Portland, OR -- (SBWIRE) -- 11/20/2017 -- According to a new report published by Allied Market Research, titled, Agricultural Robots Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global agricultural robots market was valued at $2,927 million in 2016, and is expected to reach $11,050 million by 2023, registering a CAGR of 21% from 2017 to 2023. Asia-Pacific is expected to exhibit high potential, owing to the growth in the agricultural industry as a resultant of exponential increase in demand for food production.

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Growth in population, high requirement for food, rise in popularity of indoor farming, common climate variations, and surge in adoption of automation technology are expected to drive the global agricultural robots market during the forecast period. However, restricted awareness about these robots among the farmers and incapability of the robots to match to human-like dexterity impede the market growth. The agricultural robots market is segmented on the basis of type, application and geography. The milking robots segment dominates the market, accounting for $6,555 million in 2016, registering a CAGR of 7% during the forecast period.

Based on application, the dairy management segment is expected to generate the maximum revenue during the forecast period, accounting for 61.3% share by 2023.

Farmers are gradually inclining towards automated technology to produce higher yields. Modernized and sustainable farming technologies act as a boon for the agricultural industry, thereby eliminating the possibilities of food scarcity.

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Key Findings of the Agricultural Robots Market:

- The dairy management application accounted for a market share of 29.13% in 2016, and is expected to exhibit a CAGR of 22.1% during the forecast period.

- Among the type segment, the driverless tractors are expected to witness the highest CAGR as compared to other types.

- North America was the highest revenue contributor with around 37.04% share in 2016, and is projected to reach $3,602 million by 2023, growing at a CAGR of 18.8%.

The key players operating in the global agricultural robots market are DeLaval, GEA Group, Autonomous Tractor Corporation, AGCO, Lely, Autonomous Solutions Inc., Harvest Automation, John Deere, Clearpath Robotics, and Deepfield Robotics.