Introduction
Agriculture is one important factor that fuels the operations of several industries. It is the highest revenue generating industry, globally. The revenue generated by farming is a result of constant care of crops, soil, etc. Even after constant care and diligence there are things that can go wrong. Fortunately, autonomous farm equipment is one efficient option to maintain farms and reduce manual labor.
Autonomous farm equipment refers to farm equipment that can be operated without human intervention. Autonomous farm equipment use advanced technology to deliver precise and fast operations. Farming involves large and complex operations and farmers have to toil regardless of the time and climatic conditions. This is where autonomous farm equipment come to the rescue.
The autonomous farming equipment technology is advancing rapidly and manufacturers are now focusing in introducing new and more advanced technology. However, the existing autonomous farm equipment are highly overpriced. This is turn is affecting the development of autonomous farming equipment globally.
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COVID-19 Impact
Initially, the pandemic had a negative impact on every industry and the autonomous farm equipment industry is no exception. COVID-19 had a vastly negative impact on the autonomous farming industry mostly due to the restrictive measures that followed COVID-19 such as remote working, social distancing etc.
In the year 2020, the autonomous farm equipment market had fallen by billions of dollars, disrupting the entire supply chain. However, there was still hope as the second half of 2020 witnessed significant recovery. In the final half of 2020, new farming management solutions were introduced and the market gained traction. The recovery is expected to proceed and by 2023-2027 the autonomous farm equipment market is predicted to make huge profits.
Key Developments and Innovations
Even with the negative impact that COVID-19 had on the autonomous farming industry the future of the industry is very promising. There have been and there will be more developments in this industry. Some of the key developments are:
- The autonomous farm equipment industry is Japan is expected to grow substantially due to the lack of labor in farming. This has resulted in key players to switch to fully automated farming solutions. In February 2021, Yanmar Agribusiness switched to complete autonomous work by upgraded its autonomous tractor to improve its positioning and precision.
- North America to observe huge demand in the autonomous farm equipment market owing to the continent’s investment in R&D activities and increase in the farmers’ revenue.
- The industry participants are more focused on expansion and strengthening their positions. For example, in 2021, the Chinese technology company DJI introduced agriculture drones T10 and T30 across 100 countries to develop and strength their brand presence.
Apart from the global developments in this industry there are many innovations in autonomous farm equipment. These innovative and automated farming equipment solutions do not require human intervention provide maximum efficiency and help in cost-saving. Some of the best autonomous farm equipment innovations are – Autonomous tractors, agriculture drones, soil sensors, seed-planting robots etc.
Competitive Landscape and Future
Key players like Bobcat (a Doosan company), Clearpath Robotics, Kubota, CNH Industrial NV Deutz Fahr, Mahindra and Mahindra, Naio Technologies, Yanmar, Rowbot, Iseki & Co., AGCO Corporation, John Deere, DJI, Ecorobotix, Energid and Deutz-Fahr (SDF Group are leading the global autonomous market.
It is a possibility that some of these key players will face challenges concerning the development of cost-efficient farming equipment. The main challenge for these players to grow in the autonomous farm equipment market is to achieve reduce manufacturing costs and increase profit margins.
The future of autonomous farm equipment market is bright and highly profitable. By 2023, the entire industry is expected to recover from the disruption caused by COVID-19. Further, the adaption of autonomous tractor will fuel the market growth. Autonomous tractors will completely revolutionize the agriculture industry and by 2026 million of worth of autonomous farm equipment are expected to be sold globally.
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