Agricultural robot revenue to reach $74 bn by 2024

Agriculture robot market sizeAgricultural robot revenue is expected to reach $74.1 billion worldwide by 2024, according to a new report from Tractica, developed in collaboration with The Robot Report.

Shipments of agricultural robots will increase from 32,000 units in 2016 to 594,000 units annually in 2024, said Tractica research analyst Manoj Sahi.

A number of established and startup agricultural technology companies are developing, piloting, and launching an innovative range of robotic systems to tackle a variety of tasks.

Key application areas for agricultural robots include driverless tractors, unmanned aerial vehicles (UAVs), material management, field crops and forest management, soil management, dairy management, and animal management.

The demand for agricultural robots is driven by factors such as population growth, increasing strain on the food supply, declining availability of farm workers, the challenges, costs, and complexities of farm labor, changing farmlands, climate change, growth of indoor farming, and the automation in the agriculture industry.