Chicago, Aug. 11, 2022 (GLOBE NEWSWIRE) -- According to a research report "Agricultural Robots Market by Type (Milking Robots, UAVs/Drones, Automated Harvesting Systems, Driverless Tractors), Farm Produce, Farming Environment (Indoor, Outdoor), Application, and Geography - Global Forecast to 2026", The global agricultural robots market size is expected to grow from USD 4.9 billion in 2021 to USD 11.9 billion by 2026, at a CAGR of 19.3%.
Deere & Company manufactures agriculture, construction, and forestry vehicles and machinery. The company operates through four primary business segments: agriculture and turf, construction and forestry, financial services, and others. The agriculture and turf segment is the largest segment in terms of revenue generation, and the segment offers agricultural robots and automation products. The company provides agricultural automation systems under various product lines, including data management, remote management, guidance, and variable rate application. In August 2021, the company acquired Bear Flag Robotics for USD 250 million. Bear Flag Robotics was founded in 2017 and specialized in autonomous farming heavy machinery.
Factors including rising population, increasing labor shortage, and rising wages are driving the market growth of global agricultural robots market. The untapped market potential and scope for automation in agriculture, use of real-time multimodal robot systems in fields, and increased use of electrification technology in agricultural robots are expected to create opportunities for the manufacturers and suppliers of agricultural robots, driverless tractors, milking systems, UAVs and drones.
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Driverless tractors segment is expected to hold the largest market share during the forecast period
The high growth of the driverless tractors segment can be attributed to the progress and development of self-driving technology in the automotive industry, which, in turn, will help lower the cost of developing autonomous tractors. With many tractors already equipped with semi-autonomous technology, autonomous tractors are expected to be fully ready for commercial deployment in the next few years. Companies such as John Deere (US) and CHN Industrial NV (UK) have showcased prototypes of driverless tractors in trade shows, such as the US Farm Progress Show and SIMA International Farm Machinery Show and dealer events. The companies that currently have a strong portfolio of semi-autonomous technology for tractors are expected to lead the development of fully autonomous tractors.
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Major players in the Agricultural Robots market include
Deere & Company (US),
CNH Industrial NV (UK),
AGCO Corporation (US),
Trimble Inc. (US),
BouMatic Robotics (The Netherlands),
Lely (The Netherlands),
AgEagle Aerial Systems (US),
YANMAR Co. (Japan),
Deepfield Robotics (Germany),
Harvest Automation (US),
Naïo Technologies (France),
Field crop segment is estimated to be the dominating market during the forecast period
The field crops segment is expected to capture the largest share of the agriculture robot market throughout the forecast period and grow at the highest CAGR during the forecast period. Most robots, including drones, driverless tractors, spraying robots, and UAVs, are used for field crop produce. Advantages such as longer operation periods compared with humans and reduced operational expenses have encouraged farmers to replace semi-autonomous tractors with fully autonomous tractors. Therefore, the adoption of driverless tractors for plowing and harvesting field crop farms is expected to grow during the forecast period. Hence, the market for field crops will have the highest growth rate.
APAC is expected to grow at the highest CAGR during forecast period
APAC is expected to be fastest-growing region during the forecast period. The region has witnessed an emerging demand for automation since farming is one of the important sectors in Asian countries including, China, Japan, India, Vietnam, and South Korea. The adoption of agricultural robots—especially drones—is expected to grow at a high rate in APAC as this region consists of technologically-advanced countries, such as China, South Korea, Thailand, and other countries in Southeast Asia. Developed countries in APAC, for instance, Japan, are focusing more on driverless tractors. The rapidly increasing population, availability of arable farms, and government support through subsidies are the major factors driving the adoption of agricultural robots in APAC. Government initiatives to support the adoption of automation and robotics in agriculture has fueled the growth of the agricultural robots market in the region.
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the agricultural robots market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; new product launches; and partnerships, agreements, and collaborations; and recent developments associated with the agricultural robots market.
Service Robotics Market by Environment, Type (Professional, Personal & Domestic), Component, Application (Logistics, Inspection & Maintenance, Public Relations, Education, Personal), and Geography (2021-2026)
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