Autonomous Farm Equipment Market to hit $95 BN by 2027, Says Global Market Insights Inc.
SELBYVILLE, Del., Jan. 12, 2022 /PRNewswire/ –The autonomous farm equipment market is expected to surpass USD 95 billion by 2027, as reported in a research study by Global Market Insights Inc. Increasing integration of autonomous farm equipment with cloud services is boosting the industry growth.
Demand for completely autonomous agricultural equipment has increased as it helps to solve the rising concerns of labor shortages while simultaneously enhancing productivity and efficiency, resulting in higher yields. The technology enables stable operations and farmers can regulate their activities remotely. Innovative path-generating techniques determine the most efficient area coverage design for a field based on the kind of task, vehicle, implement size & volume of vehicles in the field, and implement turn radius. It is outfitted with a vehicle control unit that manages functions and transmits real-time status & health information to the remote user.
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The increasing availability of autonomous harvesters to pick fresh produce is helping the market growth. It features a decentralized arms architecture that allows it to establish and maintain an optimum level of accuracy. To collect all information, harvesters utilize real-time AI and onboard short-range integrated color & infrared depth sensors. This cutting-edge visual processing system aids in determining the ripeness of fruits and vegetables. The device is outfitted with LiDAR sensors to protect the safety of field workers. Market players are undertaking strategic partnerships to design innovative products.
The growing focus on R&D activities in Latin America will fuel the demand for autonomous farm equipment market. The industry players are forming strategic partnerships to boost the development of new autonomous products and develop agricultural farming practices in the region. For instance, in July 2020, Small Robot Company partnered with Space Time Labs to jointly develop autonomous aerial & ground robots for offering advanced per plant farming solutions in Latin America. The technology will support the farmers in nutrition management & disease management activities. The companies are planning to work with Argentina & Brazil for protype testing & scaling procedures.
Some major findings of the autonomous farm equipment market report are:
The use of artificial intelligence in agriculture will drive up the demand for autonomous farm equipment. The various advantages of artificial intelligence include precision farming capabilities, enhanced solutions for timely harvesting, efficient cultivation, soil management, and the use of advanced analytics to improve agricultural output.
The demand for autonomous equipment is increasing due to the limited availability of labor that impacts agricultural heavy-duty applications. Furthermore, fewer individuals are joining this industry, creating a challenge to acquire skilled labor. Autonomous technology allows farmers to perform various tasks efficiently with limited workers required to operate the machines.
The autonomous farm equipment market is witnessing the emergence of UGVs with high scalability and varied operation modes for precise crop protection and field surveying. It also aids in the optimization of spray efficacy by combining robotics technology with meteorological data and spray parameters to increase autonomous productivity.
The growing need for UAVs capable of performing various tasks including crop monitoring, spraying, and health & irrigation valuation of crops will boost the market growth. Users can easily obtain necessary plant-specific metrics and characteristics based on acquired multispectral data. They can evaluate plant health in real-time, identify insects & weeds instantly, and employ crop protection measures to ensure precision agriculture management.
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Due to technical advancements in the region’s manufacturing units, prominent market players from all over the world are planning to expand in the MEA. Increasing government investments and development strategies targeted at boosting the agricultural sector will promote regional autonomous farm equipment market revenue. Digitalization in the agriculture sector has substantially boosted the profitability of autonomous farm equipment in the region.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Autonomous farm equipment 360º synopsis, 2016 – 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Application trends
2.1.5 End-use trends
Chapter 3 Autonomous Farm Equipment Market Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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.
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SOURCE Global Market Insights Inc.