Precision farming improves yield by enabling farmers to use the correct amount of inputs such asfertilizers, water and seeds. This is supported by autonomous farm equipment that incorporates real-time positioning and crop data to improve productivity. Increased farm mechanization in regions such as North America, rising labor costs due to shortage of skilled labor, increasing pressure on global food supply due to rising population, and government initiatives to implement modern agricultural techniques are some of the major factors driving the growth of the global precision agriculture industry. Rising demand for implementation of precision farming is driving the sales of autonomous farm equipment.
The market witnessed a marginal dip in 2020 owing to the COVID-19 pandemic, as lockdowns and restrictions in movement resulted in shortage of equipment and led to disruptions in the supply chain. However, the market is getting back on its feet gradually, and is expected to offer lucrative growth over the coming years.
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As per Fact.MR’s analysis, the global autonomous farm equipment market is expected to expand at a healthy CAGR of around 19% from 2021 to 2031.
Key Take aways from Market Study
- Demand for autonomous farm equipment is increasing with mechanization of agriculture, availability of advanced technology, and sustainable agricultural practices.
- Sales of autonomous farm equipment such as full and partial autonomous tractors are increasing all over the world. Rising electrification trend as well as high demand for sustainability, remote sensing, and ease of operationare driving demand.
- Gradual increase in raw material costs and tariff prices are some of the challenges impacting market growth.
- North America and Europe hold a significant share in the global market. Inthese regions, high disposable income combined with rise in population growth, high investments in agriculture infrastructure, and increasing trend of farm automation have led rising demand for autonomous farm equipment.
- By mode of operation, partial autonomous farm equipment is expected to hold a majority of the market share by 2021.
- By equipment, tractors to be widely used because of their usage in a wide range of application at farms.
- The market in the U.S. and Canada is expected to progress at around 11% and 9% CAGR, respectively, while that in the U.K and Germany at around 9% and 10% CAGR respectively, through 2031.
“Rising demand for partial autonomous farm equipment will have a positive impact on market growth over the coming years,’’ says a Fact.MR analyst.
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Competitive Landscape
The market is highly competitive in nature, with the presence of a large number of players operating in the landscape. Major players are taking steps to expand their businesses and their market share. Key market players are introducing more high-quality products in order to stay ahead of the competition by providing smart farming technology in their products.
Targeted acquisitions and improved product offerings with advanced technology are key for sustaining in the market.
- In May 2017, Trimble Inc. announced an agreement to acquire privately-held Müller-Elektronik, a German company specializing in implement control and precision farming solutions.
- In January 2021, AGCO joined the NEVONEX partner network as part of AGCO’s continued strategy to make it easier for farmers to work seamlessly across their farms. Through this NEVONEX collaboration, AGCO joins other leading crop care, seed, Farm Management Information System (FMIS), and precision agriculture companies, including Corteva, MyEasyFarm, Syngenta, Topcon, and Xarvio, to offer enhanced digital services on AGCO equipment, while making these activities more sustainable through more efficient application of inputs.
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Key Market Segments Covered
-
Mode of Operation
-
Fully Autonomous Farm Equipment
- Partially Autonomous Farm Equipment
-
By Equipment
- Autonomous Farm Tractors
- Autonomous Farm Harvesters
- Others
-
Technology Provider
- Autonomous Farm Equipment Manufacturers (OEMs)
- 3rd-party Technology Providers
-
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
What is the Commercial Potential of Autonomous Farm Equipment?
Automation of farm equipment offers several benefits, including precise and reliable operations, incessant operation regardless of weather or time, and long-term solutions for heavy and complex operations, including harvesting and ploughing.
When compared to traditional farm equipment, autonomous farm equipment saves time and cost in the yielding process, making this advanced equipment a preferable choice for farming procedures. Manufacturers are focused on introducing new and advanced models of autonomous equipment as technology continues to advance.
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