The Ability To Provide Better Production Yield And Low Operational Cost Compared Conventional Labour Operations To Improve Market Growth Scenario Of Global Agriculture Equipment Market

Globally, increasing population, environmental degradation, global warming, and a vast decline in arable land have contributed to food insecurity. Unpredictable weather trends or changing climate conditions on a global scale have resulted in extreme natural disasters, making things more complex. As a result, farmers are moving towards highly advanced agricultural techniques such as precision farming to alleviate food shortages and feed the population. This has resulted in a strong demand for advanced agricultural tools and techniques based on ICT, including the use of unmanned aerial vehicles (UAV) or drone technology, to meet the growing demands and sustainable optimization of farm yields by preventing environmental damages.

Further, Food and Agriculture Organization (FAO) has projected that the global population will reach 9.1 billion by the year 2050, and to feed this population, food production should be increased by at least 70%. Traditional farming techniques and decreasing farm labor availability are making agriculture economically unviable and inefficient. As a result, modernization and automation have become a positive trend in agriculture, as it is the only way to feed the teeming population.

Key Highlights

• The global Agriculture equipment market is expected to grow at a compound annual growth rate (CAGR) of 7.48% during the forecast period.
• Asia Pacific region is expected to contribute a significant share of the global market and is also anticipated to register a rapid growth mainly due to the strong focus of farmers to employ automation and mechanized equipment in the region.
• The tractor segment is expected to register a hold on a substantial share of the global market. The ability of tractors to perform as standalone equipment and also as a hybrid machine by using several attachments is cementing the growth prospects. The tractor can perform efficient plowing, and also can be used in seed plantation, crop harvesting and residual collection by coupling it with several attachments.