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New IDTechEx Report Outlines the Future of the Agricultural Robotics Industry
Reading Time: 4 minutes
IDTechEx has recently released “Agricultural Robotics Market 2022-2032“, a market research report exploring the technical and market factors that are shaping the emerging industry around agricultural robotics. This report is focused on key technologies (e.g., AI, sensors, GPS, imaging systems, etc.) and applications (weeding, harvesting, monitoring, etc.). It analyses recent challenges in the agriculture industry due to the COVID-19 pandemic and how robotics and technology developments will change the business of agriculture, enabling ultra-precision farming, helping to mitigate the challenges, and
maintaining sustainable developments.
The report develops a detailed roadmap of how these challenges have influenced the agriculture industry, what technologies have been widely applied as of today, what are the typical application areas of agricultural robots, and what makes different application areas have various maturity and technology readiness levels (TRL).
In particular, this report provides:
- Agricultural robots’ categorization: Based on the technology and applications, the report categorizes agricultural robots into different types. For each type, a detailed chart was made to evaluate the technical difficulty and application value, thereby deciding its
stage of development/commercialization. - “Agricultural Robotics Market 2022-2032“, provides a generalized chart of the technical difficulty, application value, and level of adoption. Source: IDTechEx
- Application assessment: Detailed application assessment covering 8 major application areas including weeding and pest control, robotic seeding, fully autonomous tractors, autonomous implement carriers, and platform robots, harvesting robots, drones, milking robots, and others. For each sector, the report outlines its current stage of development, technology progression, drivers and challenges (both technical and regulatory), and key products from active players in the market. The market size of each application is projected in the forecast chapter.
- Technology assessment: Detailed technology assessment covering different products ranging from prototypes at the proof-of-concept phase to robots on a commercially available level. The report analyses the key technologies and components including sensors (e.g., cameras, LiDAR, Radar, etc.), imaging systems (e.g., hyperspectral imaging), end-effectors, AI, precision spraying, and many others. The technology assessment gives a holistic view of what components are more commonly used in different robots, how different components synergize to achieve the functionality, and the technical barriers when they work together.
- Market analysis: Although there has been a wide range of agricultural robots designed for different specializations, they have different levels of maturities due to different business models, target crops, return on investment, and so on. This report analyses several business models and explains investors’ commercial challenges and concerns.
- Company profiles: More than 30 interview-based full company profiles with detailed SWOT analysis, over 40 company profiles without SWOT analysis, and the works of more than 80 companies listed and summarised.
- Market forecasts: Granular 10-year (2022 – 2032) segmented market forecast for 6 categories including milking robots, weeding and seeding robots, autonomous tractors and implement carrying robots, drones, harvesting robots, and other applications. The report also contains 2 additional forecasts covering the total market size and unit sales for autonomous tractors and implement tractors. The market forecasts are primarily segmented by regions, thereby helping you to understand which territory is expected to have the fastest growth. Meanwhile, some forecasts are segmented based on application areas. All our assumptions and data points are clearly explained in the report and
Excel spreadsheet.
The adoption of agbots is determined by both technical difficulty and application value
Although the technologies can vary significantly depending on the tasks, IDTechEx summarizes them into three mainstream categories that are autonomous mobility, direct interaction, and indirect interaction. The report explains how IDTechEx categorizes agricultural robots into these three categories, as well as within each category, the barriers and timeline of development, and what drives the core demand of farmers.
A good example is weeding robots and harvesting robots. One of the fundamental factors causing differences in the popularity of these two robots is the demand. In agriculture, harvesting is typically only needed for a few months, therefore, farmers are less willing to invest too much to get a machine that can only be used for a short period. By contrast, weeding machines are much more popular because weeding is constantly needed throughout the year. For this reason, weeding robot is much more commercialized available than harvesting robots.
Forecast: Global market of agricultural robotics is projected to reach $7.88 billion by 2032
The global market for agricultural robots is forecast to reach $7.88 billion by 2032, with a CAGR of 13.09% compared with 2022. By 2032, Europe remains the largest market, followed by North America, APAC, South America, and MEA. North America and APAC are expected to have the quickest growth in the upcoming decade whereas Europe has the slowest growth.
