The exponential rise of the global agriculture robots market can be credited to the increase in urban migration. Due to the shortage of physical labor, agriculture robots have come in handy during testing times. The popular concept of precision agriculture, constant work rates under unforgiving environmental conditions, and a considerable fall in the use of chemicals and pesticides applied to crops are a few advantages of agriculture robots. With the mounting pressure of increased food production, agriculture robots are the best alternative to human workforce.
Within the forecast period from 2016 to 2024, the revenue generation is expected to escalate at a CAGR of 24.1%. By revenue, the global agriculture robots market was pegged at US$1.01 bn at the end of 2016 and is expected to reach US$5.7 bn by the end of 2024.
North America - The Undisputed Market Leader
On the basis of regions, North America clearly leads the agriculture robots market. Subsequently, Asia Pacific countries such as China and Japan have also added to the global revenue generation in the market. Consistent development and product innovation and high rate of adoption of agriculture robots have made Asia Pacific the third leading market for agriculture robots.
Driverless Tractors Dominating by Segment Type
In the year 2015, driverless tractors dominated the agriculture robots market as the leading product type segment. The key reason for the high demand is their proficiency to automatically plough the field and work at a consistent rate by placing articles from one place to another. It is anticipated that the segment will continue to rule the market in the years to come. Automated harvesting machine comes in second in terms of popularity and demand.
High Maintenance Limiting Market’s Scope for Expansion
Though agriculture robots are claimed to be the next big thing in the field of agriculture, they come with a few limitations. Current robots are not programmed to run a farm all by themselves. Plus, a few functions such as crop management, irrigation, and even livestock rearing is a hard task for them to achieve. In order to make the farm completely automatic, multiple robot types are required, thereby increasing the financial burden. Installation and maintenance of single robots is another heavy investment for many.