LONDON, March 30, 2017 /PRNewswire/ -- Agribots market expected to grow at a CAGR of 12.2% in terms of market value through 2015 to 2022.
Agriculture, being one of the most important economic activities for any country, has gradually evolved from manual occupation to a highly mechanized practice due to the use of modernized tools and equipment. Owing to the emerging need of ensuring food sufficiency for the growing global population, a relative decline in the agricultural workforce, and increase in the adoption of precision agriculture techniques, the agricultural robots market is expected to grow at a CAGR of 12.2% in terms of market value and 16.4% in terms of market volume through 2015 to 2022. The agricultural robots technology has been instrumental in resolving the key issues of the global population through increased production, improved application accuracy and better management.
The report is a compilation of the different segments of global agricultural robots market, including market breakdown by the application/ function type, system component type, and different geographical areas. Herein the revenue generated from each application/ function type, namely: harvesting & navigation, planting, weeding & thinning, livestock management & others (including data collection, inspection & management robots); and system component type, namely: hardware, and software & services is tracked to calculate the overall market size. While highlighting the key driving and restraining forces for this market, the report also provides a detailed summary of the agricultural robots market. It also includes the key participants involved in the industry at the relevant sections.
The report addresses the following questions about the global agricultural robots market:
- What are the different factors driving the market and how will the impact of those drivers change through the forecast period?
- What are the major factors challenging the growth of global agricultural robots market and how can they be addressed throughout the forecast period?
- How will the market players leverage on key developments such as acquisitions, partnerships, and product launches among others?
- Which region will lead the global agricultural robots market by the end of the forecast period?
- What are the prevalent application and function types and what is the market size for each of them?
- What are the prevalent system components and what is the market size for each of them?
- How will the competitive rivalry evolve through the forecast period?
The report puts special emphasis on the market share in terms of both value and volume, of the application and function types in agricultural robots market, owing to the increasing adoption of robots in agricultural activities. In spite of this, due to the lack of proven solutions and awareness about agricultural robots, and requirement of huge capital investment, a majority of potential new entrants resist from adopting agricultural robots and related technologies. The report further includes a thorough analysis of the impact of the five major forces to understand the overall attractiveness of the industry. This segment also focuses on value chain analysis and consortiums involved in the agricultural robots market.
The most often used strategy for developing a better hold on to the market has been through partnerships & collaborations, followed by product launches. Moreover, the company profile section highlights significant information about the key companies involved along with their financial positions, key strategies & developmental activities of recent years.
Further, the report includes an exhaustive analysis of the geographical split into North America, Europe, Asia-Pacific (APAC), and Rest of the World (R.O.W.). Each geographical region analysis details the individual push and pull forces in addition to the key players from that particular region. The prominent players operating in the global vertical farming market are FANUC Corporation, Lely International, Kuka AG, ABB Robotics, and Yaskawa Electric Corporation among others.
The global population currently stands at 7 billion mark and is anticipated to reach 9 billion by 2022. As a consequence of the rising population and limited resources, the concept of food security is increasingly becoming endangered. To suffice the needs of the burgeoning population, agricultural activities required a paradigm shift in the methods of mechanization, leading to an increase in adoption and use of robots, drones, and other electronic devices.
Though driverless tractors in agriculture have been introduced long back, agricultural robots have emerged as a major trend in the automation of agricultural machinery only during the onset of the 21st century. These robots have gradually emerged to provide the agricultural sector with flexible machines for complex and repetitive tasks, to minimize the labor of farmers, along with increasing the speed and accuracy of the work.
The agricultural robotic system is a combination of complex components (hardware & software), and application and function types (harvesting & navigation, planting, thinning & weeding, livestock management, and others including data collection, inspection and management). The market is expected to progress at a CAGR of 16.4% from 2015 to 2022 due to the global population and food sufficiency concerns.
Increasing global population and food demand, decline in agricultural workforce, demand for automated applications, and increasing adoption of precision agriculture are some of the factors responsible for the growth of this market. However, the market consists of certain challenges which are inhibiting the overall growth for the market, such as huge capital investment, lack of proven solutions, and lack of awareness among end-users.
The concept of agricultural robots market revolves around the types of application and functions of these agricultural robots. Harvesting & navigation, planting, thinning & weeding, livestock management, and others including data collection, inspection and management are prevalent applications and function types in the market. Harvesting and navigation applications of agricultural robots is leading the market, however the livestock management application is estimated to grow at the highest CAGR, due to the proficiency of livestock management robots to both manage and record data related to the livestock at the same time, ensuring sufficient attention to each animal.
Proper integration of both the hardware and software components of the robotic system is necessary to ensure efficient and effective agricultural operations. The hardware component alone is leading the market and is expected to dominate in the forecast period as well, attributable to the high price of these hardware components. The other component in agricultural robots i.e. software & services is expected to grow at the highest rate from 2015 to 2022 owing to the growing advancements in technologies and software.
The competitive landscape for the agricultural robots market demonstrates an inclination towards companies adopting strategies such as partnerships & collaborations, and business expansion, among others. FANUC Corporation, Kuka AG, Lely, Yaskawa International, and ABB robotics were the most prominent names that surfaced in 2015. These companies did a range of mergers & acquisitions and entered into various partnerships & collaborations.
The market of agricultural robots varies with the geographical regions. The market is dominated by North America due to the increasing per capita income, and increased mechanization. The Asia-Pacific (APAC) region is the second largest in this regard after North America and is expected to grow at the highest rate of 15% from 2015 to 2022 due to the growing population and rapid urbanization in most of the countries of the APAC. Moreover, the region constitutes of the most populous countries such as China, and India among others, which has a huge demand for food production. Such demand from developing countries, which are investing aggressively in development activities to raise the standard of living, along with the options of further human-robot collaboration, are opening up new opportunities for the agricultural robots market players.
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