by Agriculture robots or agbots that are equipped with advanced technologies help to improve crop yields, reduce wastage and maximize farm outputs. They perform functions such as seeding, weeding, sorting and harvesting with precision. The adoption of agriculture robots minimizes risks associated with agricultural production and increases profitability for farmers.
The global Agriculture Robots Market is estimated to be valued at US$ 13.24 Billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Precision agriculture and technologies have gained increased traction among farmers globally as they seek to optimize productivity and maximize profits. One of the emerging trends driving the agriculture robots market is the adoption of precision agriculture practices. Farmers are increasingly deploying robots and drones integrated with sensors, cameras and software for precision scouting, sowing, fertilizing and harvesting. These agriculture robots collect field data, analyze soil and crop conditions to precisely apply inputs. They minimize wastage, increase yield and optimize resource usage. Agriculture robots are expected to play a crucial role in enabling precision agriculture practices and improving farm outputs over the next decade.
SWOT Analysis
Strength: agriculture robots can perform tedious and repetitive tasks with high accuracy reducing human workload. They offer improved productivity and yield as they can work 24/7 without rest.
Weakness: high initial investment requirements for agriculture robots make them unaffordable for small farmers currently. They also require technical expertise for operations and maintenance.
Opportunity: growing demand for food due to rising global population presents opportunity for increased use of agriculture robots for scaled-up production. Development of affordable agriculture robots suitable for small farms can capture more market share.
Threats: reluctance among some farmers to adopt new technologies poses threat to market growth. Regulations around robot safety and liability in case of accidents can also restrict market expansion.
Key TakeawaysThe global Agriculture Robots Market Size is expected to witness high growth.
Regional analysis: The North America region currently dominates the market due to large scale mechanized farming and growing adoption of advanced technologies in the agriculture sector in countries like US and Canada. Asia Pacific is expected to be the fastest growing market led by countries like India and China due to rising population, decreasing cultivable land and growing focus on boosting productivity through farm automation.
Key players operating in the agriculture robots market are BASF SE, Eastman Chemical Company, Merck KGaA, Evonik Industries AG, Tokyo Chemical Industry Co., Ltd., Alfa Aesar, TCI America, and MP Biomedicals.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
