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.
This Tractica report examines global market trends for agricultural robots and provides 10-year market sizing and forecasts for agricultural robot shipments and revenue during the 2015 to 2024 timeframe. The report focuses on market drivers and market challenges, as well as assessing the key technology issues that will influence market development. In total, 42 key and emerging industry players are profiled. Market forecasts are segmented by world region and application type.
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