by Agriculture robots, also known as agricultural drones, are machines that aid in agricultural tasks like seeding, weed control, harvesting, livestock monitoring etc. They perform these functions more efficiently and consistently compared to manual labor. Some key agriculture robot products include harvesting robots, milking robots, indoor farming robots etc. Harvesting robots use computer vision and GPS systems to identify and collect ripe crops like fruits and vegetables more precisely. Milking robots automate the milking process, allowing dairy farmers to milk cows multiple times a day to maximize milk yield. Indoor farming robots are used to monitor and control factors like temperature, humidity, lights in indoor vertical farms to optimize crop growth in a controlled environment. The use of agriculture robots reduces labor costs, improves productivity and minimizes crop damage compared to manual operations. They also provide an alternative to seasonal or migratory laborers, ensuring a more consistent and predictable workforce.
The global Agriculture Robots Market is estimated to be valued at US$ 13.24 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advancements in robotics, computer vision and AI technologies are fueling innovations in agriculture robot design. Most modern agriculture robots are equipped with advanced sensors, cameras and machine learning algorithms to autonomously identify and handle crops, livestock and perform agricultural tasks with high accuracy. For example, harvesting robots can now identify ripe fruits and vegetables, determine the optimal picking angle and gently harvest crops without damage – capabilities that were not possible a few years ago. Integration of robotics, computer vision, sensors and AI is allowing agriculture robots to perform complex agricultural operations almost like experienced human farmers. This is dramatically improving their efficiency, minimizing wasted time and resources. As technology advances, agriculture robots will continue gaining sophisticated abilities, automating more agricultural processes and transformation global farming practices.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the agriculture robots market is moderate. The high initial investments required for research & development act as a barrier for new companies.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of various established agriculture robots companies providing substitutes. Buyers can easily switch to alternative product offerings depending on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While few large suppliers of components exist, customers can switch to other suppliers if one increases the prices.
Threat of new substitutes: The threat of new substitutes is moderate as there are no close substitutes for agriculture robots. However, advancements in technology can lead to new substitute products.
Competitive rivalry: The competitive rivalry in the agriculture robots market is high owing to the presence of major global companies offering overlapping products. Companies compete based on product features, pricing, branding and customer service.
Key Takeaways
The Global Agriculture Robots Market Share is expected to witness high growth. The APAC region is anticipated to dominate the market over the forecast period owing to the growing adoption of automation in agriculture practices.
Regional analysis: North America and Europe are also expected to hold significant shares in the global market due to the growing demand for food production and focus on sustainability. Countries including the US, China, India are emerging as major hub of agriculture robots.
Key players: Key players operating in the Agriculture Robots Market are Deere & Company, AGCO Corporation, Agribotix LLC, Agrobot and Blue River Technology. Deere & Company accounted for the largest revenue share in 2021 followed by AGCO Corporation. Players are focusing on new product launches and strategic collaborations for market expansion.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
