Autonomous multifunctional agriculture robot Market is expected to grow USD 1,278.5 million at a CAGR 16.7% during the forecast 2022-2030.
The global autonomous multifunctional agriculture robot market was valued at USD 360.2 million in 2021 and is expected to reach USD 1,278.5 million by 2030 growing at a CAGR of 16.7%.
COVID-19 Impact vs Opportunities for Global Autonomous multifunctional agriculture robot Market:
The COVID-19 pandemic's quick spread had an effect on the global Autonomous multifunctional agriculture robot Market, upsetting the supply chain and harming several businesses. International border restrictions, sweeping social distance-building tactics, and national lockdowns have all severely reduced trade activity. Since businesses all over the world were forced to either totally shut down or partially, this had a tremendous impact on the global market for agricultural robots. The second wave of COVID-19 also caused market disruption in a number of important markets in 2021, including the United States, India, and Brazil, among others. However, the market is projected to experience sustained demand growth over the forecast period due to the recovery of trade activities.
Electricity for farms, for instance, may now follow the robots. Renovagen sells a microgrid that rolls up solar panels like a carpet along a field from the back of a farm truck, and eWind creates tethered drones that generate equivalent 30 kW amounts of electricity from the wind, specifically aimed at farmers. The killing blow is lower upfront costs, which is one of the reasons why tiny outdoor and greenhouse agrirobots are all electric. Price parity comes first with little vehicles. Lower cost of ownership is also appealing. They boost yields, pick fruit more gently, and reduce toxins. Thus, emerging electrification technologies creates lucrative opportunities for agricultural robots.
Agriculture is swiftly evolving into a dynamic high-tech sector that attracts new employees, businesses, and investors. Technology is evolving quickly, improving not only farmers' capacity for production but also the state of robotics and automation. This phenomenon's core requirement is for much higher production yields. In 2050, the UN predicts that there will be 9.7 billion people on earth. The demand for food will increase significantly, and farmers will be under tremendous pressure to meet it. Farmers' output yields are rising in a number of different ways due to agricultural robots. From drones to autonomous tractors to robotic arms, the technology is being deployed in creative and innovative applications. Due to this the demand for agricultural robots is expected to grow during the forecast period.
The global Autonomous multifunctional agriculture robot Market is expanding due to rising urbanization and rising global food consumption. Additionally, a number of helpful policies have been declared by governments throughout the world in the form of subsidies or aid for greater productivity as well as launching programs to raise farmers' awareness of agricultural robots. For instance, the European Union has supported initiatives like GRAPE and MARS to substitute cutting-edge automated technologies for labor-intensive occupations. Additionally, a number of established and new agricultural businesses are investing in R&D initiatives to release a cutting-edge line of agricultural robots on the market, which is projected to accelerate the market's growth rate throughout the course of the forecast period.
Due to farmers' lack of knowledge and expertise, this problem is especially pervasive in developing nations like India, China, and Brazil. However, the expensive cost of installing Autonomous Multifunctional Agriculture Robots for small firms can be a barrier to the market's expansion. Additionally, these robots require a lot of maintenance, which has a high cost. Because these robots incorporate cutting-edge sensor technology, such as high-definition cameras and obstacle sensors, the cost of the machines is increased, impeding the market's total growth.
The process of agricultural robot design is a complex system requiring the cooperation and integration of agriculture, machinery, automation, and information technology. These demands create great challenges for the innovative design of agricultural robots. The working environment of agricultural robots is changeable and unstructured. Therefore, the process of agricultural robot design needs to meet the agronomic demands of the agricultural operation scene and the operation objective. Those demands created great challenges for the designers of innovative agricultural robot designs.
Value Chain Analysis
Globally the autonomous multifunctional agriculture robots market is at a growing phase, and the market is anticipated to experience tremendous growth over the coming years. Companies worldwide are adopting this technology which helps automate and increase production capacity in their manufacturing units. The value chain analysis in autonomous multifunctional agriculture robots comprises five major levels: hardware/ component manufacturers, software developers, system integrators, and end users.
The global Autonomous multifunctional agriculture robot market has been segmented on the basis of component and region.
