The Agricultural Robot Market is expected to reach USD 15.93 Billion by 2028, growing at a CAGR of 20.31% between 2021 and 2028. Factors including rising population, increasing labor shortage, and rising wages are majorly driving the market growth. 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 also expected to create opportunities for the manufacturers and suppliers of agricultural robots, driverless tractors, milking systems, UAVs and drones.
- 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.
- Agricultural robots automate slow, repetitive, and dull tasks for farmers, allowing them to focus more on improving overall production yields, which will be vital as the world's population increases.
- Agriculture is quickly becoming an exciting high-tech industry, drawing new professionals, new companies, and new investors. The technology is developing rapidly, not only advancing the production capabilities of farmers but also advancing robotics and automation technology
Some of the key players in the agricultural robot market include Deere & Company, DJ, CNH Industrial NV, AGCO Corporation (US), DeLaval, Trimble Inc., BouMatic Robotics (The Netherlands), Lely, AgJunction (US), AgEagle Aerial Systems (US), YANMAR Co, Deepfield Robotics, ecoRobotix, Harvest Automation, Naio Technologie, ROBOTICS PLUS, among others.
The use of drones and driverless tractors is automatizing field farming. Owing to the high penetration rate of UAVs and the high average selling price of driverless tractors, the field farming application is expected to hold a significant share of the agricultural robot market during the forecast period. With further growth in the adoption of driverless tractors for automating field farming applications, the market for driverless tractors is expected to overtake the market for milking robots by 2023. The milking robot market is reaching maturity as they are already commercialized. Therefore, it will have the slowest growth, leading to dairy & livestock management applications experiencing slow growth than other farming applications.
The Asia Pacific region is expected to witness the highest growth during the forecast period, owing to increasing government initiatives to adopt modern technologies and a rise in awareness among farmers. The region has witnessed an emerging demand for automation since farming is one of the important sectors in countries in the Asia Pacific region 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.