Increasing Demand for Food and Availability of Transportable Charging Stations to Boost Growth of Agricultural Robots and Mechatronics Market
Increasing demand for food is expected to propel growth of the agricultural robots and mechatronics market. For instance, according to Food and Agriculture Organization, worldwide food demand is expected to increase by 70% by 2050. Moreover, government initiatives to boost adoption of agricultural robots and mechatronics is also expected to aid in growth of the market. For instance, in August 2020, the World Economic Forum launched the Artificial Intelligence for Agriculture Innovation Project along with the State Government of Telangana, India. Increasing labor cost is expected to offer lucrative growth opportunities for players in the agricultural robots and mechatronics market . For instance, according to Eurostat press release in April 2019, in 2018, hourly labor costs in the whole economy expressed in € rose by 2.7% in the EU and by 2.2% in the euro area compared to 2017, with Latvia (+12.9%), Lithuania (+10.4%), Estonia, and Slovakia (both +6.8%) witnessing the hi...