The rising population across the globe is leading to a high demand for food, which in turn calls for high yield of crops. And with technology penetrating all the sectors, agriculture industry is not far behind when it comes to implementing new technologies and techniques. The farmers nowadays are increasingly adopting new technologies like agricultural robots to enhance the yield. The global market for agricultural robots is developing rapidly, owing to a number of companies investing in this technology and the active support from the government, encouraging the use of modern and cost-saving agricultural techniques in order to get good-quality crops.

Market overview

The global agricultural robots market that was estimated to be USD 2.75 Billion in 2016 is projected to be valued at USD 12.80 Billion by 2022, growing at a CAGR of 20.71% between 2017 and 2022.

Based on type, the driverless tractor segment is expected to witness the highest growth during the forecast period, owing to the increased adoption rate of driverless tractor, since it is helpful in applying the right amount of input at the right place on the field, which in turn reduces the input waste and increases the productivity of the land and crop.

Among applications, harvesting management is the most widely used application of agricultural robots, since it helps in understanding the field variability and helps the farmers in increasing their yields. Automated harvesting management held the largest market share, owing to the rising adoption rate among farmers and growers. However, the weather tracking and forecasting application is expected to grow at the highest CAGR over the forecast period.

Which region is expected to lead in terms of market share and why?

In 2016, the Americas accounted for the largest share of the global agricultural robots market. This growth can be mainly attributed to the growing demand for advanced agricultural solutions in this region. The advanced farming systems and equipment such as steering and guidance systems, sensors, display devices, and farm management software are being rapidly adopted by the farmers in this region. Moreover, growing industrialization of farming equipment along with the rising need for efficiency and productivity, high production accuracy is expected to further boost the growth of this market. However, the agricultural robots market in Asia-Pacific is predicted to grow at the highest CAGR during the forecast period from 2017 to 2022.

What are factors influencing the growth of this market?

The global market for agricultural robots is experiencing huge growth, mainly because of the following factors:

• Rising adoption of new technologies in farming for better efficiency and less production cost
• Government initiatives and support for adopting modern agricultural techniques
• Cost savings associated with the use of agricultural robots
• Increasing demand for food across the globe due to increasing population
• Growing need for monitoring crop health for better quality of yield

In addition, growth of this market in developing nations and rising use of UAVs/drones in agricultural farms is expected to further create an array of growth opportunities for this market.

On the flip side, high capital investments and lack of technical knowledge regarding agricultural robotics technology are the major factors that are likely to act as hindrance for the growth of this market. Moreover, need for standardization and issues regarding safety in the agricultural robotics industry and commercialization of agricultural robots which is a time-consuming process are the key challenges that the leading players in this market will have to overcome in order to achieve sustained growth.

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Key players and growth strategies implemented

The major companies operating in the global market for agricultural robots comprise Deere & Company (U.S.), AgJunction, Inc. (U.S.), AGCO Corporation (U.S.), DJI (China), Lely Holding S.A.R.L (Netherlands), and Agribotix LLC (U.S.). These companies are adopting various strategies such as new product developments, mergers, partnerships, collaborations, and expansions in order to cater to the requirements of the customers and the market.