Farm technology market to be worth $ 20.6 Billion by 2025

Farm technology market to be worth $ 20.6 Billion by 2025

The agricultural technology market is projected to grow from USD 7.4 billion in 2020 to USD 20.6 billion by 2025, according to a new market research report by MarketsandMarkets (sources at bottom of this article). The researchers predict the market to grow at a CAGR (compound annual growth rate) of 22.8% during the forcast period (2020-2025).


Increasing affordability of IoT and GPS

According to the researchers, growing agricultural automation owing to a decline in the availability of skilled labour and increasing affordability of IoT and GPS technologies is driving the growth of the market.


The report further states that the decrease in the number of young farmers entering the agricultural sector and the rise in minimum wages of farmers are also driving the growth of the agricultural robots market. “The advent of low-cost IoT devices is enabling companies to offer various agricultural software and analytics services to their customers,” say the researchers.


Furthermore, the use of multi-modal systems for coordination among various hardware such as unmanned aerial vehicles (UAVs), autonomous tractors, and other automated farm equipment through a centralised management software acts as a growth opportunity for agricultural robots market.


Driverless tractors

The driverless tractors segment of the agricultural robots market is projected to grow at the highest CAGR during the forecast period, according to MarketsandMarkets.

Driverless tractors have for quite some time been field-tested in countries such as the US and Japan.


Even emerging economies such as India are using driverless tractors. Thus, the growing adoption of driverless tractors in agricultural fields is expected to fuel the growth of the driverless tractors segment of the market.

Hardware segment to dominate agricultural robotics market

Although the number of emerging agricultural software and services is increasing at a rapid pace, the agricultural hardware is still expected to dominate the agricultural robotics market.

“Increasing affordability of auto-steering systems and improving GPS accuracy have enabled tractors and other agricultural ground vehicles to operate autonomously. Swarm vehicles are set to replace heavy tractors in the future to minimise soil damages,” say the researchers.


Drones

Agricultural drones are increasingly being used by farmers due to their effective utility and high affordability in crop monitoring and spraying applications. The deployment of IoT devices and sensors in farms is also contributing to the overall growth of the hardware segment of the market, according to the report.


0 views
0Cart

Pakistan's 1st Digital Agriculture Platform

FarmAgria empower rural farmers with funding, agronomy services, improved seeds and training on modern farming techniques which gives them capacity to farm more acres, achieve greater crop yield and lead to increased food production and sustainability.  

Telephone:

Investor Relationship: +92 (0333) 3031449

Veterinary Inquiries:    +92 (0346) 3829027 

United State & Canada

Investor Relationship: +1(306) 351 8194

                                         +1(306) 580 6000

Connect and follow along for behind the scenes content and to learn more about our Digital Agriculture Plateform 

  • Facebook - Black Circle
  • Twitter - Black Circle
  • Instagram - Black Circle

CONNECT

Navigate