Global autonomous farm equipment market outlook is driven by growing utilization of tractors, harvesters and UAVs to obtain higher productivity. Implementation of autonomous devices helps to reduce the redundant labor intensive farm operations. The consistently lowering count of labor availability will further support the industry growth. Rising inclinations toward precision farming will stimulate market trends over the forecast timeframe.
Farmers have been progressively adopting the advanced systems owing to shifting preferences for efficient farming practices. This has led to the increasing implementation of IoT in agriculture for real-time monitoring of the crops fostered by the deployment of GNSS system in the farm equipment. According to a research report by Global Market Insights, Inc., Autonomous Farm Equipment Market size will hit USD 180 billion by 2024.
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Increasing penetration of self-driven farm equipment offers comparatively higher productivity as well as enhanced fuel efficiency when compared to manually driven farm equipment. Ongoing technological advancement in the self-steering techniques and obstacle avoidance systems will support product consumption, thus accelerating market demand.
A large percentage of farmers are yet to adopt automation techniques, which creates huge opportunities for startups to enter this lucrative business. Prevailing innovation in robotics and semiconductor technology should boost the application of driverless tractors, drones and harvesters, subsequently augmenting market growth. Though higher cost of these equipment may negatively impact the business growth, consistent focus on reducing the cost effectivity should help the market thrive successfully in the forecast years.
Will autonomous equipment market gain substantial returns from the partial and fully autonomous segments?
Based on the operation methods, the autonomous equipment market is segmented into fully autonomous and partially autonomous equipment. The partially autonomous segment dominates the market in terms of share by volume, owing to lower price, easy maintenance and high commercialization of these products, especially in the developed nations.
On the other hand, the autonomous equipment segment is propelled by increasing deployment of advanced systems such as GPS and precision farming, and IoT for remote monitoring of the devices. Fully autonomous segment in farm equipment market is projected to substantially grow at a CAGR over 40% during the forecast timeframe.
How will the tractors segment exhibit its prominence over autonomous farm equipment market share?
Tractors segment will lead the autonomous farm equipment market owing to high importance of the device and multirole benefits for carrying out several farm operations. Increasing implementation of self-steering and obstacle avoidance systems in this equipment will drive the business demand. Tractors segment accounted for over 60% of the autonomous farm equipment market share in 2016 and is further estimated to keep growing at a significant pace through the forecast timeframe.
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How will the UAV segment perform in the autonomous farm equipment market?
The advent of drone technology has brought a revolution in the agriculture sector. Apart from field mapping, they have started showing usability in several agricultural processes. For instance, they are profoundly used for critical agriculture processes such as spraying of fertilizers & pesticides.
These UAVs fitted with numerous sensors and high definition cameras can be utilized for effectively monitoring each and every part of the crop, so that any part of the field facing scarcity of water or other resources can be detected earlier.
Growing innovations in UAV technology have been consistently enhancing the drone operations making them smoother and user friendly in terms of functionality. The autonomous farm equipment market from UAV segment is estimated to grow at a CAGR over 35% through 2024.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry Insights and validation
1.1.4 Definitions, assumptions & forecast parameters
18.104.22.168 Assumptions & forecast parameters
1.2 Data sources
Chapter 2 Executive Summary
2.1 Autonomous farm equipment industry 3600 synopsis, 2013 - 2024
2.1.1 Business trends
2.1.2 Operation trends
2.1.3 Product trends
2.1.4 Technology trends
2.1.5 Regional trends
Chapter 3 Autonomous Farm Equipment Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013- 2024
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.3 Profit margin trends
3.3.4 Distribution channel analysis
3.3.6 Vendor matrix
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