Selbyville, DE -- (SBWire) -- 11/13/2018 --The autonomous farm equipment market is anticipated to witness increasing momentum in the forthcoming years as labor shortage and self-guided equipment usage are on the rise which not only boost productivity but also afford more time to farmers to tend to farm management. Farming is becoming more automated as the pressure on crop production to feed an expanding population is greater than ever before. Advent of robotics technology and expansive use of Internet of Things (IoT), has augmented the growth of the autonomous farm equipment industry. With the escalating demand and subsequent investments in R&D, autonomous equipment has come to become much more reliable and user friendly.
Case IH, Agribotix, Agrobot, AGCO, John Deere, Harvest Automation, Autonomous Tractor Corporation, CLAAS and Mahindra are prominent players included as service provider and component manufacturer. Merger and acquisition are certain strategies adopted key industry players.
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Wide commercialization and competitive pricing of partially autonomous equipment has led to a commendable surge in autonomous farm equipment market size. Farm equipment that can separate corn from cob, pick potatoes or have self-guidance systems are becoming increasingly popular as mega sized farms are becoming more routine. Autonomous Farm Equipment Market is estimated to surpass USD 180 billion by 2024; according to a new research report. Global autonomous farm equipment demand is expected to exceed 3 million units till 2024.
High cost of the product may act as challenge to its demand. Additionally, the requirement of training for proper functioning of the devices may affect the product usage. Manufacturers are focusing on reducing cost of the equipment making it affordable to the customers.
Fully autonomous segment will depict strong growth of over 40% over the forecast timeline. Implementation of systems such as precision farming and GPS, offering remote monitoring of the devices and avoiding obstacles will further support the industry demand.
Partially autonomous contribute majorly in volume share owing to increasing commercialization along with availability of product at competitive prices. Industry players are focusing on sale of the equipment particularly in emerging countries due to the presence of vast untapped market.
Tractors is anticipated to dominate the revenue share of autonomous farm equipment market contributing over 50% by 2024. Superior operating efficiency of tractors coupled with shifting trends towards usage of product are driving the business growth.
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UAV is predicted to exhibit strong growth over 35% during the forecast timeframe. These are widely used for farming operations such as spraying fertilizers and pesticides. Additionally, recent development in thermal imaging offering data collection and optimum utilization of resources will further support the business growth. Industry players are developing products with superior load carrying capacity used for carrying pesticide and fertilizers.
North America autonomous farm equipment market is anticipated to dominate in 2016 owing strong presence of well-established industry players in the region. High revenue generation can be attributed to surging demand of products such as tractors, UAV and harvesters installed with autosteering functions.
Europe autonomous farm equipment market is estimated to depict significant growth up to 2024. Product usage offers better fuel efficiency and superior productivity that will propel the business growth. Asia pacific, led by China, South Korea, Australia and Japan is anticipated to witness strong growth over 25% up to 2024.
Shifting trend towards smart devices owing to development of agrarian economies such as India in the region, will positively influence the product penetration.
Table of Contents
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Autonomous Farm Equipment Industry Insights
Chapter 4 Autonomous Farm Equipment Market, By Operation
Chapter 5 Autonomous Farm Equipment Market, By Product
Chapter 6 Autonomous Farm Equipment Market, By Technology
Chapter 7 Autonomous Farm Equipment Market, By Region
Chapter 8 Autonomous Farm Equipment Market Company Profiles
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Autonomous Farm Equipment Market 2024 Global Analysis by Key Players - John Deere, Harvest Automation, Case IH, Mahindra, Agribotix, Agrobot, AGCO, CLAAS
MarketStudyReport.com offers 2017 report on Global Autonomous Farm Equipment market that evaluates industry growth trends through historical data and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2017-2024.