Milking Robots Market worth 2.48 Billion USD by 2023 with a growing CAGR of 11.06%

The report "Milking Robots Market by Offering (Hardware, Software, Service), System Type (Single-Stall Unit, Multi-Stall Unit, Automated Milking Rotary), Herd Size (Below 100, Between 100 and 1,000 and Above 1,000), Geography - Global Forecast to 2023", The milking robots market is expected to grow from USD 1.20 Billion in 2016 to USD 2.48 Billion by 2023, at a CAGR of 11.06% between 2017 and 2023.

The rapid growth of the market can be attributed to various factors, such as growing number of dairy farms across the globe, reduced labor cost of dairy farm operations because of low dependence on manual labor, and increased milk yield due to more frequent milking with the help of automatic milking systems.

Single-stall unit projected to lead milking robots market by 2023

Among various milking robot systems, the single-stall unit segment is projected to lead the market during the forecast period. The increasing preference of dairy farm owners for automated milking systems, mainly single-stall units, is expected to drive the growth of this segment during the forecast period. The single-stall unit is the most widely used milking robot system on a majority of dairy farms owing to its low cost and simple operation. Typically, these stand-alone units possess the capability to milk ~65–70 cows several times in a day. Single-stall units are perfect for small and medium-sized dairy farms, where they find the highest adoption.

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Hardware offering segment projected to lead milking robots market during forecast period

The hardware offering segment is projected to lead the market during the forecast period owing to the increasing use of automated and control devices, and sensing and monitoring devices, such as milk meters, milk analyzers, RFID tags, and sensor technologies in dairy farming. The growth of this segment can also be attributed to the increasing preference of dairy farm owners for automatic milking systems, technological advancements in milk harvesting management by the introduction of innovative products by the key players, rising demand for dairy products across the globe, and increasing number of dairy farms of large herd size across the globe.

Milking robots market in APAC expected to grow at highest CAGR during forecast period

The milking robots market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The increasing adoption of various automatic milking systems and growing number of dairy farms in APAC, especially in countries such as Japan, China, and India, are expected to fuel the growth of the market in the region during the forecast period. Moreover, technological advancements and increased awareness among farmers regarding various benefits of the latest automatic milking technologies drive the market in this region.

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The report profiles key players such as DeLaval Holding AB (Sweden), GEA Group AG (Germany), Lely Holding S.A.R.L. (Netherlands), SCR Dairy Inc. (Israel), S.A. Christensen & Co. (Denmark), Fullwood Ltd (UK), Afimilk Ltd (Israel), BouMatic LLC (US), Hokofarm Group B.V. (Netherlands), and DairyMaster Ltd (UK), among others, operating in the market.