The Agriculture Autonomous Retrofit market refers to the sector focused on developing and applying autonomous technology solutions to retrofit existing agricultural machinery and equipment. This approach allows for the enhancement of traditional farming practices with the benefits of automation, improving efficiency, precision, and productivity without the need to invest in entirely new machinery.
As per the BIS Research report, the global agriculture autonomous retrofit market was valued at $1.93 billion in 2023 and is expected to reach $10.76 billion by 2033.
Businesses that produce autonomous retrofit solutions, including driverless tractor kits and spot spraying systems, can capitalize on market growth by focusing on research and development, enhancing their production capabilities, and establishing strategic alliances.
Evaluate Free Sample Report: Download Sample Report
Market Drivers: Alleviating Farming Labor Shortages with Autonomous Tractor Technology
Many countries face a significant agricultural labor shortage, leading to decreased productivity, income, and food security due to a lack of available workers.
The Canadian Agricultural Human Resource Council (CAHRC) reports a critical labor shortage in agriculture, with a 7.4% vacancy rate causing approximately $3.5 billion in losses in 2022. This shortage has pushed the industry towards adopting autonomous tractor technology to mitigate labor dependency and increase productivity.
Market Challenges: Navigating Data Ownership and Privacy Challenges
A University of Cambridge report warns that agricultural technology like automatic sprayers, drones, and robotic harvesters are vulnerable to hacking, with ethical hackers exposing risks in systems by Deere & Company and CNH Industrial N.V. Such breaches could jeopardize critical farm operations and significantly affect regional yields.
Key players in agricultural data, including farmers, tech providers, input companies, and governments, face data ownership and usage concerns. According to the American Farm Bureau Federation, over 75% of farmers are apprehensive about data ownership and its regulatory implications, while 60% fear that their data could be used to influence market decisions against their interests.
Market Opportunities: Growing Demand for Carbon Footprint Cutbacks
Agriculture's role in greenhouse gas emissions, through activities like fossil fuel usage, fertilizer application, and land-use changes, has spotlighted the need for technologies that reduce the sector's carbon footprint.
Efforts to lessen carbon emissions are gaining momentum globally, highlighted by the USDA's 2023 report on agriculture and forestry's contributions to carbon markets. This report, part of the Growing Climate Solutions Act (GCSA), emphasizes the Biden-Harris Administration's strategy to address climate change through agricultural and forestry solutions, offering economic prospects for rural areas and manufacturers of agricultural autonomous retrofit equipment.
The companies that are profiled in the report have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some of the prominent names in this market are:
• ONE SMART SPRAY
• ARAG
• Braun Maschinenbau GmbH
• GPX Solutions
• GOtrack
• Sabanto Inc.
• Fieldin
• AGCO Corporation
• WEED-IT
• Hexagon AB
• TOPCON CORPORATION
• Ag Leader Technology
• CNH Industrial N.V.
• Deere & Company
To Evaluate Report Coverage: Access Full TOC
According to Debraj Chakraborty, Principal Analyst, BIS Research, “Impressive strides in technology are transforming the global agriculture landscape, and the autonomous retrofit market is a key player in this revolution. As precision agriculture becomes increasingly vital for sustainable food production, retrofit solutions in autonomous machinery are poised to be a game-changer. The intersection of innovation and agriculture promises efficiency, sustainability, and a paradigm shift in farming practices, making the global agriculture autonomous retrofit market a compelling frontier for investment and growth.”
