by Robots are increasingly being used in agriculture to perform various tasks such as weeding, harvesting, seeding and soil management. Agriculture robots have several advantages over traditional farming methods as they offer precision in seed and fertilizer application and can help optimize farm productivity. Robots can work 24/7 without tiring, requiring less resources compared to human labor. They use technologies like computer vision, sensors and machine learning to automate complex agricultural processes. With diminishing arable land and growing global population, there is a need for sustainable farming practices. Robots can help tackle issues related to farm labor shortage and boost yields.
The global Agriculture Robots Market is estimated to be valued at US$ 13.24 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The agriculture robots market is witnessing the adoption of cloud robotics technology. Cloud robotics uses cloud computing, cloud storage and Internet of Things for robots. It allows robots to access vast amounts of data in real time along with software, services and storage space hosted on the Internet or cloud. This technology improves the performance of farm robots and enables them to take autonomous decisions based on machine learning algorithms and big data analytics. It also helps robot manufacturers to constantly update robot software and capabilities from remote locations. With cloud robotics, farmers can monitor farm operations offsite using mobile apps. This technology is expected to make agricultural robots more intelligent and drive market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as high capital requirements and established brand names create barriers. However, potential for new technologies lowering these barriers exist.
Bargaining power of buyers: The bargaining power of buyers is high given the fragmented nature of buyers and availability of substitutes. Buyers can negotiate on price and demand better quality and services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers of raw materials have established relationships with manufacturers and switching costs are high.
Threat of new substitutes: The threat of new substitutes is moderate as newer technologies can provide alternatives to existing agriculture robots.
Competitive rivalry: Competition in the market is high due to the presence of numerous global and regional players competing on product quality, technology and price.
Key Takeaways
The global Agriculture Robots Market Size is expected to witness high growth. The market size for 2024 is US$ 13.24 Bn indicating a CAGR of 6.5% during the forecast period from 2023 to 2030.
Regional analysis: North America accounts for over 30% share of the global agriculture robots market led by the US and Canada. Large farm sizes, technology availability and high spending on farm automation in the region drives the market. Europe is the second largest market for agriculture robots led by countries like Germany, France and the UK.
Key players operating in the agriculture robots market are BASF SE, Eastman Chemical Company, Merck KGaA, Evonik Industries AG, Tokyo Chemical Industry Co., Ltd, Alfa Aesar, TCI America, MP Biomedicals, Santa Cruz Biotechnology, Inc., and Energy Chemical.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
