Agricultural Robots Market Size to Reach USD 99.30 Billion in 2030 | Increasing Population Along with Rising Global Demand for Food are Key Factors Driving Industry Demand, Says Emergen Research
Decrease in workforce in the agriculture sector, steady deployment of agricultural robots, and shift to more advanced farming techniques and approaches are factors expected to continue to support revenue growth of the market. Younger individuals in the population are less inclined to seek engagement in the agricultural sector owing to availability of better career prospects and higher paying employment. Besides, increasing labor costs is a factor expected to support deployment of robots owing to long-term profitability and dependability.
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Restraints:
However, concerns regarding high purchasing cost of agricultural robots such as Unmanned Aerial Vehicles (UAVs) and driverless tractors are key factors hampering market revenue growth. Initial stage of robot installation is capital-intensive, and many high-cost robots may not always provide sufficient Return on Investment (RoI). Also, lack of skilled personnel to handle such robots is expected to hamper market growth to some extent during the forecast period.
Growth Projections:
The global agricultural robots market revenue is expected to register a CAGR of 34.4% over the forecast period and revenue is projected to increase from USD 6.94 Billion in 2021 to USD 99.30 Billion in 2030. Increasing government encouragement such as subsidies provided to farmers towards adoption of agricultural robots is driving market revenue growth.
COVID-19 Impact Analysis:
COVID-19 pandemic has been having a wide-ranging impact on various industries. Shutdown of businesses has resulted in production disruptions. Travel restrictions and limited market accessibility impacted growth of global agricultural robots market. Besides, COVID-19 brought some positive impacts with regards to using agricultural robots. During the pandemic, labor force shrunk drastically, which resulted in need for a more viable and reliable solution, and this has driven demand for agricultural robots. Lack of workforce during lockdowns and restrictions also played a major role in a shift towards automation and reliance and dependence on non-human workforce, and this trend is expected to continue over the forecast period.
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Current Trends and Innovations:
Robot as a Service (RaaS) model is a current trend that is contributing to growth of the agricultural robot market. RaaS model is expected to increase use of robots in agricultural sector. This model is highly flexible and affordable and is economical for small farms. Drones as service model is also being widely used in the agricultural sector and are being leased out to small farmers by service providers.
Geographical Outlook:
Market in North America is expected to register a significantly robust revenue growth rate over the forecast period. Robust market revenue growth in North America is attributed to increasing R&D initiatives for modernizing farming. High disposable income of farmers also allows them to purchase agricultural robots to enhance productivity and yield on their farms.
Strategic Initiatives:
Some major companies included in the global market report are Trimble Inc., Deere & Company, AGCO Corporation, Lely, Ag Leader Technology, AgEagle Aerial Systems, Inc., Topcon, DeLaval, BouMatic, and Agjunction.
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Emergen Research has segmented global agricultural robots market on the basis of offering, farming environment, type, farm produce, application, and region:
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