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Autonomous Farm Equipment Market for Fully autonomous segment to grow at 40% over the forecast timeline

Author : Ronak Bora | Published Date : 2019-03-21 

One of the most noteworthy trends of autonomous farm equipment market in recent times is the rapid entry of start-ups in this business vertical, posing quite an interesting competitive scenario for prominent players. With the profound growth in the arena of robotics, entrants in autonomous farm equipment market have been attempting to actively tap every lucrative opportunity to come up with unique product ranges. For instance, a robotic engineer from Harper Adams University, England recently came up with an idea that it may be possible to produce crops without having to actually climb onto a tractor. In this case, through high-end technology, a SimTech drill had been attached to the tractor, that undertook the seeding operations, while an automated Sampo Rosenlew 130 harvested the crop. In the years to come, it has been forecast that farmers may cease performing actual farming tasks, delegating them to automated devices, while they keep themselves free for other tasks. In the event that automated tractors such as the aforementioned prove successful in tests conducted on 100-hectare fields, the concept is likely to brew a revolution in autonomous farm equipment market.

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As automation pervades lucrative verticals, the agriculture domain, not to be obliterated, has also joined the list. Autonomous farm equipment market, in this regard, may be considered as one of the many pivotal sub-spheres of the tech-based agriculture sector, that has been gaining mass momentum in recent times. With the influx of highly advanced tech discoveries and the shifting trends toward the deployment of robotics owing to labor shortage, the utilization of self-operating agro-based components is on a rise, thereby impelling autonomous farm equipment market share.

An outline of India autonomous farm equipment industry

Having documented a long-standing history of being an agro-based economy, India is touted to emerge as one of the pivotal regional autonomous farm equipment markets. Even as on 2017, more than 50% of the of the Indian populace is inherently dependent on agriculture and related activities for sustenance. However, more than 80% of Indian farmers own farmland lesser than two hectares, and have a rather small, bifurcated sense of ownership in India’s huge agriculture sector. Amidst this massive fragmentation, it goes without saying that the country’s farming activities stay put, owing to the lack of high yielding fertilizers and seeds and the inadequacy of modern production and processing methodologies. This in consequence, has led to India evolving as a rather lucrative ground for the development of autonomous farm equipment market.

India is thus undergoing a paradigm shift, what has been dubbed as ‘Farming 3.0’ – the third farming revolution. In accordance, the nation seems to be actively drifting toward innovative farming, which would prove to be rather advantageous for the growth of autonomous farm equipment industry in India. The nation has been, since the last few years, welcoming investors and start-ups to establish their base in India and diligently pursue advanced technology to come up with a range of highly innovative products such as partially and fully automated tractors and harvesters. Another popular technology that is being harnessed of late is that of UAVs (unmanned aerial vehicles) or drones.

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Owing to their superlative benefits ranging from undertaking geological surveys for evaluating fields and reducing response time to improve crop health and water efficiency in the fields, these beauties are being deployed in agriculture on a larger scale than anticipated, which has provided quite a profitable boost to the overall autonomous farm equipment market. This is quite evident from the robust growth of the agricultural drones industry as well – the business size reportedly stood at USD 300 million in 2016. UAVs are also being utilized in India, though the concept is yet to gain mass prominence. However, analysts seem to be positive regarding the popularity of agricultural drones in the nation, the massive deployment of which would eventually stimulate India autonomous farm equipment market share.

With automated devices garnering momentum in India, it has also been projected that the region would be a major revenue contributor toward APAC autonomous farm equipment industry. Given that the continent in itself is a hub of major agro-based emerging economies, it remains quite unarguable that Asia Pacific would be one of the key regional autonomous farm equipment markets in the years to come. Led by India, Japan, China, Australia, and South Korea, APAC autonomous farm equipment industry share has been projected to register a CAGR of 25% over 2017-2024.

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While the notion of self-operating equipment seems quite attractive in theory, there remains no shred of doubt that practically implementing the concept on a large scale is enormously expensive. Product development and implementation costs thus, in particular, are likely to emerge as key restraints for autonomous equipment market in the future. In consequence, companies have been attempting to devise newer strategies to brainstorm cost-effective solutions in order to increase product penetration, which would eventually have an impact on the revenue graph of autonomous farm equipment industry. The successful application of GPS systems in agriculture and the deployment of IoT in the farming sector notwithstanding, autonomous farm equipment market trends are expected to escalate in the forthcoming years. As per estimates, autonomous farm equipment industry size is expected to exceed 3 million units by 2024, in terms of volume.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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