The global Autonomous multifunctional agriculture robot market, based on component type, has been segmented into hardware, software and services. The hardware segment accounted for the largest market share and was valued at USD 216.7 Million in 2021 and is projected to grow at a CAGR of 15.8% during the review period
The global Autonomous multifunctional agriculture robot market has been studied across Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
North America accounted for the largest market share in 2021 due to the high purchasing power and technological advancement in the region. Agriculture autonomous robots are still in the early stages of development. Higher demand for food and the need for automation in the agriculture sector are driving research and development activities to develop agriculture autonomous robotic technologies and products. In the global agriculture autonomous robots market, increasing investment in smart agriculture is a major opportunity
Asia-Pacific is the fastest-growing region, As Asia-Pacific's population increases, the farming industry faces a growing need for automation and robotization in order to meet growing demands and compensate for labor shortages.
The global autonomous multifunctional agriculture robot market is projected to witness healthy growth during the forecast period, owing to the increasing demand for autonomous multifunctional robots. The global market represents strong numbers in terms of consumption.
Key players operating in the global Autonomous multifunctional agriculture robot market include AgEagle Aerial Systems, Yanmar Holdings CO., LTD., Harvest Automation, CNH Industrial NV, Ecorobotix SA, Deepfield Robotics, Naïo Technologies, Ducksize, FarmDroid ApS, Nexus Robotics, PeK Automotive, AGROINTELLI, Advantech Farms Technologies Inc., Fendt Corporation, Agrobot, Korechi Innovations Inc., AgXeed, FFRobotics, MetoMotion.
AgEagle announced the acquisition of Measure Global Inc. to establish itself as the leading provider of complete drone solutions. The company's goal is only to purchase and incorporate the greatest drone technologies available to provide the globe with American-made, specialized drone solutions. On April 2021
AgEagle acquired MicaSense for $23 Million. As a result, AgEagle was able to enhance commercial drone systems and solutions for a variety of fast-growing industry sectors. Incorporating MicaSense's imaging technologies into a drone made it possible for drones to examine emergency landing zones efficiently and verify and support successful deliveries. On January 2021
Yanmar America partnered with Front Row Motorsports.. Yanmar made a comeback with this cooperation and now concentrating on portfolio expansion. On July 2022
In the Republic of Ireland, New Holland Agriculture announced the dealer network. This dealer network added Donohoe agri machinery to New Holland to serve the counties of Wexford and Carlow. On April 2022
As per MRFR, the global Autonomous multifunctional agriculture robot market has been growing significantly over the past few years. The global Autonomous multifunctional agriculture robot market has been segmented on the basis of component and region. Based on region, the Autonomous multifunctional agriculture robot market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Objective of the Study
Scope of the Report
The scope of the global Autonomous multifunctional agriculture robot market study includes the market size analysis and a detailed analysis of the vendor’s products and strategies. The global Autonomous multifunctional agriculture robot market has been segmented on the basis of component and region.
|Market Size||2030: USD 1278.5 Million|
|CAGR||16.7% CAGR (2022-2030)|
|Historical Data||2018 to 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, Middle East & Africa, and South America|
|Key Vendors||AgEagle Aerial Systems, Yanmar Holdings CO., LTD., Harvest Automation, CNH Industrial NV, Ecorobotix SA,|
|Key Market Opportunities||Emerging electrification technology Development of real-time multimodal robots|
|Key Market Drivers||Increase in a farm labour shortage Penetratrion of IoT and navigation technologies across the globe|
The global Autonomous multifunctional agriculture robot market has been growing rapidly over the past few decades and is expected to reach USD 1,278.5 Million by 2030, at a CAGR of 16.7% during the forecast period.
AgEagle Aerial Systems, Yanmar Holdings CO., LTD., Harvest Automation, CNH Industrial NV, Ecorobotix SA, and Deepfield Robotics,are expected to be the major competitors in the Autonomous multifunctional agriculture robot market during the projected period.
The hardware segment is expected to drive the market during the forecasted period.
The Europe region is expected to be the largest market for the Autonomous multifunctional agriculture robot market during the forecast period.
High installation costs for small farms may slow the growth of the Autonomous multifunctional agriculture robot market during the forecast period.