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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.
By: BIS Research
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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.