Selbyville, Delaware, March 22, 2022 (GLOBE NEWSWIRE) --
The agriculture equipment market is expected to surpass USD 225 billion by 2028, as reported in a research study by Global Market Insights Inc. The market growth can be attributed to the increasing requirements for energy-efficient equipment in the agriculture sector.
The market is witnessing a surge in demand for forage harvesters owing to high chopping quality and cost-effective operational efficiency. Companies are offering innovative products to remain competitive in the market. John Deere, for instance, offers forage harvesters with rotary picking units, built for reliable & powerful feeding. The HarvestLab 3000 sensor is mounted on the top of the discharge spout and captures precise crop ingredients and dry matter readings as it travels down the spout through the sapphire glass lens. Similarly, Claas KGaA mbH provides the CLAAS JAGUAR 25, which aids in uniformly chopping maize and the cracking of kernels while producing optimum quality silages.
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The Crop Guider prevents tall crops from falling and ensures that every plant is fed inside feed rollers. Compact utility tractors are becoming more popular among small-scale farmers due to their smaller sizes and lower costs as compared to traditional agricultural tractors. They are optimal in light to medium-application agricultural activities. The vehicles generate small footprints and possess a 3- point hitch lift capacity that helps in handling tough agricultural operations. These 31-100 HP tractors are compatible with an extensive number of implements & attachments for easily configuring them as per farming activities. These compact utility tractors offer professional-grade power and added customization to streamline heavy workloads.
High-quality food products from the rising populations of various Asia Pacific countries is boosting the regional agriculture equipment market growth. Governments of developing countries including India, South Korea, and Australia are introducing various plans to support farmers and fulfil the increasing demand for food products. For instance, in October 2021, the Union Ministry of Agriculture and Farmers Welfare of India announced that 820,600 seed mini kits will be distributed in 343 identified districts across 15 major producing states under a special programme.
This plan is helping to boost production & productivity by speeding up the seed replacement rate. Such initiatives encourage farmers to use advanced farming equipment that help in improving operational efficiency & production, thereby minimizing the gap between the supply and consumption of agricultural products.
Some of the prime findings of the agriculture equipment market report are:
- Market players are offering advanced agriculture equipment for various farm operations. In the most difficult operating situations, high horsepower tractors (> 200 HP) are extremely efficient. They can readily handle larger & broader implementations at a faster rate, promoting the agricultural equipment industry expansion.
- Growing use of planting & fertilization machinery provides crop growers with solutions for sowing seeds and spreading fertilizers. The equipment is employed in the rising stages and is used in conjunction with tractors to eliminate manual interventions in agriculture. Planting & fertilizing machines are critical in precision farming as they are designed for high accuracy levels.
- The agriculture equipment market is observing a high need for haying machinery integrated with advanced software to improve efficiency and provide detailed information to hay & forage producers.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Agriculture equipment industry 360º synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Machinery type trends
Chapter 3 Agriculture Equipment Industry Insights
3.1 Introduction
3.2 Impact of coronavirus (COVID-19) pandemic
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.6 Investment and R&D portfolio
3.7 Patent analysis
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing labor costs in the U and Europe
3.8.1.2 Growing demand for high-capacity machinery globally
3.8.1.3 Increasing demand for self-propelled machines globally
3.8.1.4 Focus on productivity to maximize ROI from agriculture in Asian countries
3.8.1.5 Emergence of contract farming and dedicated sourcing with corporate partnership in Europe and Asia Pacific
3.8.1.6 Increased focus on mechanization in agriculture in North America
3.8.1.7 Improved availability of credit in Asian countries
3.8.1.8 Increasing sustainable agricultural practices in Latin America and MEA
3.8.2 Industry pitfalls & challenges
3.8.2.1 High costs of agricultural equipment
3.8.2.2 Volatility of commodity prices
3.8.2.3 Need for high capital investment for setting up plants in developing markets
3.8.2.4 Fluctuating raw material prices
3.9 Growth potential analysis
3.10 Price trend analysis, 2021
3.11 Porter’s analysis
3.12 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
