Sellbyville, DE -- (SBWIRE) -- 02/08/2019 -- Autonomous Farm Equipment Market is projected to cross 3 million units with USD 180 billion by 2024. 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.

As automation pervades lucrative verticals, the agriculture domain, not to be obliterated, has also joined the list. Autonomous farm equipment market, in this regard, may be considered as one of the many pivotal sub-spheres of the tech-based agriculture sector, that has been gaining mass momentum in recent times. With the influx of highly advanced tech discoveries and the shifting trends toward the deployment of robotics owing to labor shortage, the utilization of self-operating agro-based components is on a rise, thereby impelling autonomous farm equipment market share.

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Autonomous equipment is designed to give farmers more freedom to manage the farms rather than drive around the farm on a variety of vehicles. Broadly, the operational landscape of autonomous farm equipment market is segmented into partially and fully autonomous farm equipment. Partially autonomous devices already contribute to a large share of the overall autonomous farm equipment market, subject to their widespread commercialization and competitive pricing. Farm equipment such as the ones that can separate corn from cob, steer themselves, or pick potatoes while leaving the waste on the field are already widely in use.

Fully autonomous farm equipment, such as the ones that can make farming decisions on their own without any human supervision are no more a thing of the future either. Pertaining to rapid technological advancements and farming innovations, fully autonomous farm equipment industry size is projected to increase at a growth rate of more than 40% over 2017-2024.

Speaking of regional dominance, it is prudent to mention that North America held the dominant position in autonomous farm equipment industry in 2016, with a revenue of more than USD 26 billion. The widespread use of tractors and combine harvesters endowed with auto steering and rising use of drones can be credited for this large revenue generation.

Germany, Italy, France and Russia will reportedly contribute toward augmenting Europe autonomous farm equipment market share over 2017-2024, driven by huge investments in agriculture and substantially massive demand for advanced technology in yielding better harvest.

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Across the APAC autonomous farm equipment industry, China, Japan, Australia and South Korea have successfully marked significance, given that farming is a major source of livelihood in these countries. Moreover, the demand for better agricultural facilities, rising population and positive government initiatives to yield better results in the agricultural sector are expected to stimulate APAC autonomous equipment market share, slated to record a growth rate of 25% over 2017-2024.

Key industry players like John Deere, Agrobot, Case IH, CLAAS, AGCO and Mahindra are working towards launching high-grade technological products in autonomous farm equipment industry. It is estimated that a major portion of the farming budget is required not only to buy equipment but also for the upkeep and repair. In this regard, companies partaking in autonomous farm equipment industry share are focusing on bringing forth better hardware technology. As per statistics, hardware technology currently dominates the autonomous farm equipment market, accounting for 95% of the total share.

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