Tractors is anticipated to dominate the revenue share of autonomous farm equipment market contributing over 50% by 2024. Superior operating efficiency of tractors coupled with shifting trends towards usage of product are driving the business growth.
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The Autonomous Farm Equipment Market is set to grow from its current market value of more than $55 billion to over $180 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
Autonomous farm equipment market is likely to emerge as one of the most revolutionary verticals of the agriculture business space, that will positively reshape the dynamics of farming in the decades to come. Though the notion of automating farm equipment has been around since the 1940s, the idea has been brought to fruition only in the last decade or so. Major autonomous farming equipment industry players are now conducting extensive R&D programs to develop even more technologically advanced automated equipment. With the advent of robotics technology, the application of GPS, and the expansive deployment of Internet of Things (IoT), the popularity of autonomous farm equipment market has reached tremendous heights, enabling companies to make these components even more reliable and user friendly. In 2016 alone, autonomous farm equipment industry size was valued at USD 55 billion and is speculated to rise considerably over the years to come.
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Autonomous equipment is designed to give farmers more freedom to manage the farms rather than drive around the farm on a variety of vehicles. Broadly, the operational landscape of autonomous farm equipment market is segmented into partially and fully autonomous farm equipment. Partially autonomous devices already contribute to a large share of the overall autonomous farm equipment market, subject to their widespread commercialization and competitive pricing. Farm equipment such as the ones that can separate corn from cob, steer themselves, or pick potatoes while leaving the waste on the field are already widely in use. Fully autonomous farm equipment, such as the ones that can make farming decisions on their own without any human supervision are no more a thing of the future either. Pertaining to rapid technological advancements and farming innovations, fully autonomous farm equipment industry size is projected to increase at a growth rate of more than 40% over 2017-2024.
UAV segment is projected to witness significant growth at over 35% up to 2024. The product is widely used for agricultural processes such as spraying pesticides and fertilizers. In addition, implementation of thermal imaging, and need to detect scarcity of crop supplements will influence the product landscape. Software compatibility of the devices with user friendly interface offers smooth functioning of product. Proliferating digitalization and superior precision will positively impact the autonomous farm equipment market share from 2017 to 2024.
In 2016, North America holds significant industry share owing to strong presence of major manufacturers. This can be attributed to higher penetration rate of tractors and harvesters installed with autosteering functions. Usage of drones for mapping and spraying operations will further support the regional demand.
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Europe led by Germany, Italy, France, Russia and UK is estimated to witness significant growth during forecast timeframe. Shifting trends towards products with higher efficiency, reduced emissions and enhanced productivity will drive the autonomous farm equipment market growth.
Agribotix, AGCO, Harvest Automation, Mahindra, Case IH, Agrobot, John Deere, ATC, and CLAAS are among the key players for component manufacturing and service of the product. M&A of the manufacturers, depending upon the adaptation of advanced technologies is the main strategy adopted by the industry players.
Glimpse of Table of Content (ToC)
Chapter 4 Autonomous Farm Equipment Market, By Operation
4.1 Autonomous farm equipment industry share by operation, 2016 & 2024
4.2 Fully autonomous
4.3 Partially autonomous
Chapter 5 Autonomous Farm Equipment Market, By Product
5.1 Autonomous farm equipment industry share by product, 2016 & 2024
5.2 Tractors
5.3 Harvesters
5.4 UAV drone
Chapter 6 Autonomous Farm Equipment Market, By Technology
6.1 Autonomous farm equipment industry share by technology, 2016 & 2024
6.2 Software
6.3 Hardware
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/autonomous-farm-equipment-market
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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