How COVID-19 Impacts On Growing Developments and Strategic Acquisitions of Agriculture Robot Market 2020
Agriculture is swiftly becoming an exciting high-tech industry, which is drawing new investors, new companies, and new professionals. As technology is advancing rapidly, it is also developing the production capabilities of farmers and advancing automation & robotics. Agriculture robot is thus proving to be the most useful machine in increasing production yields for farmers.
Agricultural robot market size is estimated to rise with a CAGR of 19.2% by generating a revenue of $16,640.4 million by 2026.
Agricultural robots are the machinery used in the agricultural farmland which can substitute the work of human labor and can perform the task faster and better than the human. These machines have all the ability that a worker can do and can operated in all the climatic conditions, restricted environment, used in farmland as well as animal farms.
Augmented use of vertical farming, rise in the demand for the food supply and rising population are the main drivers for the agricultural robot market. As per the report of World Health Organization (WHO), it is being predicted that by 2050 the world population will increase up to 9.7 billion. With the rise in population, there will be a significant increase in demand for food supplies. The vertical faming is a technique which has been adopted by the farmers for the many benefits. This technology can yield maximum crop yield and can also be cultivated throughout the day with the use of LED lights.
Lack of adoption of the robots is considered to be one of the biggest constraints for the agricultural robot market. Due to lot of complex and complicated function, the use of machine is getting tough for the farmers to operate. If handled improperly, there will be a threat to the crop yield. Moreover, high cost of the robots is another factor which is projected to restrain the market growth over the projected period.
Depending on the type the market is segmented into Material Management, Automated Harvest Robots, Milking Robots, Unmanned Aerial Vehicles (UAVs), Driverless Tractors and Others. Unmanned aerial vehicles (UAVs) is considered to have the highest market growth. It is estimated to generate a revenue of $1,763.9 million by 2026 with a CAGR of 20.1% in the forecast period. With the use of aerial vehicles, the need of farmers in the agricultural field decreases, and many time-taking tasks can be completed in minimum time.
Depending on the application, the agricultural robot market is divided into Inventory Management, Soil Management, Harvest Management, Irrigation Management, Dairy Management and Others. Diary management is considered to be the most popular and most used application, as it finds a lot of applications in vertical farming. It is estimated to generate a revenue of $4,492.9 million by 2026, growing at a CAGR of 19.0% in the forecast period.
The North America is considered to be the dominant region utilizing the robotic farming techniques. North America agricultural robot market size is expected to rise at a CAGR of 18.9% by generating a revenue of $5,857.4 million by 2026. This region adopted the robotic farming in advance to other countries, and this will be a key factor driving the market growth. Moreover, the favorable initiatives taken by the governing bodies are expected to drive the agricultural robot industry.
Asia-Pacific is expected to grow at the fastest CAGR in compared to other regions. This revenue from this region will surpass $3,798.3 million by 2026, at a CAGR of 19.7%. Rapid increase of farming activities, coupled with the favorable initiatives taken by government are predicted to drive the Asia-Pacific market.