CLEVELAND, April 24, 2021 /PRNewswire/ — Introduction of pricier equipment models featuring advanced technologies will continue to be a driver of growth in the $132 billion global agricultural equipment market, which is projected to expand 3.9% annually through 2024, according to a Freedonia Group analysis.
Though from a small base, adoption of smart and automated technologies is growing rapidly in the ag industry as more innovative new models come to market, and awareness of the benefits of these technologies continues to rise among farmers. For instance, use of autonomous equipment such as tractors, drones, and robots can:
- improve farm efficiency without increasing equipment size – earlier efforts to boost productivity often involved the use of larger machines, which can increase soil compaction and hurt crop yields
- improve farming precision and efficiency, as automated machines have fewer errors than human operators and are programmed to optimize time
- lower labor requirements, which are especially important in countries with shrinking labor pools such as Japan and in rural areas of the US
While most available autonomous agricultural equipment is produced by smaller robotics firms, a growing number of major agricultural equipment suppliers are increasing investment to commercialize their own models, including CNH Industrial, Deere, Kubota, and Mahindra & Mahindra.
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SOURCE The Freedonia Group