New York, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Autonomous Farm Equipment Global Market Report 2023" - https://www.reportlinker.com/p06282488/?utm_source=GNW
The global autonomous farm equipment market will grow from $67.53 billion in 2022 to $72.63 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The autonomous farm equipment market is expected to grow to $94.59 billion in 2027 at a CAGR of 6.8%.
The autonomous farm equipment market consists of sales of tractor mounted vertical conveyor reaper, tractor mounted combine harvester, self-propelled combine harvester, self-propelled reaper binder, groundnut digger shaker/harvester, turmeric harvester, and sugarcane harvester.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The autonomous farm equipment refers to the equipment used for agriculture, horticulture, animal husbandry, and forestry.Within a unified framework, autonomous farming is the modelling and regulation of agricultural machinery.
These farming technologies use the on-farm sensing and control power of automated farming equipment to reach agronomy-based targets.
The Asia Pacific was the largest region in the autonomous farm equipment market in 2022.North America was the second largest region of autonomous farm equipment market.
The regions covered in the autonomous farm equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product types of autonomous farm equipment are tractors, harvesters, unmanned aerial vehicles (UAVs), and other product types.Harvesters refer to a machine for harvesting crops.
The technologies used in autonomous farm equipment are partially autonomous and fully autonomous. The various applications involved are agriculture, horticulture, animal husbandry, forestry, and other applications.
The increasing use of autonomous tractors is a key factor driving the growth of the autonomous farm equipment market.Autonomous tractors use several sophisticated systems and sensors which would possess an effective self-driving vehicle, and by incorporating these advanced systems into run-of-the-mill farming, farmers will experience positive technological effects in the workplace.
Alternatively, autonomous tractors can be set up to function as mobile hotspots to collect data from sensors in the field. Also, about 34.5% of the global demand for autonomous farm machinery will retain the 31–100 HP output Asia Pacific of farm tractors in 2026. Therefore, the demand for autonomous tractors is expected to drive the growth of the autonomous farm equipment market.
The fear of unemployment due to automation is a key factor hampering the growth of the autonomous farm equipment market.The developments in AI and robotics would have a significant impact on regular working lifestyles, comparable to the change away from agricultural societies during the industrial revolution.
In the US alone, between 39 and 73 million jobs will be automated, representing approximately a third of the total workforce.A recent study estimates that as many as 800 million jobs will be lost to automation worldwide by 2030.
Therefore, concerns about the rise in unemployment due to automation are expected to hinder the growth of the autonomous farm equipment market.
In August 2021, John Deere, a US-based agricultural, construction, and forestry machinery manufacturer acquired Bear Flag Robotics for a deal value of $250M.Through this acquisition, John Deere is planning to strengthen their position in the agriculture sector.
Bear Flag Robotics is a US-based autonomous tractor startup.
The countries covered in the autonomous farm equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The autonomous farm equipment market research report is one of a series of new reports that provides autonomous farm equipment market statistics, including autonomous farm equipment industry global market size, regional shares, competitors with an autonomous farm equipment market share, detailed autonomous farm equipment market segments, market trends and opportunities, and any further data you may need to thrive in the autonomous farm equipment industry. This autonomous farm equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06282488/?utm_source=GNW
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