The report "Precision Livestock Farming Market by Technology (Milking Robots, Precision Feeding Systems, Identification & Tracking), Application (Milk Harvesting, Feeding, Health) Offering (Hardware, Software, Services), and Geography - Global Forecast to 2024", is estimated to be worth USD 3.0 billion in 2019 and is expected to reach USD 4.6 billion by 2024, at a CAGR of 9.2% from 2019 to 2024.
The rapid growth of the precision livestock farming market can be attributed to the rising consolidation of livestock farms, increasing herd size of dairy farms, growing adoption of livestock farming robots and livestock monitoring devices, and increasing labor cost owing to shortage of skilled labor. Precision livestock farming technology has the potential to transform the livestock sector, making traditional livestock farming activities more efficient and economical.
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Increasing global demand for dairy products, extended profitability and high yield, and minimum impact on the environment and climate change are fueling the growth of the precision livestock farming market. Also, government initiatives in the form of incentives in many countries are helping livestock farmers to adopt advanced technological tools to improve yield.
Milking robotics technology expected to hold the largest market share during the forecast period
The advent of connected and autonomous milking robots on dairy farms owing to substantial labor cost saving associated with it is a major reason for the high adoption of milking robots. Milking robots offer substantial cost advantage over traditional and conventional milking techniques. Furthermore, traditional techniques are unsuitable for large, commercial dairy farming operations. A sustained increase in the demand for high-quality dairy products is expected to increase the adoption of milking robots across the globe.
Milk harvesting application accounted for the largest share of precision livestock farming market in 2018
Several factors such as the increasing preference for automated milk harvesting systems, the focus of farmers toward increasing the milk yield, and growing demand for dairy products are driving the market growth. Automated milk harvesting reduces labor cost, increases milking efficiency, and leads to higher milk yields. Milk harvesting software is also used to devise and maintain harvesting schedules for each animal. These benefits of automated milk harvesting systems, coupled with the scarcity of personnel for milking cows, are the major factors driving the market growth. The increasing adoption of milking robots on dairy farms across the globe is expected to propel the growth of the milk harvesting management.
Europe expected to hold the largest share of precision livestock farming market during the forecast period
Europe is likely to hold the largest share of the precision livestock farming market between 2019 and 2024 owing to widespread automation of livestock farms in Western Europe. Increasing herd size, rising labor cost due to a severe shortage of labor force are the major factors for the high adoption of livestock technology in this region. Growing replacement of older milking systems with advanced and sophisticated ones in European countries is further expected to boost the growth of the market in this region.
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The report profiles key players, including DeLaval (Sweden), GEA Farm Technology (Germany), Lely (Netherlands), Antelliq (France), Dairy Master (Ireland), Afimilk (Israel), BouMatic (US), Fancom B.V. (Netherlands), Fullwood Paco Ltd. (UK), Waikato Milking System (New Zealand), HokoFarm-Group (Netherlands), Trioliet B.V (Netherlands), VDL Agrotech (Netherlands), IceRobotics (UK), HID Global (US), Cainthus (Ireland), Connecterra (Netherlands), MiRobot (Israel), Farm Control (Portugal), Aleis Pty Ltd (Australia), Moocall (Ireland), and Cowlar (US).