Agriculture robots are autonomous robots and machinery that are used in agricultural applications, such as harvesting, seeding, pruning, weeding, soil management. Agriculture robots are equipped with advanced sensors like GPS, cameras and specific attachments that help in performing complex tasks efficiently. They automate many agricultural tasks such as precision planting, spraying, thinning, and harvesting. This ability to work for longer hours without fatigue helps increase productivity and reduce costs.
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.
The global population is projected to grow significantly which will increase the demand for food production. With decreasing arable land and labor costs rising, there is an urgent need to enhance crop yields through efficient farming practices. Agriculture robots help improve the productivity through precision farming and reduce wastage. Their utilization also minimizes the dependency on seasonal labor and ensures consistent quality. Their ability to work efficiently round the clock is boosting their adoption across farms.
Market Opportunity
The continual growth in global population is putting pressure on achieving higher food production to meet the rising demand. It is estimated that food production needs to increase by over 70% by 2050 to feed the increasing population. Agriculture robots can help address this challenge of global food security as they offer higher yields through automation and precision agriculture. Their integration in farming practices can significantly boost crop yields and productivity through round the clock operations. This growing need for optimizing and increasing agricultural output presents a major market opportunity for agriculture robots in the coming years.
Porter's Analysis
Threat of new entrants: The agriculture robots market has moderate threat from new entrants due to high initial investments required for R&D, manufacturing and marketing of agriculture robots.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of various product alternatives. Buyers can negotiate on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many component manufacturers. However, suppliers of specialized components have some bargaining power.
Threat of new substitutes: Threat of substitutes is moderate as precision farming and alternative automation technologies can be used instead of agriculture robots.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global players offering similar products.
SWOT Analysis
Strengths: Agriculture robots offer higher productivity, minimal human errors and precision farming. They reduce cost of labor and improve crop quality.
Weaknesses: High initial costs, technology complexities, lack of technical knowledge among farmers and inadequate supporting infrastructure are weaknesses.
Opportunities: Growing global population and need for food security provides opportunities. Advancements in robotics, AI, IoT offers growth scope.
Threats: Resistance from labor unions, data privacy issues and technical failures are threats. Weather uncertainties also impact robot operations.
Key Takeaways
The Global Agriculture Robots Market Growth is expected to witness high. 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.
The APAC agriculture robots market is projected to grow at the highest CAGR during the forecast period. The growth of this regional market can be attributed to the increasing labor costs, rising wage levels, aging farmer population, and growing demand for food in APAC countries including China, Japan, and India.
Key players related content comprises Key players related content (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., Energy Chemical). Do not write conclusion anywhere in the output.
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