Agricultural Robots Market Forecast by Region 2032. Source: IDTechEx – “Agricultural Robotics Market 2022-2032”
To find out more about IDTechEx’s technical and commercial analysis of the agricultural robotics industry, please visit www.IDTechEx.com/agri. This report falls within the Food & AgTech research portfolio.
Upcoming IDTechEx Webinar:
Solutions to Modern Agriculture Issues – Agricultural Robotics Market Gaining Momentum
Yulin Wang, Technology Analyst at IDTechEx, will be presenting a free-to-attend webinar on the topic on Thursday 3 February 2022 – Solutions to Modern Agriculture Issues – Agricultural Robotics Market Gaining Momentum.
This webinar will include:
- A summary of key challenges faced by the agriculture industry
- The typical agricultural robotics applications, their level of development, and how IDTechEx categorizes them into three different themes
- An overview of how technical difficulty and application value will affect commercialization and adoption
- A discussion of key enabling technologies and components
- An evaluation of the barriers in the agricultural robotics industry
- An explanation of the technical forecasting chart of how IDTechEx sees the industry going in 10 years
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Aon completes acquisition of NFP to bring more capability to clients
– Faster-than-anticipated close contributes to accretion and free cash flow benefit realization a year earlier than modeled
– As an Aon company, NFP will operate as an independent and connected platform delivering Risk Capital and Human Capital capabilities
– Enterprise value of $13.0 billion, including $7.0 billion cash and assumed liabilities as well as $6.0 billion in equity in the form of 19.0 million Aon shares
DUBLIN, April 25, 2024 /PRNewswire/ — Aon plc (NYSE: AON), a leading global professional services firm, announced today that it has completed the acquisition of NFP, a leading middle market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, from funds affiliated with NFP’s main capital sponsor, Madison Dearborn Partners (MDP), and funds affiliated with HPS Investment Partners for an enterprise value of $13.0 billion, including $7.0 billion cash and assumed liabilities1 as well as $6.0 billion in equity in the form of 19.0 million Aon shares.
“It is a historic day for our firm as we welcome NFP to Aon and work together to help clients address increasing volatility across risk and people issues,” said Greg Case, CEO of Aon. “With high performing teams and leading content and capability – further enabled by our Aon Business Services operating platform – we will create more value for our clients, while also enhancing long-term shareholder value creation for investors. This acquisition is another example of how we are going further, faster with our 3×3 Plan to accelerate our Aon United strategy and further enhance our relevance to clients.”
The acquisition of NFP expands Aon’s presence in the large and fast-growing middle-market segment, with more than 7,700 colleagues and capabilities across property and casualty brokerage, benefits consulting, wealth management and retirement plan advisory. As an Aon company, NFP will operate as an “independent and connected” platform delivering Risk Capital and Human Capital capabilities from across Aon and will continue to be led by NFP CEO Doug Hammond, reporting into Aon President Eric Andersen.
“The idea of being ‘independent and connected’ is key to how we will collaborate and create more options for clients across our Risk Capital and Human Capital capabilities,” said Andersen. “Doug and his team have built an exceptional client-centered business and we are focused on using our Aon Business Services platform to scale delivery of new capabilities to small and middle market clients across Aon and NFP.”
“With Aon’s acquisition of NFP now complete, we are starting an exciting new chapter in our company’s history,” said Doug Hammond, CEO of NFP. “We look forward to the positive impact that our complementary expertise and capabilities will have on all stakeholders. Aon’s diverse resources and global reach enhance our ability to serve the dynamic risk, workforce, wealth management and retirement needs of our clients. We remain focused on both advancing a culture colleagues want to be part of and working together to contribute to our collective growth and success.”
The faster-than-anticipated close date contributes to expected accretion and free cash flow benefit realization a year earlier than modeled at announcement. Aon will provide further updates on NFP and deal financials, along with the firm’s financial results, guidance, and outlook during its previously scheduled earnings call on April 26, 2024.
UBS Investment Bank served as the exclusive financial advisor to Aon on the transaction. Citi served as a financial advisor and is advising Aon on the transaction financing. Cravath, Swaine & Moore LLP and McDermott Will & Emery LLP acted as external legal counsel to Aon. Evercore acted as lead financial advisor with support from Barclays, BofA Securities, Inc., Deutsche Bank Securities Inc., Jefferies LLC and TD Securities to NFP. Skadden, Arps, Slate, Meagher & Flom LLP and Ropes & Gray LLP acted as external legal counsel to NFP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as external legal counsel to NFP’s capital sponsors.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries and sovereignties with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.
Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here.
About NFP
NFP, an Aon company, is an organization of consultative advisors and problem solvers helping companies and individuals address their most significant risk, workforce, wealth management and retirement challenges. We are more than 7,700 colleagues in the US, Puerto Rico, Canada, UK and Ireland serving a diversity of clients, industries and communities. Our global capabilities, specialized expertise and customized solutions span property and casualty insurance, benefits, wealth management and retirement plan advisory. Together, we put people first, prioritize partnerships and continuously advance a culture we’re proud of. Visit https://www.nfp.com/ to learn more.
About Madison Dearborn Partners
Madison Dearborn Partners, LLC is a leading private equity investment firm based in Chicago. Since MDP’s formation in 1992, the firm has raised aggregate capital of more than $31 billion and has completed over 160 platform investments. MDP invests across four dedicated industry verticals, including basic industries; financial services; health care; and technology & government. For more information, please visit www.mdcp.com.
About HPS Investment Partners
HPS Investment Partners, LLC is a leading global, credit-focused alternative investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for our clients. We manage various strategies across the capital structure, including privately negotiated senior debt; privately negotiated junior capital solutions in debt, preferred and equity formats; liquid credit including syndicated leveraged loans, collateralized loan obligations and high yield bonds; asset-based finance and real estate. The scale and breadth of our platform offers the flexibility to invest in companies large and small, through standard or customized solutions. At our core, we share a common thread of intellectual rigor and discipline that enables us to create value for our clients, who have entrusted us with $111 billion of assets under management as of February 2024. For more information, please visit www.hpspartners.com.
Investor Contact
Aon
Leslie Follmer
+1 847 442 0622
[email protected]
Media Contacts
Aon
[email protected]
Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114
International: +1 312 381 3024
NFP
Josh Wozman
[email protected]
415.318.6441
Safe Harbor Statement
This communication contains certain statements related to future results, or states Aon’s intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. These forward-looking statements include information about possible or assumed future results of Aon’s operations. All statements, other than statements of historical facts, that address activities, events or developments that Aon expects or anticipates may occur in the future, including, without limitation, statements about the benefits of the acquisition, including future financial and operating results and synergies, Aon’s, NFP’s and the combined firm’s plans, objectives, expectations and intentions are forward-looking statements. Also, when Aon uses words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “looking forward”, “may”, “might”, “plan”, “potential”, “opportunity”, “commit”, “probably”, “project”, “should”, “will”, “would” or similar expressions, it is making forward-looking statements.
The following factors, among others, could cause actual results to differ materially from those set forth in or anticipated by the forward looking statements: adverse effects on the market price of Aon’s securities and on Aon’s operating results for any reason, the failure to realize the expected benefits of the acquisition (including anticipated revenue and growth synergies), the failure to effectively integrate the combined companies, changes in global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax laws, regulations, rates and policies, future business acquisitions or disposals, significant transaction and integration costs or difficulties in connection with the acquisition and/or unknown or inestimable liabilities, potential litigation associated with the acquisition, the potential impact of the consummation of the acquisition on relationships, including with suppliers, customers, employees and regulators, and general economic, business and political conditions (including any epidemic, pandemic or disease outbreak) that affect the combined companies.
Any or all of Aon’s forward-looking statements may turn out to be inaccurate, and there are no guarantees about Aon’s performance. The factors identified above are not exhaustive. Aon and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. In addition, results for prior periods are not necessarily indicative of results that may be expected for any future period. Further information concerning Aon and its businesses, including factors that potentially could materially affect Aon’s financial results, is contained in Aon’s filings with the SEC. See Aon’s Annual Report on Form 10-K for the year ended December 31, 2023, and additional documents filed by Aon with the SEC for a further discussion of these and other risks and uncertainties applicable to Aon and its businesses. These factors may be revised or supplemented in subsequent reports filed with the SEC. Any forward-looking statements in this communication are based upon information available as of the date of this communication which, while believed to be true when made, may ultimately prove to be incorrect. Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise.
No Offer or Solicitation
This communication is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed acquisition or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.
1 Total amount of cash consideration based on estimates of acquired cash.
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