Ocean View, DE -- (SBWire) -- 06/22/2020 --According to a research report by Global Market Insights, Inc., Autonomous Farm Equipment Market size will hit USD 180 billion by 2024. Global autonomous farm equipment market outlook is driven by growing utilization of tractors, harvesters and UAVs to obtain higher productivity. Implementation of autonomous devices helps to reduce the redundant labor intensive farm operations. The consistently lowering count of labor availability will further support the industry growth. Rising inclinations toward precision farming will stimulate the market trends over the forecast timeframe.
Farmers have been progressively adopting the advanced systems owing to shifting preferences for efficient farming practices. This has led to the increasing implementation of IoT in agriculture for real-time monitoring of the crops fostered by the deployment of GNSS system in the farm equipment.
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Tractors segment dominated the autonomous farm equipment market share accounting over 60% in 2016. Superior efficiency of the product owing to implementation of self-steering system will drive the business demand. Harvesters is poised to witness significant growth during the forecast timeframe. Avoiding path overlap, optimum path selection along with availability of product at competitive price will further drive the market growth.
UAV segment is projected to witness significant growth at over 35% up to 2024. The product is widely used for agricultural processes such as spraying pesticides and fertilizers. In addition, implementation of thermal imaging, and need to detect scarcity of crop supplements will influence the product landscape. Software compatibility of the devices with user friendly interface offers smooth functioning of product. Proliferating digitalization and superior precision will positively impact the autonomous farm equipment market share from 2017 to 2024.
In 2016, North America holds significant industry share owing to strong presence of major manufacturers. This can be attributed to higher penetration rate of tractors and harvesters installed with autosteering functions. Usage of drones for mapping and spraying operations will further support the regional demand.
Europe led by Germany, Italy, France, Russia and UK is estimated to witness significant growth during forecast timeframe. Shifting trends towards products with higher efficiency, reduced emissions and enhanced productivity will drive the autonomous farm equipment market growth.
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Agribotix, AGCO, Harvest Automation, Mahindra, Case IH, Agrobot, John Deere, ATC, and CLAAS are among the key players for component manufacturing and service of the product. M&A of the manufacturers, depending upon the adaptation of advanced technologies is the main strategy adopted by the industry players.
Table of Contents (ToC) of the report:
Chapter 4 Autonomous Farm Equipment Market, By Operation
4.1 Autonomous farm equipment industry share by operation, 2016 & 2024
4.2 Fully autonomous
4.3 Partially autonomous
Chapter 5 Autonomous Farm Equipment Market, By Product
5.1 Autonomous farm equipment industry share by product, 2016 & 2024
5.2 Tractors
5.3 Harvesters
5.4 UAV drone
Chapter 6 Autonomous Farm Equipment Market, By Technology
6.1 Autonomous farm equipment industry share by technology, 2016 & 2024
6.2 Software
6.3 Hardware
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Autonomous Farm Equipment Market Shipments to Register 16.3% Growth to 2024 : AGCO Corporation, ADAMA Ltd., Clearpath Robotics, John Deere, Mahindra, YANMAR America