NEW YORK, Feb. 7, 2024 /PRNewswire/ — The global milking robot market size is estimated to grow by USD 615.93 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 8.07% during the forecast period. Afimilk Ltd., Allflex Group, AMS Galaxy USA, AS SA Christensen & Co., BouMatic, Dairymaster, Fabdec Ltd., Fullwood Ltd., GEA Group AG, Hokofarm Group, Lely International NV, Livestock Improvement Corp. Ltd., Milkplan SA, Milkwell Milking Systems, Read Industrial Ltd., System Happel GmbH, Tetra Laval S.A., and Waikato Milking Systems NZ LP are some major players. Technavio has segmented the market based on Product (Standalone units, Multiple store units, and Rotary units), Component (Hardware, Software, and Services), and Geography (Europe, North America, APAC, South America, and Middle East and Africa).
Technavio has announced its latest market research report titled Global Milking Robot Market 2023-2027
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Global competitiveness and key competitor positions
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The global milking robot market is primarily driven by the adoption of advanced technologies to address skill shortages in the dairy industry. Robotic milking systems offer increased productivity, with studies showing a 5%-10% boost compared to traditional methods. These systems, such as multiple stalls and rotary units, efficiently handle multiple animals while requiring less labor, reducing costs and maximizing profits for dairy farms amidst rising labor expenses and growing milk demand.
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Europe is anticipated to contribute significantly to the growth of the milking robot market, accounting for 33% of growth by 2023. Countries like Denmark, the Netherlands, and the UK are major revenue contributors, driven by robust adoption of robotic technology and government support. During the forecast period, Switzerland, Germany, and France are expected to drive demand, with Germany leading in milk and milk product production, particularly in marshy and upland regions where dairy farms are adopting milking robots for enhanced production efficiency.
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What are the key data covered in this Milking Robot Market report?
CAGR during the forecast period
Detailed information on factors that will drive the growth of the this market between 2023 and 2027
Precise estimation of the Milking Robot Market size and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the Milking Robot Market industry across Europe, North America, APAC, South America, and Middle East and Africa
A thorough analysis of the competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of Milking Robot vendors
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Innovation in milking machine technology continues to drive market expansion
The milking robot industry is witnessing significant growth driven by advancements in robotic milking and dairy automation technologies. Automated milking systems, precision dairy farming, and cow health monitoring are key components of robotic dairy farming, contributing to increased efficiency and productivity in the dairy industry. Innovation in milking machine technology continues to drive market expansion, with a focus on robotic milking solutions.
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SOURCE Technavio
