Global Autonomous Farm Equipment Market to Reach $115.2 Billion by 2024
SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ — 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: 7; Released: May 2021
Executive Pool: 1953
Companies: 50 – Players covered include AGCO Corporation; Bobcat Company; Claas KGaA mbH; CNH Industrial N.V.; Iseki & Co., Ltd.; John Deere; Kubota Corporation; SDF S.p.A.; YANMAR 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; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Autonomous Farm Equipment Market to Reach $115.2 Billion by 2024
Evolution of autonomous farm equipment is the result of computerization of agricultural machines. Types of autonomous farm equipment include driverless tractors, agricultural drones and unmanned aerial vehicles (UAVs), agricultural robots, autonomous harvesters, etc. Autonomous farm equipment ensures more profitable use of seeds, fertilizer, irrigation water and fuel consumption, among others. Key distinguishing features of autonomous farm equipment when compared traditional mechanized farm equipment and implements include use of GPS, satellite imagery and machine vision for navigation; integration of smart sensors for context and situational awareness; use of electronic hardware for automation; use of artificial intelligence (AI) for predictive reasoning and automated decisions. In other words, AI in autonomous vehicles will be capable of identify diseases in plants, recognize crop diseases, pest damage, selectively exclude weeds during harvesting and crop picking, among others. Food security concerns have pushed innovative technologies into the field of agriculture, opening up a landmine of opportunities for automation in agriculture.
Amid the COVID-19 crisis, the global market for Autonomous Farm Equipment is projected to reach US$115.2 Billion by 2024, registering a compounded annual growth rate (CAGR) of 13.3% over the analysis period. The United States represents the largest regional market for Autonomous Farm Equipment, accounting for an estimated 30.5% share of the global total. The market is projected to reach US$38.7 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 16.7% over the analysis period. Declining agricultural land productivity is the starting point for increased use of automation and innovative new generation smart technologies in farming/agriculture. While arable land use per capita is declining the world over due to land diversion for non-agricultural purposes such as urbanization, roads , industry and housing, several other factors are also responsible for decline in overall agricultural land productivity. These include non-availability of high quality seeds, fertilizers and lack of proper irrigation, delayed sowing of crops, increased plant density aggravated by arable land shortage; ill-trained farm labor; wasteful irrigation methods; ill-managed water resources; lack of adoption of new technologies; lack of quality control of seeds; soil degradation caused by excessive use of chemical pesticides and fertilizers; among others. Also, relocation of water rights from agricultural lands to municipalities in urban cities and centers as a result of lopsided developmental plans in developing countries have resulted in permanent dry-up of agricultural lands. All of these factors are resulting in either stagnation or low yields of major crops.
Among these factors, unscientific agricultural practices and non-application of modern technology are two of the important reasons for low farm yield. Key reasons for this include underdeveloped agricultural infrastructure; lack of institutional financial support such as credit facilities; lack of policies that encourage entrepreneurship among farmers; high equipment prices; lack of subsidies, tax waivers, and other incentives; and lack of capital for investments in new technologies. Use outdated implements and technologies creates a vicious cycle of low performing farm assets, higher costs, low profits and inability to reinvest in the farm, creating the perform ground for stagnation in agricultural productivity.
With governments worldwide now waking up to the importance of prioritizing agriculture and with policy reforms being implemented and legislated in favor of agriculture, bottlenecks hitherto posed by lack of access to capital and low awareness and education is expected to recede in the coming years. This will open up the market for automated farm equipment and technologies given their potential to transform and revolutionize farming and its productivity. Mechanized agricultural solutions help counter the challenge of low agricultural land productivity by addressing issues such as soil compaction; partially automated single manned machines reduce need for expensive labor while doubling the productivity gains; reduced crop losses during harvest; more judicial use of pesticides and thereby soil protection; accurate analysis of water need and provision of same to prevent water logging etc. Development of lighter machines reduces soil compaction issues which go a long way in enhancing farm yields. Machines with machine vision and AI reduce indiscriminate pesticides and herbicides use by spraying on where pests and weeds are present. More
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SOURCE Global Industry Analysts, Inc.
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