Fast.MR lowers forecast for Agricultural Robots , as the economic impact of the COVID-19 continues to drive down consumer spending and short-term business investments. The report in similar manner offers market analysis and new opportunities due to COVID-19 within Agricultural Robots to help our clients to make critical business decisions.
According to a recent report published by Fast.MR, titled, Global Agricultural Robots Market 2018: Market Size, Market Volume, Trends, Opportunity, Forecast 2018-2024, the global agricultural robots market accounted for USD XX Million in 2018 and is estimated to reach USD 16,182.9 Million by 2024. Moreover, it is anticipated to flourish at a CAGR of 20.8% during the forecast period i.e. 2019-2024.
The global agricultural robots market has been segmented based on type and application. Based on the type, this market has been segmented into driverless tractors, unmanned aerial vehicles (UAV), milking robots, potato sorting system, material management and others. Milking robots segment is anticipated to witness significant growth during the forecast period. In Europe, China, US and Japan, more than 20,000 dairy farms have installed robots. Further, average sales of milking robots are anticipated to increase on the account of its benefits such as increased milking productivity and high efficiency.
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In application segment, dairy farm management market captured significant share of overall market in 2018. Addition to that, global agricultural robots market by application has been segmented into field farming, soil management, irrigation management, pruning and others.
Reducing Number of Agricultural Labours
Declining percentage of farmers across the globe is anticipated to positively impact the growth of global agricultural robots market. Furthermore, this reduction in very sharp in various developed nations such as United States and Japan owing to rapid growth of aging population. This significant decline in number of farmers has forced various farmers to adopt automation agricultural technologies such as agricultural robots to increase their efficiency and productivity.
Government of various nations are launching various incentive and awareness programs to increase the adoption of advance agricultural equipment. This factor is envisioned to bolster the growth of agricultural robots market. Apart from this, governments are also funding various agricultural robotic projects to replace manual labour with automation technologies.
Impact Analysis on COVID-19:
The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. On 11th March 2020, the World Health Organization (WHO) declared the COVID-19 a pandemic officially. Due to which many countries such as China, India, Italy, Germany, Spain, France, and such other countries having a large number of COVID-19 patients went under lockdown conditions. With the ongoing situation of lockdown, many industries have been adversely impacted, and it is expected that the economy of the developing & developed nations are going to suffer a massive loss in the coming years, and also the global economy may slip into a recession. Along with this, in the United Nations Conference on Trade & Development, it was said that the impact of COVID-19 would hamper the global economy up to USD 2 Trillion in 2020. The report also considers the impact the impact of COVID-19 on global agricultural robots market in the upcoming years.
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In terms of geography, the agricultural robots market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounted for the major share of the global agricultural robots market. Moreover, Europe agricultural robots market is expected to showcase lucrative growth in the upcoming years. U.S., Germany and China are some of the major countries witnessing the augmenting demand for agricultural robots market.
The report also covers detailed competitive analysis of major market players of the global agricultural robots market, such as Agrobot, Clearpath Robotics Inc., Energid Technologies Corporation, Blue River Technology, Vision Robotics, DJI, Agjunction, Inc., Boumatic Robotics, B.V., Lely Holding S.À.R.L and other key & niche players. The agricultural robots market is witnessing a wide range of industry activities such as product launch, acquisition, mergers, and expansion across the globe.
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