Agricultural Machinery Market Disrupted By Enhanced Sensor Technologies

Posted by Lohitha on July 10th, 2019

Relentless growth in the worldwide population is amplifying the demand for food production. Thus, newer forms of digital transformation in agricultural practices such as agricultural machinery provides an apt solution to increase food production. According to IndustryARC estimations, the agricultural machinery market size raised up to 4.91 billion as of 2018. It is estimated to grow at a compound annual growth rate (CAGR) of 5.86% during the forecast period 2019-2025.

The report is titled: “Agricultural Machinery Market: By automation (Fully-automatic, semi-automatic, manual); By Type of material (Structured steel, alloyed steel, cast materials, light alloy, wearing materials, structured material, aluminium, iron, glass, others); By Type (Tractor, soil cultivation, planting, irrigation, fertilization, harvesting, haymaking, loader, agriculture robots, others) & By Geography - Forecast (2019-2025).” It presents the agricultural machinery market outlook in terms of market trends, market opportunities, market drivers, strategic analysis and competitive landscape.

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Agricultural Machinery Market: Leading Segments
Agricultural machinery is the most adaptable inevitable modern solution which is a metamorphic shift from traditional agriculture to the mechanized version of agriculture. It is majorly driven by fossil fuels such as tractors, and diesel engines. Tractors are identified as the fastest growing with a CAGR of 5.64% among other types over the aforesaid forecast period. Increased agricultural productivity obtained through tractors is gaining more traction from farmers and original equipment manufacturers (OEMs.) Modern era powered machinery obtained more food production compared to the former output acquired by people and animals.

India primarily encourages the advancements in the agriculture sector, acceptance of agriculture machinery is highly notable among them. In India, farm mechanization market was valued at Rs.320 billion in 2015-16 and is projected to grow with a CAGR of 5.74% to touch Rs.400 billion by 2019-20. Massively populated countries such as China and India are highly adopting agricultural machinery in their agricultural practices to meet the escalating demand for food in the APAC region. For this, APAC held an impressive regional share of 44.20% in the global agricultural machinery market.

Agricultural Machinery Market: Disruptive Trends

• Currently, tractors and self-propelled ride-on machines are the most widely used machinery in the field of agriculture. Improved standards of this agricultural machinery are increasing farm safety. On another hand, they are equipped not less than a modern car with as many electronic parts.
• Emerging digital technology and sensor technology are increasing the reliability of the agriculture machinery with more precise electronic guidance.
• Rising farm machinery rental services due to the decline in the constant availability of farm labor are also driving the growth of the global agricultural machinery market.
• Augmented use of advanced tractors, as they are more precise in the utilization of fuel, fertilizer, and seeds. In addition to this, it also reduces wastage among agricultural practices.
• Nanotechnology and genetic engineering are recognized as new ways to furnish the agricultural tasks. In which submicroscopic devices and biological processes support to increase the farm output.
• A broad range of services offered by diverse machineries such as irrigation machinery, harvester, tractor, haymaking, loader, and agricultural robots are driving the growth of the agricultural machinery market.

Agricultural Machinery Market: Competitive Landscape
Some of the major agricultural machinery market share players are listed in the global agricultural machinery market report as AGCO Corporation, John Deere, CLAAS, Massey Ferguson Limited, Argo Group International Holdings, Ltd., Hunter Industries, The Toro Company, Jain Irrigation Systems, Bucher Industries AG and Kverneland Group.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.