Tillage Equipment to grow at healthy CAGR | Agriculture Industry to bolster the demand for tillage equipment by 2031-end, says Fact.MR
Increasing demand for food is expected to fleet due to the global population explosion. The world population is expected to reach 9.9 billion by 2050, significantly increasing the demand for food by 70% for the same year.
This will shoot up agriculture market and the use of tillage equipment in the way we haven’t seen before. Throughout the world, farmers will need to increase high quality crop production to cater the market demand, either by enhancing productivity on the same piece of land with the help of fertilizers, irrigation and using new methods such as tillage equipment or by increasing the amount of agricultural land.
Many other factors, such as climate change, will certainly make it challenging to produce enough food to cater demand.
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Water scarcity, rising temperature, and extreme weather conditions due to climate change will impact for long term on crop yields.
This will fleet the demand for tillage equipment in market, helping out farmers to prepare a suitable seed bed and to improve the physical condition of the soil (in wetter climates tillage aids in keeping the soil drier).
What is the Utility of Tillage Equipment in Agriculture?
The use of simple farm tools such as hoe in tilling the ground made it evident that the tillage was in practice since pre-colonel era.
Hoe and Cutlass were primarily used by small scale farmers who were unable to afford the use of conventional tillage.
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Labor intensiveness and time consumption were the two factors which replaced hoes by conventional tillage with the passage of time.
There are numerous benefits attached with the use of tillage equipment such as obtaining deep seed bed, adding more humus and fertility to soil by covering the vegetation etc.
Use of tillage equipment saves time, reduce agricultural labor cost and also removes most of the plant residue from the previous crop.
What are the Dynamics behind Tillage Equipment Market Growth?
There exists a constant pressure on agriculture industry to produce agricultural products to cater the demand of growing population, which has forced farmers to focus on efficiency and productivity to drive business growth.
Government has launched numerous schemes in different regions of the world providing relief to farmers and encouraging farm mechanization. The implementation of farm loan waiver schemes encourages farmers to buy farm equipment.
For instance, the Indian government implemented a loan waiver scheme in Jharkhand, giving relief 7.8 Lakhs farmers in the state. For each farmer the capping is at Rs. 50,000.
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Precision farming is becoming more common among farmers who want to produce more with limited or same resources (land).
The concern of high demand for food across nations can be effectively tackled by this farming technique. With precise farming, farmers can increase their production by improving operational efficiency, thereby minimizing the gap of supply and demand.
Precision farming technology facilitates the efficient use of agricultural equipment such as tillage equipment, which in turn, improves the overall quantity and quality of yields.
Thus, the demand for precision agriculture is an opportunity for OEMs providing agricultural equipment to farmers. This trend is expected to fuel the tillage equipment market in near future.
Tillage Equipment Market: Segmentation
The global market for tillage equipment is segmented into its product usage, tillage type, material type, manufacturing technology, and the end-user industry.
Based on product usage, the tillage equipment market can be segmented into:
Primary tillage equipment
Secondary tillage equipment
Based on tillage type, the tillage equipment market can be segmented into:
The circuit tiller
The spring tooth harrow
Plough packer with grain drill
Trailed or tractor-mounted units with p.t.o. drives
Trailed units with auxiliary engines
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