries are focusing on substituting labor with robots and increasing farm mechanization. North America also holds major share with growing adoption in the United States. Europe is anticipated to witness substantial growth in the forecast period.
Key players operating in the agriculture robots are BASF SE, Eastman Chemical Company, Merck KGaA, Evonik Industries AG, Tokyo Chemical Industry Co., Ltd., Alfa Aesar, TCI America, MP Biomedicals, Santa Cruz Biotechnology, Inc., Energy Chemical. Key players are focusing on new product launches, collaborations and targeting emerging application areas in the agriculture sector.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it