NEW YORK, Sept. 14, 2016 /PRNewswire/ -- Around the world in recent years, there has been an increase in the number of large, mid-sized, and startup companies showing deep interest in the development and deployment of driverless tractors, aerial surveying of farmlands, data collection, field management, and cow milking systems. Moreover, the demand for the robots involved in various agricultural processes like harvesting, pruning, weeding, pick-and-place, sorting, seeding, spraying, and materials handling has increased significantly. This demand for agricultural robots is being driven by the global trends of population growth, increasing strain on the food supply, availability of farm workers, the challenges and complexities of farm labor, the cost of farm workers, shrinking farmlands, climate change, the growth of indoor farming, and the automation of the agriculture industry.
Tractica expects that the market for agricultural robots will develop rapidly in the next 5 years, as compared with the previous 5 years, while providing significant market opportunities to various market participants. Tractica anticipates that the overall agricultural robot market will reach $3 billion by the end of 2015. The market is anticipated to maintain a healthy growth rate and will reach $16.8 billion by the end of 2020. Tractica forecasts that the market will continue its momentum further to reach $73.9 billion by 2024.