With growing inclination towards partially and fully automated tractors, harvesters, and other farm equipment, manufacturers are investing more in research & development (R&D) activities in order to capitalise on the upcoming opportunities, states the report.
The researchers say autonomous farm equipment, being highly efficient in saving time and cost in yielding, crop monitoring, and field & soil analysis, is gaining traction around the world.
As requirement for autonomous tractors equipped with auto-steering and auto data collecting systems is becoming prevalent, industry players are subject to witness sky-high demand over the coming years. According to Fact.MR, the autonomous farm equipment market is predicted to ascend at more than 10% CAGR over the next ten years.
Artificial intelligence
Adoption of artificial intelligence is favoring autonomous farm equipment manufacturers owing to its unlimited advantages, such as:
Capability of precision farming
Usage of predictive analysis to optimise quality crop production
Advanced solutions for timely harvesting, optimum planting, and soil & water management
The European Commission (EC) puts forward a European approach to artificial intelligence (AI) and robotics in order to boost farming and precision agriculture. The EC has also taken an initiative to develop Life Cycle Assessment (LCA) framework for product optimisation in the agriculture sector. Such initiatives are further strengthening the base of potential industry players, according to Fact.
Light autonomous robots is the answer to soil compaction in the future
Key challenges
Despite being highly sought-after for their efficiency and precision, the report identifies a few restraining factors faced by autonomous farm equipment manufacturers. For instance:
Costly and complex production cycle
Incorporation of AI and other cutting-edge technologies incurs additional costs
Requires expert handling and maintenance
Lack of knowledge may have negative impacts on production capacity and quality of crops
Also, the outbreak of the pandemic affected manufacturing companies due to shortage in supply of raw materials, unavailability of labor, financial crisis, and decline in demand.
However, with the adoption of the new normal and increase in R&D activities to minimise disadvantages, suppliers of autonomous farm equipment are expected to come across higher growth scope over the coming years.
Autonomous tractors and harvesters highly demanded
The report identifies the United States, Germany, China and Japan as key markets for autonomous farm equipment. According to Fact.MR, autonomous tractors and harvesters are highly demanded due to their advantageous features, such as:
Automatically planting with good accuracy
Precise & reliable data collection regarding the condition of soil and planted crops
GPS and other wireless technologies to take care of control station
According to Fact.MR, these segments will consistently fuel the sales of autonomous farm equipment manufacturers throughout the forecast period.
