Powered Agriculture Equipment Market 2018
Powered Agriculture Equipment Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Powered Agriculture Equipment Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023
Global Powered Agriculture Equipment Market Information Report by Product Type (Tractors, Combine/Combine Harvester, Sprayer, Soil Preparation & Cultivation Equipment, Seed Drill, Others), and by Region – Global Forecast To 2023
Powered Agriculture Equipment – Brief Insights
Industrial revolution brought about a whole lot of changes in the farming sector. The changes have been readily accepted by the farmers as it has taken a lot of load off them. One of the most important and noteworthy changes for the agriculture industry has been the introduction of powered agriculture equipment. Farmers who used cattle like bulls or ox to carry out work on their farm now use advanced machinery. In recent times, the demand for these tools and machineries has risen dramatically. This in turn has given a much needed push to the global powered agriculture equipment market.
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Powered agriculture equipment can be described as any form of machinery that is utilized in farming or any other agricultural processes. One can find a large variety of tools under this category. They range from hand tools to power tools to full blown tractors. Farming methods have improved drastically after the introduction of mechanized agriculture. These days farmers do not need to harvest the grain by their hand there are machines that carry out that work for them, they have threshing machines to separate the grains. These and many other changes are proof of the fact the powered agriculture equipment is without a doubt a boon for the agriculture sector.
Key Players & Market Strategies
The most prominent players of this industry can be listed as Kubota Corporation, AGCO Corporation, Alamo Group Inc., and Escorts Group. The two main growth strategies used by these players are new product development and strategic partnerships.
Currently, the farming sector is under a phase of technological reformation. Owing to this fact one can confidently conclude that the global powered agriculture equipment market will continue to move forward at a tremendous rate. During the forecast period of 2018-2022, the market is all set to earn a whopping revenue of around 99 billion. In terms of CAGR, the market is anticipated to tread forward at the rate of 5.39%.
There are many factors that come together collectively to drive the growth of the market. Shortage of food on the global map is one of the chief development boosters for this market. The demand to increase food production has proven to work in the favor of this industry.
Another aspect that hugely benefits the market is the upsurge in technological advancements and innovative product launches in the agricultural segment.
Additional factors that foster the expansion of the market include shortage of individuals for manual labor, population explosion and lower income. All of these growth propellers cumulatively carve a path of success for the market.
The worldwide powered agriculture market has been bifurcated into two main parts – geographies and types.
On account of geographies, the market has its reach across various areas of the world like Asia Pacific, North America, Europe and Rest of the World. Amongst these the region that holds the largest market share is North America. It generated around 19.87 billion back in 2016. Even in the forthcoming years, North America is expected to lead the industry.
On the basis of types, the market has been segregated into soil preparation & cultivation equipment, tractors, seed drill, combine/combine harvester and sprayer. Out of all, the tractors sub-segment grabbed the biggest chunk of the market with 52% shares.
The global powered agriculture equipment industry has witnessed many innovations over the years. However, one of the most notable amongst them happens to Amaspot. It is basically an intelligent sensor-nozzle system. Its main feature is that it comprises of infrared sensors that can differentiate between green plants and bare soil. This device has been designed to deliver accurate amount of nutrients or fertilizers to the plant as required.
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