Agriculture Robotics Market Trends

Growth Drivers

• Higher Labor Shortage - Continuing labor shortage in the farming sector is propelling the demand of agriculture robots. As per a data released by the World Bank, globally, the total ratio of employment in agriculture has dropped to 27% in 2019.
   
• Rising Trend of Vertical Farming – A novel method of farming that combines indoor farming, urban agriculture, and managed agricultural environments is known as vertical farming. The vertical farming industry has drawn the interest of many investors in recent years. For instance, in 2021, the farming industry fostered approximately USD 1.5 billion.
   
• Surge in Urbanization- Urbanization, which usually result in an increase in the population of cities and the size of urban regions, is mostly attributed to people migrating from rural to urban areas. According to the statistics provided by the Department of Economic and Social Affairs of the United Nations, in 2018, 55% of the total population of the world was living in urban areas and the same is anticipated to grow to 68% by 2050.
   
• Escalating Trend of Smart Farming - Agriculture technological advances and recent developments lead to a shift to smart farming and efficient use of time and resources while limiting yield loss. For instance, by the end of 2020, the deployment of IoT devices in agricultural production has reached approximately 70 million, raised at a rate of about 20% per year.