Autonomous farm equipment market to grow over 35% by UAV segment

Autonomous Farm Equipment Market by UAV segment is projected to witness significant growth at over 35% up to 2024. The product is widely used for agricultural processes such as spraying pesticides and fertilizers. In addition, implementation of thermal imaging, and need to detect scarcity of crop supplements will influence the product landscape. Software compatibility of the devices with user friendly interface offers smooth functioning of product. Proliferating digitalization and superior precision will positively impact the autonomous farm equipment industry share from 2017 to 2024.

Tractors segment dominated the autonomous farm equipment industry share accounting over 60% in 2016. Superior efficiency of the product owing to implementation of self-steering system will drive the business demand. Harvesters is poised to witness significant growth during the forecast timeframe. Avoiding path overlap, optimum path selection along with availability of product at competitive price will further drive the autonomous farm equipment market growth.

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Frequent labor shortage coupled with increasing penetration of self-driven devices offering higher productivity and enhanced efficiency will fuel the autonomous farm equipment market demand. Auto driving along with self-steering techniques owing to technological advancement in tractors will further support the product demand.

Asia Pacific would be one of the key regional autonomous farm equipment markets in the years to come. Led by India, Japan, China, Australia, and South Korea, APAC autonomous farm equipment industry share has been projected to register a CAGR of 25% over 2017-2024. With automated devices garnering momentum in India, it has also been projected that the region would be a major revenue contributor toward APAC autonomous farm equipment industry.

Europe led by Germany, Italy, France, Russia and UK is estimated to witness significant growth during forecast timeframe. Shifting trends towards products with higher efficiency, reduced emissions and enhanced productivity will drive the autonomous farm equipment market growth.

As per estimates, autonomous farm equipment market size is expected to exceed 3 million units by 2024, in terms of volume. While the notion of self-operating equipment seems quite attractive in theory, there remains no shred of doubt that practically implementing the concept on a large scale is enormously expensive. Product development and implementation costs thus, in particular, are likely to emerge as key restraints for autonomous equipment market in the future. In consequence, companies have been attempting to devise newer strategies to brainstorm cost-effective solutions in order to increase product penetration, which would eventually have an impact on the revenue graph of global market. The successful application of GPS systems in agriculture and the deployment of IoT in the farming sector notwithstanding, autonomous farm equipment industry trends are expected to escalate in the forthcoming years.

Agribotix, AGCO, Harvest Automation, Mahindra, Case IH, Agrobot, John Deere, ATC, and CLAAS are among the key players for component manufacturing and service of the product. M&A of the manufacturers, depending upon the adaptation of advanced technologies is the main strategy adopted by the industry players.

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Having documented a long-standing history of being an agro-based economy, India is touted to emerge as one of the pivotal regional autonomous farm equipment markets. Even as on 2017, more than 50% of the of the Indian populace is inherently dependent on agriculture and related activities for sustenance. However, more than 80% of Indian farmers own farmland lesser than two hectares, and have a rather small, bifurcated sense of ownership in India’s huge agriculture sector. Amidst this massive fragmentation, it goes without saying that the country’s farming activities stay put, owing to the lack of high yielding fertilizers and seeds and the inadequacy of modern production and processing methodologies. This in consequence, has led to India evolving as a rather lucrative ground for the development of autonomous farm equipment market.

Major Table of  Content

Chapter 2   Executive Summary

2.1    Autonomous farm equipment industry 3600 synopsis, 2013 – 2024

2.1.1    Business trends

2.1.2    Operation trends

2.1.3    Product trends

2.1.4    Technology trends

2.1.5    Regional trends

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