Ag Robot Revenue to Reach Multi-Billions by 2024, Prediction Says

The market for agricultural robots is developing at a rapid pace, with a large number of established and startup agricultural technology companies developing, piloting, and launching an innovative range of robotic systems to tackle a wide variety of tasks, according to a new report from Tractica. Key application areas for agricultural robots include driverless tractors, unmanned aerial vehicles (UAVs), material management, field crops and forest management, soil management, dairy management, and animal management, with a diverse set of subcategories emerging within each of those areas.

The report was developed in collaboration with The Robot Report, and it indicates that shipments of agricultural robots will increase significantly in the years ahead, rising from 32,000 units in 2016 to 594,000 units annually in 2024, by which time the market is expected to reach $74.1 billion in annual revenue.

“The rising demand for agricultural robots is being driven by a number of factors including global population growth, increasing strain on the food supply, declining availability of farm workers, the challenges, costs, and complexities of farm labor, changing farmlands, climate change, the growth of indoor farming, and the broader automation of the agriculture industry,” said Manoj Sahi, research analyst, Tractica.

“Robotics companies are keenly focused on the agricultural market opportunity,” adds Frank Tobe, editor and publisher of The Robot Report.  “Our research identified and profiled more than 150 industry participants who are developing and launching robotic systems to address the need for more automation to improve efficiency, reduce costs, and address labor concerns against the backdrop of a rapidly changing agriculture market and technology environment.”

Tractica’s report, “Agricultural Robots,” examines global market trends for agricultural robots and provides 10-year market sizing and forecasts for agricultural robot shipments and revenue during the period from 2015 through 2024. The report examines the market opportunities, barriers, and technology issues for each of the key application markets.