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(IT-NEWSWIRE.COM, April 21, 2020 ) Market Overview
Autonomous farm equipment helps to achieve fast, precise operations, and uninterrupted operations in agriculture activities.
These equipment perform various activities such as plow and harvest.
The Global Autonomous Farm Equipment Market is expected to grow at a high CAGR during the forecasting period (2019-2026).
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Market Outlook
The growing consumer awareness for free equipment for performing various farm activities is driving the market growth in recent years.
New technologies such as integration of robotics, GPS and navigation system in ease of access will further drive the market growth in the forecast period to 2026.
The high cost of the free farm equipment and initial stages of development in the market is hampering the market growth.
Segmentation Analysis
Global Autonomous Farm Equipment market is segmented by Product type, by Capacity, and by operation type.
By Product type, the market is segmented as Tractors, Harvesters, and Others. Tractors segment is accounted for the significant market share, as it is the main equipment that commonly used in agricultural operations such as plowing, leveling and others. The growth in tractor segment is estimated to have continued growth over the forecast period
By Operation type market is segmented as fully autonomous and semi-autonomous. Fully independent farm equipment segment is anticipated to show strong increase over the forecast period to 2026.
The growth will be supported by its benefits such as precise and efficient operations besides minimum human supervision and other labor expenses.
Geographical Share
By Geography the market is segmented into the Americas, Europe, Asia Pacific and rest of the World. North America is accounted for the significant share in the market and is mainly due to increased investments agriculture and substantially massive demand for advanced technology in yielding a better harvest.
Increasing population, agriculture activities and development of low-cost autonomous farm equipment will support the market growth in the Asia Pacific region in the forecast period to 2026.
Competitive Trends
The competition in the industry is spread among a few large and international companies globally.
Key players in the industry are developing new technologies to increase efficiency, reliability at affordable prices.
For instance, in December 2018, Kubota and Escorts have formed a joint venture in developing and manufacturing utility tractors with advanced technologies for the Indian market.
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