Autonomous Farm Equipment Global Market Report 2020-30: Covid 19 Growth and Change
The global autonomous farm equipment market is expected to decline from $72.76 billion in 2019 to $66.98 billion in 2020 due to COVID-19. The market is then expected to recover and reach $102.12 billion in 2023 at a CAGR of 15.09%. The increasing use of autonomous tractors is a key factor driving the growth of the market. 
New York, July 09, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Autonomous Farm Equipment Global Market Report 2020-30: Covid 19 Growth and Change" - https://www.reportlinker.com/p05930672/?utm_source=GNW

The global autonomous farm equipment market is expected to decline from $72.76 billion in 2019 to $66.98 billion in 2020 at a compound annual growth rate (CAGR) of -7.94%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $102.12 billion in 2023 at a CAGR of 15.09%.



The autonomous farm equipment market consists of sales of autonomous farm equipment and related services for agriculture, horticulture, animal husbandry, and forestry. Within a unified framework, autonomous farming is the modeling and regulation of agricultural machinery. These farming technologies use the on-farm sensing and control power of automated farming equipment to reach agronomy-based targets.



North America was the largest region in the autonomous farm equipment market in 2019.



In November 2019, Raven Industries Inc., a USA-based leader in precision agriculture, high-performance specialty films and lighter-than-air technologies, acquired Smart Ag Inc. for an undisclosed amount. Through this acquisition, Raven Industries Inc. will be integrated into the division’s business and technology portfolio with the intent to create autonomous solutions for the precision agriculture market. Smart Ag Inc. is a USA-based technology company that develops autonomous farming solutions for agriculture.



The autonomous farm equipment market covered in this report is segmented by product type into tractors, harvesters, unmanned aerial vehicles (UAVs), others. It is also segmented by technology into partially autonomous, fully autonomous, and by application into agriculture, horticulture, animal husbandry, forestry, others.



The fear of unemployment due to automation is a key factor hampering the growth of the autonomous farm equipment market. The developments in AI and robotics would have a significant impact on regular working lifestyles, comparable to the change away from agricultural societies during the industrial revolution. In the US alone, between 39 and 73 million jobs will be automated, representing approximately a third of the total workforce. A recent study estimates that as many as 800 million jobs will be lost to automation worldwide by 2030. Therefore, concerns about the rise in unemployment due to automation are expected to hinder the growth of the autonomous farm equipment market.



The increasing use of autonomous tractors is a key factor driving the growth of the autonomous farm equipment market. Autonomous tractors use a number of sophisticated systems and sensors which would possess an effective self-driving vehicle, and by incorporating these advanced systems in run-of-the-mill farming, farmers will experience positive technological effect in the workplace. Alternatively, autonomous tractors can be set up to function as mobile hotspots to collect data from sensors in the field. Also, about 34.5% of the global demand for autonomous farm machinery will retain 31–100 HP output capacity of farm tractors in 2026. Therefore, the demand for autonomous tractors is expected to drive the growth of the autonomous farm equipment market.









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