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Agriculture Equipment Market is projected to gain commendable expansion by 2024

Author : Rahul Varpe | Published Date : 2019-05-27 

Smart solutions, machine learning, and the use of UAVs and robots is ushering a new age in agriculture and in most developed parts of the world, the use of digital and smart farming is becoming the norm. The rising populace and the subsequent requirement of enhanced yield for combating the demand for food is certain to push agriculture equipment market trends.

In an era dominated by the Internet of Things, components such as autonomous farm equipment are rapidly gaining popularity. Speaking of technological advancement in agriculture, it will be prudent to mention that the notion of agriculture being an ancient practice that uses conventional means of production which stand in stark contrast with the modernized urban technologies and practices is now undergoing a robust change.

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Digital farming is now introducing the use of robotics, data analysis and sensors in shifting the tediousness of farming processes to more automated processes, increasing agricultural yields and gradually stimulating agriculture equipment market size. This progress in agriculture equipment technology has been met with commendable ardor among farmers who are now employing more automated means of cultivation and harvesting in their farms, adding impetus to the market.

According to the United Nations Department of Economic and Social Affairs, the global population is expected to reach 8.6 billion by 2030 – a sizeable number that will exert increasing pressure on global agricultural output. Even considering that fertility levels may continue to decline, the upward trend in population expansion is predicted to continue. As a result, agricultural techniques and resources will have to be more attuned to increase demand, that would prompt market players to invest substantially in R&D programs that will focus on the advancement of agriculture equipment.

The impact of technological advancements on the growth prospects of agriculture equipment market can be demonstrated with the example of drones that are being increasingly developed and deployed in North Japan for the observation of crops as well as spraying medicine and pesticides. As the younger population of Japan is moving to urban areas to pursue better paying jobs, the elderly people are being left to tend to the fields. Lacking the stamina of the youth the older generation is turning to technology to make up for the labor shortage and thus drones are being increasingly used to raise productivity as well as farmers’ income.

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Key industry players like Deere & Company, Bucher Industries AG, Kubota Tractor Corp, JCB Limited, AGCO Corp. and Mahindra & Mahindra are working towards bringing better technology to the agriculture equipment market. It is estimated that a major portion of the farming budget is required not only to buy equipment but for upkeep and repair of equipment. Therefore, the key players of the agriculture equipment industry are focusing their efforts to bring better hardware to the mainstream. That said, these firms are also striving to bring an overall improved farming experience with the development of automated technologies, adding to the growth of the market over 2018-2024.

A powerful trend that has come to augment the growth of the agriculture equipment market is the growing demand for regional and local foods. As food related awareness is on the rise, the importance of consuming fresh locally grown food is also on an upsurge, that has started to forge new pathways for farming families and is attracting investors to agriculture and food related businesses.

According to the U.S. Department of Agriculture, the production and consumption of local and regional food has become a veritable movement and one of the foundational pillars for policies and programs. In fact, between 2009 and 2015, the USDA has invested over $1 billion in more than 40,000 local and regional food businesses and infrastructure projects. Arguably, such significant investments have led to commendable expansion of the agriculture equipment market as well.

 

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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