MarketsandMarkets, quantified B2B research provider, has released its latest report on the agriculture robots market, which it expects to grow from US$4.9bn (£3.6bn) in 2021 to US$11.9bn (£8.81bn) by 2026, at a CAGR of 19.3%.
According to the forecast, there is untapped market potential and scope for automation in agriculture including the use of real-time multimodal robotic systems in fields. It also predicts opportunities for the manufacturers and suppliers of driverless tractors, milking systems, UAVs and drones.
The report attributed the high growth of the driverless tractors segment to the progress and development of self-driving technology in the automotive industry, which, in turn, will help lower the cost of developing autonomous tractors.
With many tractors already equipped with semi-autonomous technology, autonomous tractors are expected to be fully ready for commercial deployment in the next few years. Companies such as John Deere and CHN Industrial NV have showcased prototypes of driverless tractors. The companies that currently have a strong portfolio of semi-autonomous technology for tractors are expected to lead the development of fully autonomous tractors.
However, the field crops segment is expected to capture the largest share at 40% of the agriculture robot market throughout the forecast period, and grow at the highest CAGR during the forecast period.
Most robots, including drones, driverless tractors, spraying robots, and UAVs, are used for field crop produce. Advantages such as longer operation periods compared with humans and reduced operational expenses have encouraged farmers to replace semi-autonomous tractors with fully autonomous tractors, according to MarketsandMarkets.
Furthermore, the report found that the APAC region will witness the highest growth during the forecast period, owing to increasing government initiatives to adopt modern technologies and a rise in awareness among farmers.