The global milking robots market is anticipated to grow tremendously by 2031, mainly due to shortage of skilled milking labor. Also, technological advancements in the milking robots by key industry players to launch innovative products are expected to make the hardware sub-segment of the market the most dominant one. The market in the Europe region is predicted to witness substantial growth opportunities by 2031.
/EIN News/ — New York, USA, May 17, 2023 (GLOBE NEWSWIRE) — According to the latest report published by Research Dive, the global milking robots market is anticipated to rise at a stable CAGR of 15.3%, thereby garnering a revenue of $6,952.9 million by 2031. This comprehensive Research Dive report presents a brief outlook of the current framework of the milking robots market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: A significant shortage of skilled milking labor across the world is predicted to be the primary growth driver of the milking robots market in the forecast period. Additionally, rising use of robots in the agriculture sector is expected to further drive the market forward.
Opportunities: Growing need for dairy products around the world is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing adoption of advanced technologies in animal husbandry is anticipated to augment the growth rate of the market.
Restraints: However, lack of awareness about milking robots in developing economies may restrict the growth of the milking robots market in forecast period.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns impacted the milking robots market in a positive way. The lockdowns and travel restrictions compelled dairy industries and milking processing companies to employ milking robots as there was a massive shortage of labor during the pandemic period. As a result of this, the demand for milking robots increased significantly which helped the market to grow despite the pandemic.
Segments of the Market
The report has fragmented the milking robots market into segments based on system, offering, herd size, and region.
System: Multi-Stall Milking System Sub-segment to be Highly Profitable
The multi-stall milking system sub-segment of the milking robots market is expected to have a high market share by 2031. Multi-stall milking systems deliver a greater net return compared to other systems such as single-stall systems, which has led to an increase in demand for these systems. This growth in demand is predicted to be the primary growth driver of the sub-segment in the forecast period.
Offering: Hardware Sub-segment to be the Most Lucrative
The hardware sub-segment is expected to have the fastest growth rate by 2031. Technological advancements in the milking robots by key industry players to launch innovative products are anticipated to help in the growth of this sub-segment.
Herd Size: Less than 100 Sub-segment to Grow Rapidly
The less than 100 sub-segment of the milking robots market is expected to garner huge market share by 2031. The average number of cows per dairy farm is less than 100 in several of the world’s major milk-producing countries such as India, Brazil, and China. As a result of this, the sub-segment is predicted to witness huge growth in the forecast period.
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Market in the Europe Region to be the Most Dominant
The milking robots market in Europe region is predicted to grow rapidly in the 2022-2031 timeframe. Growing demand for milk and dairy products such as cheese and butter and increased automation in the agriculture sector are expected to become the main growth drivers of the market in this region.
Prominent Market Players
Some leading players in the milking robots market are
- Fullwood Packo
- AktivPuls GmbH
- Milkomax Solutions laitières
- Waikato Milking Systems NZ LP
- GEA Group Aktiengesellschaft
- Hokofarm Group
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
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For instance, in June 2022, JOZ, a machining manufacturer, announced the acquisition of Fullwood, a leading milking machinery manufacturer. This acquisition is predicted to offer a huge market space to JOZ and will help the company to establish itself as the leader of the industry in the coming period.
Finally, this comprehensive report also summarizes many crucial aspects of the milking robots market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
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Originally published at https://www.einpresswire.com/article/634238155/global-milking-robots-market-expected-to-accumulate-a-revenue-of-6-952-9-million-by-2031-growing-at-a-healthy-cagr-of-15-3-260-pages-details-by