The global agricultural robots market was USD$ 323.47 crore in 2018 and is estimated to reach US$ 1261.11 crore by 2025 at a Compound Annual Growth Rate (CAGR) of 21.46 percent during the forecast period, MarkGenes Business Consulting has said in its report.
Agricultural robot or agribot is deployed for agricultural purposes which automate slow, repetitive and dull tasks for farmers, thus allowing them to focus more on improving overall production yields. Robots in agriculture are used for harvesting and picking, weed control and autonomous mowing, pruning and seeding.
According to the MarkGenes Business Consulting report, the North American region accounted for the largest market share in 2018 due to increased industrialisation of farming equipment with the need for improved efficiency as well as productivity to meet the global demand for food. However, the Asia-Pacific (APAC) region is projected to grow at the highest CAGR due to the investment in machinery. Countries in Middle East and Africa (MEA) will register a moderate growth in comparison with other regions globally due to less implementation and awareness among the people.
The global agricultural robots market is mainly driven by growing demand for food production effectively ensuring sustainability as well as rising adoption of automation by launching and experimenting a wide range of robotic systems specially designed for various agricultural purposes. However, the growth of the market is hindered by limited awareness among farmers, weather uncertainties, inability to match up to human dexterity as well as the growing popularity of indoor farming, MarkGenes has predicated.
PrecisionHawk Inc, a commercial drone and data company providing services for industries such as agriculture has raised US$ 7.5 crore from a group of venture and strategic investors making its total investment to US$ 10 crore which will enable the company to focus on product innovation and apply capital to expand its team with the amount.
Naio Technologies, an autonomous weeding and agricultural robot company have raised two million Euros from four investors to further increase its development and also these new funds will help in financing the launch of export sales overseas as well as the industrialisation of their products and anchor the company’s reputation as a worldwide leader in agricultural robotics.