According to a new market research report published by Credence Research “Autonomous Farm Equipment (AFE)Market- Growth, Future Prospects, and Competitive Landscape, 2017-2025”, autonomous farm equipment market was valued at US$ 437.0 Mn in 2017 and is estimated to grow at a CAGR of 59% from 2017 to 2025.
Agriculture has been one of the most imperative industry since the begging of the human civilization. With consistently growing population which is expected to reach 9 billion till 2025, the need for food, feed and fuel is expected to reach trifold of the current cultivation. In order to fulfill the demand, avenues such as mechanization and introduction of autonomous farming are being adopted to yield out more from the limited arable land. Autonomy of farm equipment offers many merits such as fast and precise operations, uninterrupted operation irrespective of the time and climatic conditions and long-term solutions for complex and heavy operations such as plow and harvest. However, the process of making farm equipment autonomous is still in its nascent stages and the cost of current autonomous equipment is quite extravagant. Therefore, the aforementioned issues might are expected to affect the growth of the overall AFE market.
The complete report is available at http://www.credenceresearch.com/report/autonomous-farm-equipment-market
AFE includes autonomous tractors, autonomous harvesters and other equipment such as trucks, weeding and thinning, spraying and hauling machines, among others. Leading manufacturers are engaged in developing sophisticated autonomous farm equipment in order to increase efficiency and reliability while reducing their costs. Furthermore, the profound proliferation of advanced electronics and robotics coupled with GPS and navigation systems are making fully autonomous farm equipment more precise and efficient. Consequently, augmentation of fully autonomous equipment offering independent working with minimum human supervision are expected to result in reduced human labor and expenses related to it. With consistent technological enhancement in the AFE and the merits offered by such equipment, it is expected that the market for the AFE with bloom significantly in the following years.
The market is still quite a new and growing market. The market is characterized by a number of international players who are engaged in developing the best in class AFE. Expansion of sales by creating awareness about autonomous farm equipment and the perpetual introduction of improved farm equipment are few of the many policies adopted by the companies to stay competitive in the autonomous farm equipment market.