Agriculture robots, also known as agribots, are autonomous robots deployed for agricultural purposes. The main functions of agribots include weed control, harvesting, fruit picking, monitoring of crop growth and observance of field data. Agribots are capable of reducing labor intensive tasks and improving productivity and quality of yield through automation. They offer advantages such as greater accuracy, minimization of chemical usage, reduction in production costs and being able to work in all weather conditions and terrains. With global population on the rise, there is an increasing demand for food supply and efficient agricultural solutions.
The global Agriculture Robots Market is estimated to be valued at US$ 15.26 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
One of the key opportunities for agriculture robots is the rising labor shortage in fields. There is a lack of farm workers globally owing to reasons such as aging farmer population, less attraction towards agricultural careers among younger generation and increased migration from rural to urban areas. Agriculture robots can help overcome this shortage by performing labor intensive and repetitive tasks with high efficiency. They do not require breaks and can work for longer hours without human supervision. This factors is expected to drive adoption of robots for farming activities and support the growth of the agriculture robots market over the forecast period.
Porter's Analysis
Threat of new entrants: The agriculture robots market has moderate threat as high initial investments are required for R&D, production and marketing of agriculture robots. Established players have advantages of economies of scale.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are no viable substitutes available for agriculture robots currently and farmers have limited options.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of numerous component suppliers in the market.
Threat of new substitutes: The threat of new substitutes is low as agriculture robots provide unique mechanization and automation benefits over traditional agricultural practices.
Competitive rivalry: The market has high competitive rivalry between established players due to their global presence and focus on expanding product portfolios.
SWOT Analysis
Strengths: Agriculture robots provide high productivity, precision farming, cost savings and reduce dependency on labour. They have remote monitoring and data analytics capabilities.
Weaknesses: High initial costs, technical issues, lack of infrastructure in developing nations, skill requirements are key weaknesses.
Opportunities: Increasing global food demand, government initiatives, advanced technology integrations provide significant growth opportunities.
Threats: Severe climate changes, economic slowdowns, regulations on robotics and automation are major threats.
Key Takeaways
The global Agriculture Robots Market Growth is estimated to be valued at US$ 15.26 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Regional analysis indicates that North America currently dominates due to increasing adoption of modern agricultural practices. Asia Pacific is expected to grow at the fastest pace led by countries like China and India.
Key players operating in the agriculture robots market are BASF SE, Eastman Chemical Company, Merck KGaA, Evonik Industries AG, Tokyo Chemical Industry Co., Ltd., Alfa Aesar, TCI America, MP Biomedicals, Santa Cruz Biotechnology, Inc., Energy Chemical. BASF SE leads the market with wide range of agricultural solutions including weed detection systems, harvest robots and crop spraying drones.
For More Insights On This Topic: https://www.trendingwebwire.com/agriculture-robots-market-demand-analysis/
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