News

Ag robotics industry could produce $74 billion by 2024

A research report from Tractica  says the ag robotics industry could produce more than $74 billion dollars by 2024.

Frank Tobe, publisher of The Robot Report and co-author of the research report,  says the down farm economy has farmers looking for ways to lower production costs and resolve labor shortages.

“The economic considerations on one side and the technology improvements on the other side, and a price push from the consumer side, I think all of that is enabling robotics and automation,” says Tobe.

He tells Brownfield much of the growth in the ag robotics industry will be driven by demand for precision ag tools.

“That’s happening, and that’s going to be happening at a more rapid pace, because those prices are cheap. You’re talking 20, 30 cents and acre to get real scientific survey’s of the growth movement,” says Tobe.

Tobe says last year around 32,000 ag robots and sensors were purchased by farmers. As growth continues, by 2024 he predicts more than 590,000 will be purchased by farmers.