Autonomous Farm Equipment Market Size

Autonomous Farm Equipment Market Size

Autonomous Farm Equipment Market size exceeded USD 55 billion in 2020 and is projected to expand at over 6% CAGR from 2021 to 2027. The industry shipments are set to surpass nearly 210,000 units by 2027. Growing demand for autonomous farming equipment, specifically in regions with a low farmer population is likely to augment the market growth.

Several companies in the sector are focusing on R&D activities to expand their product portfolios and improve the customer experience. For instance, in December 2021, Trimble announced the launch of R750 GNSS modular receivers. It offers a connected base station for geospatial, civil construction, and agricultural applications. The technology can be utilized to broadcast real-time kinematic corrections for a broad set of activities including seismic surveying, civil construction, monitoring, and precision agriculture. It allows integration with global navigation satellite system rovers to tackle geo-positioning issues faced in some locations.

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The coronavirus pandemic has negatively impacted the autonomous farm equipment market growth. The outbreak has encouraged government administrations to impose strict lockdown measures & travel restrictions. It has hindered the logistics & manufacturing capabilities of several companies, thus impacting the overall sales. In addition, the introduction of travel regulations, further, developed labor shortage challenges for farm owners and created barriers in terms of hiring a suitable workforce for conducting applications across the field. This factor has encouraged growers to implement advanced technologies to continue work and increase productivity.