Valued to be $135.4 Billion by 2026, Autonomous Farm Equipment Slated for Robust Growth Worldwide
SAN FRANCISCO, Nov. 16, 2021 -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Autonomous Farm Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: October 2021
Executive Pool: 2013
Companies: 66 - Players covered include AGCO Corporation; AgEagle Aerial Systems Inc.; Autonomous Solutions, Inc.; Autonomous Tractor Corporation; Bobcat Company; Claas KGaA GmbH; Clearpath Robotics Inc.; CNH Industrial N.V.; Case IH; Deere & Company; Kinze Manufacturing Inc.; KUBOTA Corporation; Naio Technologies; Rowbot Systems; Yanmar Holdings Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Tractors, Harvesters, Other Product Types); Type (Partially Autonomous, Fully Autonomous)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Autonomous Farm Equipment Market to Reach US$135.4 Billion by the Year 2026
Autonomous solutions are changing the way farming is done, and allowing growth of healthier crops and achieving more yields and return on harvests. Automation of farming equipment offers numerous benefits in the form of faster and more precise operations regardless of weather conditions and time, along with ability to take up heavy and highly complex operations like ploughing and harvesting. Supported by steady technological advancements and growing importance of artificial intelligence, the autonomous farming equipment market is poised for robust growth in the coming years. Driven by rapid pace of mechanization and increasing role of autonomy in agricultural operations, the demand for fully autonomous farm equipment continues to expand. Growing focus on sustainable agriculture and the need for efficient resource management also augur well for the market. The growing integration of AI and IoT in agricultural operations are further expanding growth opportunities for the autonomous farm equipment. AI in particular proves beneficial as it enables precision farming, provides advanced solutions for ensuring timely harvesting, enables use of predictive analytics for improving crop production quality, and offers solutions for optimal planting and soil management. The combination of advanced robotics and electronics with GPS and navigation systems are facilitating developing of fully autonomous farm equipment. Growing use of tractors and combine harvesters that are integrated with auto-steering capabilities and increasingly role of drones in farming activities are presenting growth opportunities for the market.
Amid the COVID-19 crisis, the global market for Autonomous Farm Equipment estimated at US$65.7 Billion in the year 2020, is projected to reach a revised size of US$135.4 Billion by 2026, growing at a CAGR of 13.1% over the analysis period. Partially Autonomous, one of the segments analyzed in the report, is projected to grow at a 11.7% CAGR to reach US$99.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fully Autonomous segment is readjusted to a revised 15.8% CAGR for the next 7-year period. This segment currently accounts for a 30.4% share of the global Autonomous Farm Equipment market. The semi or partially autonomous machinery helps in bringing the labor cost down, at the same time getting more work done in shorter period of time. Also, the power and mobility can be integrated in a modular fashion into the tool itself, which would help in easier movement and better control at the same time bring down the equipment operational cost.
The U.S. Market is Estimated at $21.6 Billion in 2021, While China is Forecast to Reach $23.6 Billion by 2026
The Autonomous Farm Equipment market in the U.S. is estimated at US$21.6 Billion in the year 2021. The country currently accounts for a 30.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$23.6 Billion in the year 2026 trailing a CAGR of 16.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.9% and 10.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.3% CAGR while Rest of European market (as defined in the study) will reach US$27.8 Billion by the end of the analysis period. North America and Europe represent leading regional markets. Growing investments into advanced farming sector, technological advancements in manufacturing operations, new programs to boost agriculture industry are fueling growth in the autonomous farm equipment market in these regions. The adoption of autonomous or driverless tractors is high in developed economies of North America and Europe. Larger fields, issues with labor availability and presence of massive grasslands constitute the major factors pushing adoption of the tractors in these markets. More
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