Powered Agriculture Equipment Market Growth, Increasing Demand , Share And Analysis By Emergen Research
The global Powered Agriculture Equipment Market is expected to reach a market size of USD 136.55 Billion at a steady CAGR of 6.6% in 2028, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to rising need for enhancing agriculture productivity and increase stocks of food grains. Increasing agriculture exports and rising need for judicious use of natural resources are among other key factors driving increasing deployment of powered agriculture equipment. Rising need for mechanizing farm operations in the agriculture sector in various developing countries is also contributing significantly to market growth, and the trend is expected to continue over the forecast period during the forecast period.
Powered Agriculture Equipment Market Size – USD 82.20 Billion in 2020, Market Growth – at a CAGR of 6.6%, Market Trends – Technological advancements in agriculture equipment
Technological advancements in agriculture equipment is a major factor driving growth of the global powered agriculture equipment market. Manufacturers of powered agriculture equipment are incorporating more advanced technologies such as robotic systems, GPS, navigation systems, sensors, and imaging solutions in farm equipment to cater to farmer needs to increase productivity and crop yields. Adoption of agricultural drones and drones for monitoring production and improving output has been increasing substantially in developed and developing countries in the recent past.
Cue Underline of Report
- In February 2021, AGCO Corporation, which is a global leader, manufacturer, and distribution of agricultural machinery and solutions, announced that it had joined the NEVONEX partner network, which is powered by Bosch, as part of the continued strategy of AGCO. The partnership with Bosch is expected to help AGCO make data management easier for farmers.
- Tractors segment accounted for largest market share of 49.4% in 2020. Incentives and subsidies provided by the government to encourage farm mechanization have been driving the adoption of tractors in the agricultural sector during the forecast period.
- The agricultural unmanned aerial vehicles or agricultural drones segment revenue is expected to expand at a rapid CAGR of 7.5% during the forecast period. The rising need for monitoring overall crop health and managing livestock and monitoring for health issues are contributing to the growing sales of agricultural drones in the agriculture sector.
Key players in the market include AGCO Corporation, John Deere & Co., Mahindra & Mahindra Limited, CNH Industrial N.V., Kubota Corporation, CLAAS, Alamo Group Inc., Escorts Group, Iseki & Co., Ltd. and SDF S.P.A.
The powered agriculture equipment market in Asia Pacific is expected to register a rapid revenue growth rate during the forecast period. This high revenue growth rate can be attributed to rising need to enhance agricultural productivity and crop yield, rapidly growing population in countries in the region, and increasing deployment of more advanced equipment and machinery in the agriculture sector. The powered agriculture equipment market in North America is expected to account for a significantly high revenue share during the forecast period.