Precision farming improves yield by allowing farmers to use the right amount of inputs such as fertilizer, water and seeds. This is supported by self-contained farming equipment that integrates real-time positioning and harvest data to improve productivity. Increased agricultural mechanization in regions such as North America, rising labor costs due to the shortage of skilled labor, increasing pressure on the global food supply due to the Population growth and government initiatives to implement modern agricultural techniques are some of the major factors driving the growth of the global precision agriculture industry. The growing demand for the implementation of precision agriculture is driving the sales of stand-alone agricultural equipment.
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The market saw a marginal decline in 2020 due to the COVID-19 pandemic, as blockages and movement restrictions resulted in equipment shortages and disruption in the supply chain. However, the market is gradually recovering and is expected to offer lucrative growth over the next few years.
According to Fact.MR’s analysis, the global market for autonomous agricultural equipment is expected to grow at a healthy CAGR of around 19% from 2021 to 2031.
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Key takeaways from market research
- The demand for autonomous agricultural equipment is increasing with the mechanization of agriculture, the availability of advanced technologies and sustainable farming practices.
- Sales of autonomous agricultural equipment such as complete and partial autonomous tractors are increasing all over the world. The upward trend in electrification along with strong demand for sustainability, remote sensing and ease of use are driving demand.
- The gradual increase in raw material costs and tariffs are some of the challenges impacting the growth of the market.
- North America and Europe hold a large share of the world market. In these regions, high disposable income combined with increasing population growth, high investments in agricultural infrastructure and a growing trend towards agricultural automation have resulted in a growing demand for autonomous agricultural equipment.
- By mode of operation, partially autonomous agricultural equipment is expected to hold the majority of market share by 2021.
- By equipment, tractors are to be widely used due to their use in a wide range of applications on farms.
- The market in the United States and Canada is expected to grow at around 11% and 9% CAGR, respectively, while in the United Kingdom and Germany at around 9% and 10% CAGR respectively, through 2031.
Acquisitions and mergers targeted by key players
Key players such as Trimble Inc. and CNH Industrial NV are articulating their growth strategies on improving connectivity with broad market coverage through targeted acquisitions, in order to benefit from a substantial market presence.
- In May 2017, Trimble Inc. announced an agreement to acquire privately held Müller-Elektronik, a German company specializing in tool control and precision farming solutions.
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- In March 2021, CNH Industrial NV completed the acquisition of a minority stake in Augmenta, an agricultural technology company focused on automating agricultural operations using computer vision and artificial intelligence. the edge ”, where data is processed in real time, directly by the system. This acquisition will enable CNH Industrial to become Augmenta’s strategic partner in crop detection and machine automation, and also provides for future joint research and development collaboration.
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