Agriculture robots are versatile autonomous machines that can conduct various operations on the farm with minimal human intervention. They are integrated with technologies such as artificial intelligence, sensors, cameras, and GPS which help them perform both simple and complex tasks with high precision. Agriculture robots assist farmers in seeding, weed removal, harvesting, soil analysis, packaging and many other farming activities. They save labor costs, increase productivity and yield, and ensure consistency in operations.
The Global Agriculture Robots Market is estimated to be valued at US$ 15.26 Bn 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., Ltd., Alfa Aesar, TCI America, MP Biomedicals, Santa Cruz Biotechnology, Inc. and Energy Chemical.
The growing demand for food owing to the rising global population has increased the workload for farmers. Agriculture robots help address this issue by automating agricultural activities and improving farm efficiency. They relieve farmers from tedious and labor-intensive tasks.
Many countries are also facing a shortage of agricultural laborers. To overcome this challenge, farmers are increasingly adopting robots for tasks like harvesting, weeding, soil analysis etc. The food production is also expanding globally. Countries in North America, Europe, Asia Pacific and Latin America are witnessing increased mechanization in agriculture driven by the use of robots.
Market Key Trends
Precision farming is one of the major trends in the Agriculture Robots Market Size. It involves using various technologies to observe, measure and respond to inter and intra-field variability in crops. Precision farming helps maximize yield, optimize resource usage and farm productivity. Agriculture robots assist precision farming activities through automation of tasks like soil mapping, variable rate application of inputs and irrigation management. This trend is expected to drive the demand for robots among farmers worldwide.
Porter’s Analysis
Threat of new entrants: Low as heavy investment is require for R&D and manufacturing to produce agriculture robots.
Bargaining power of buyers: Moderate as there are availability of substitute traditional farm equipment and services.
Bargaining power of suppliers: Moderate as few suppliers provides components for agriculture robots.
Threat of new substitutes: Low as agriculture robots provide hands free operation for various farm activities.
Competitive rivalry: High as major players are competing on the basis of advanced technologies, performance and pricing.
Geographical Regions
North America accounts for the largest share in agriculture robots market in terms of value owing to high demand for automation and robotics in agricultural activities from US and Canada.
Asia Pacific is projected to be the fastest growing region during the forecast period due to rapid development of agriculture sector and growing labour shortage in countries like China and India. Governments of these countries are supporting adoption of modern agriculture technologies including agriculture robots.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it