The global agriculture equipment market size is expected to reach USD 236.04 billion by 2030, registering a CAGR of 5.3% during the forecast period, according to a new report by Grand View Research, Inc. Shortage of labor worldwide particularly in Western Europe and the U.S. will play a key role in driving the adoption of agriculture equipment over the forecast period. Furthermore, shortage of labor in the field of agriculture equipment and telematics to monitor tractor performance and improve farm yield is also anticipated to propel the growth of the market. Apart from advancements in the agriculture equipment space and shortage of labor shortage, the growing population to meet the global food requirements will also be a major factor, increasing demand in the long term.
Agriculture Equipment Market Report Highlights
· Tractors captured a sizeable portion of the overall market in 2022. Tractors are essentially high-cost equipment, thus contributing to their high market share
· Harvesting and threshing are important farming processes, anticipated to record a CAGR of over 7.2% over the forecast period. This trend is expected to continue over the forecast period
· OEMs in this space are expected to witness short-term challenges owing to supply chain disruption and shortage of semiconductors in agriculture equipment which may lead to production delays.
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Favorable government initiatives to reduce the financial burden on farmers or incentivize agriculture equipment purchase will also be a major factor driving the growth of the market. For instance, the Pradhan Mantri Krishi Sinchai Yojana (PMKSY) and Pradhan Mantri Kisan Samman Nidhi (PMKSN) schemes in India aimed at offering financial assistance to low-income farmers. Apart from schemes supporting agricultural activities in the emerging economies, COVID-19 pandemic assistance from developed countries/regions, such as the United States and European Union in 2020 eased the financial burden of farmers in 2020. For instance, the announcement of the Pandemic Assistance for Producers initiative in the U.S (2020) and negotiations on European Union Common Agricultural Policy in Europe (2021).
The COVID-19pandemic hampered the growth of the market for agriculture equipment in H1 2020. A government-imposed lockdown and stringent regulations impeded business activities worldwide, including the agriculture equipment industry, consequently impacting sales. Several key players in the market, including AGCO Corporation, Deere & Company, and KUBOTA Corporation reported a dip in sales from Q1 2020 to Q2 2020. Although the year 2020 witnessed a slight dip, it was offset by the economic revival post-Q2 2020.
In 2021, the market recorded double-digit growth owing to the pent-up demand and backlog orders resulting from the pandemic. This trend will continue over the short term to meet backlogs from 2020 and replace aging equipment over the forecast period. Although, the overall market statistics paint a rosy picture over the short-term, supply chain disruptions could still pose a threat due to low inventory levels at an OEM level.
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We segmented the global agriculture equipment market based on product, application, and region.
Agriculture Equipment Product Outlook (Revenue, USD Million, 2018 - 2030)
· Tractors
o Less than 40 HP
o 41 to 100 HP
o More than 100 HP
· Harvesters Machinery
· Planting Equipment
o Row Crop Planters
o Air Seeders
o Grain Drills
o Others
· Irrigation & Crop Processing Equipment
· Spraying Equipment
· Hay & Forage Equipment
· Others
Agriculture Equipment Application Outlook (Revenue, USD Million, 2018 - 2030)
· Land Development & Seed Bed Preparation
· Sowing & Planting
· Weed Cultivation
· Plant Protection
· Harvesting & Threshing
· Post-harvest &Agro-processing
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Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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Agriculture equipment utilized for actualizing automation in agrarian field to accomplish each work gazing from land groundwork for planting to reaping the harvests.
Agriculture equipment are generally critical to improve our Indian agriculture.Visit: https://www.kisankraft.com/agriculture-equipment-used-in-cultivation-process/
Agriculture equipments are used for all agricultural activities, there are varieties of machineries and tools used for various purposes such as cultivating the land for farming.and maintaining the crops, nourishing the crops and protecting them from pests and insects and so on.more details visit https://www.kisankraft.com/agriculture-equipment-used-in-cultivation-process/
The Global Precision Farming Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.Precision farming is agricultural management technique of variability in crops with respect to inter and intra-field attributes.
These elements lead to encompass statistical treatments.
This technique is capable of augmenting food productivity with sustainable resources management.
Operating at preliminary stage this market has immense scope to meet the rising demand for food for the ever rising population.
It uses technology data collection and geo-location tracking methods to optimize the productivity of crops.North America is the leading geographic market followed by Europe in precision farming.
Crop management integrates with pest monitoring to optimize plant health and profitable economic returns, minimizing the negative effect on the environment.
With the advent of IoT technology, disease management has improved considerably.
Farmers can now keep a real-time check on various data parameters like nutrient effects, calcium, etc., to ensure maximum yield and quality produce.Using the Biz4intellia IoT solution for your farming sector provides a data-driven approach to improve and eliminate potential loopholes.Visit: https://www.biz4intellia.com/blog/crop-health-monitoring-with-iot-enabled-precision-agriculture-solution/
