Autonomous Agriculture Equipment Market to Reach $28.90 Billion by 2026 | BIS Research

The autonomous agriculture equipment market by application is led by harvesting. Harvesting is mainly done for collecting ripe crops from the field. Harvesting activities include stacking, handling, threshing, reaping, cleaning, and hauling.
 
FREMONT, Calif. - Sept. 20, 2021 - PRLog -- Agricultural efficiency across the globe has been significantly increasing over the last two decades. With the exponential growth of the global population, the subsequent increase in global food demand, the decrease in agricultural land, and the depletion of limited natural resources, the need to improve agricultural yield has become critical. The rise in the urban population in developing countries, with the improvement of quality of living due to high-income levels and the demand for fresh farm produce and animal protein, is bolstering the demand for crop production. The finite presence of natural resources, such as arable land and freshwater, along with falling farm yield trends in many crop categories, have encouraged the growers and agricultural companies to introduce innovative and advanced agriculture equipment to boost farm profitability.

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The farming industry has witnessed numerous revolutions over decades, starting from the domestication of livestock and crops to the organized use of crop rotation with the introduction of advanced farming technologies. To address the rising demand for food from the limited agricultural land and labor available, technology providers are introducing innovative solutions in the farming arena. In recent years, the autonomous agriculture equipment market has witnessed sharp growth in terms of technological advancements and cost reduction. Moreover, the rapid growth of the practice of contract farming services and corporate partnerships has led to the increased demand for autonomous agriculture equipment across the globe.

The global autonomous agriculture equipment market was valued at $16,500 million in 2020 and is projected to reach $28,908.3 million in 2026, following a CAGR of 10.0% during the forecast period 2021-2026. The market growth is highly impacted by the labor shortage, increase in efficiency and productivity of the equipment, and shift of population from rural to urban.

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The global autonomous agriculture equipment market is anticipated to boost the demand for smart farming technologies in the agriculture industry. The use of sensors, GPS, and artificial intelligence is likely to drive the agricultural industry toward digitization and increase the overall productivity and efficiency of the farm. Due to COVID-19, the growth in the global autonomous agriculture equipment market would be slow till 2021. It is expected that the market is likely to increase exponentially from 2022, owing to the increase in the demand for agricultural products.

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Tags:Autonomous Agriculture
Industry:Agriculture
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