Autonomous Farm Equipment Market: Future Scope and Projected Industry Growths to 2024
Global autonomous farm equipment market outlook is driven by growing utilization of tractors, harvesters and UAVs to obtain higher productivity. Implementation of autonomous devices helps to reduce the redundant labor intensive farm operations. The consistently lowering count of labor availability will further support the industry growth. Rising inclinations toward precision farming will stimulate autonomous farm equipment industry trends over the forecast timeframe.
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For instance, a robotic engineer from Harper Adams University, England recently came up with an idea that it may be possible to produce crops without having to actually climb onto a tractor. In this case, through high-end technology, a SimTech drill had been attached to the tractor, that undertook the seeding operations, while an automated Sampo Rosenlew 130 harvested the crop. In the years to come, it has been forecast that farmers may cease performing actual farming tasks, delegating them to automated devices, while they keep themselves free for other tasks. In the event that automated tractors such as the aforementioned prove successful in tests conducted on 100-hectare fields, the concept is likely to brew a revolution in autonomous farm equipment market.
The autonomous farm equipment market from UAV segment is estimated to grow at a CAGR over 35% through 2024. The advent of drone technology has brought a revolution in the agriculture sector. Apart from field mapping, they have started showing usability in several agricultural processes. For instance, they are profoundly used for critical agriculture processes such as spraying of fertilizers & pesticides.
These UAVs fitted with numerous sensors and high definition cameras can be utilized for effectively monitoring each and every part of the crop, so that any part of the field facing scarcity of water or other resources can be detected earlier.
As automation pervades lucrative verticals, the agriculture domain, not to be obliterated, has also joined the list. Autonomous farm equipment market, in this regard, may be considered as one of the many pivotal sub-spheres of the tech-based agriculture sector, that has been gaining mass momentum in recent times. With the influx of highly advanced tech discoveries and the shifting trends toward the deployment of robotics owing to labor shortage, the utilization of self-operating agro-based components is on a rise, thereby impelling autonomous farm equipment industry share.
One of the most noteworthy trends of autonomous farm equipment industry in recent times is the rapid entry of start-ups in this business vertical, posing quite an interesting competitive scenario for prominent players. With the profound growth in the arena of robotics, entrants in autonomous farm equipment market have been attempting to actively tap every lucrative opportunity to come up with unique product ranges.
India is thus undergoing a paradigm shift, what has been dubbed as ‘Farming 3.0’ – the third farming revolution. In accordance, the nation seems to be actively drifting toward innovative farming, which would prove to be rather advantageous for the growth of autonomous farm equipment industry in India. The nation has been, since the last few years, welcoming investors and start-ups to establish their base in India and diligently pursue advanced technology to come up with a range of highly innovative products such as partially and fully automated tractors and harvesters. Another popular technology that is being harnessed of late is that of UAVs (unmanned aerial vehicles) or drones.
Owing to their superlative benefits ranging from undertaking geological surveys for evaluating fields and reducing response time to improve crop health and water efficiency in the fields, these beauties are being deployed in agriculture on a larger scale than anticipated, which has provided quite a profitable boost to the overall autonomous farm equipment market. This is quite evident from the robust growth of the agricultural drones industry as well – the business size reportedly stood at USD 300 million in 2016. UAVs are also being utilized in India, though the concept is yet to gain mass prominence. However, analysts seem to be positive regarding the popularity of agricultural drones in the nation, the massive deployment of which would eventually stimulate India autonomous farm equipment industry share.
APAC autonomous farm equipment market share has been projected to register a CAGR of 25% by 2024. With automated devices garnering momentum in India, it has also been projected that the region would be a major revenue contributor toward APAC autonomous farm equipment industry. Given that the continent in itself is a hub of major agro-based emerging economies, it remains quite unarguable that Asia Pacific would be one of the key regional autonomous farm equipment industry in the years to come. Led by India, Japan, China, Australia, and South Korea.
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Data Tables
TABLE 1. Autonomous farm equipment industry 3600 synopsis, 2013 - 2024
TABLE 2. Autonomous farm equipment market volume and revenue, 2013 – 2016, (Units) (USD Million)
TABLE 3. Autonomous farm equipment industry volume and revenue, 2017 – 2024, (Units) (USD Million)
TABLE 4. Autonomous farm equipment market volume by operation, 2013 - 2016 (Units)
TABLE 5. Autonomous farm equipment industry volume by operation, 2017 - 2024 (Units)
TABLE 6. Autonomous farm equipment industry revenue by operation, 2013 - 2016 (USD Million)
TABLE 7. Autonomous farm equipment industry revenue by operation, 2017 - 2024 (USD Million)
TABLE 8. Autonomous farm equipment industry volume by product, 2013 - 2016 (Units)
TABLE 9. Autonomous farm equipment industry volume by product, 2017 - 2024 (Units)
TABLE 10. Autonomous farm equipment market revenue by product, 2013 - 2016 (USD Million)
TABLE 11. Autonomous farm equipment industry revenue by product, 2017 - 2024 (USD Million)
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