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Farm Machinery And Equipment Market Size, Industry Overview, Growth Rate And Forecast To 2033
Farm Machinery And Equipment Market Analysis
The Business Research Company presents an extensive market research report on the Farm Machinery And Equipment Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The farm machinery and equipment market size has grown strongly in recent years. It will grow from $211.09 billion in 2023 to $225.51 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to mechanization in agriculture, industrial revolution impact, population growth and food demand, government support and subsidies, post-war agricultural boom.
The farm machinery and equipment market size is expected to see strong growth in the next few years. It will grow to $288.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to precision agriculture advancements, robotics and automation, iot and data analytics, sustainable farming solutions, electric and hybrid machinery. Major trends in the forecast period include blockchain traceability, robotics for harvesting and planting, hydroponics and aeroponics technologies, multi-functional implements, remote monitoring and control.
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Key Market Players:
Major companies operating in the farm machinery and equipment market report are Pfizer Inc., Johnson & Johnson Services Inc., F Hoffmann-La Roche Ltd., Roche Holding AG, Novartis International AG, LG Life Sciences Ltd., LG Chem Ltd., Amgen Inc., Teva Pharmaceutical Industries Ltd., Sandoz International GmbH, Chugai Pharmaceutical Co. Ltd., Meiji Seika Pharma Co. Ltd., Sun Pharmaceutical Industries Ltd., Kyowa Kirin Co. Ltd., Dr Reddy's Laboratories Ltd., 3SBio Inc., Celltrion Inc., Watson Pharmaceuticals Inc., Biocon Limited, Emcure Pharmaceuticals Ltd., Dong-A ST Co. Ltd., Intas Pharmaceuticals Ltd., JCR Pharmaceuticals Co. Ltd., BioSidus SA, Probiomed SA de CV, Polifarma SpA, Shenyang Sunshine Pharmaceutical Co. Ltd., Hospira Inc., Cilag AG, Mitsubishi Tanabe Pharma Corporation
Market Drivers:
The integration of Internet of Things (IoT) applications into farm equipment is expected to drive the market for farm machinery and equipment. The world's population will surpass 9 billion people by 2050. Farmers need access to better instruments and practices that will help them deliver more agricultural products in less time. Farmers need to adopt new and modern technologies to produce food for the ever-expanding population. For instance, the utilization of a smart greenhouse that operates with the help of IoT enables monitoring and controlling the climate without human intervention. The IoT sensors in the smart greenhouse provide information on the light levels, pressure, humidity, and temperature and control the actuators automatically to open a window, turn on lights, control a heater, turn on a mister, or turn on a fan. Therefore, IoT helps increase production with reduced labor and drives the farm machinery and equipment market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/farm-machinery-and-equipment-global-market-report
The farm machinery and equipment market covered in this report is segmented -
1) By Type: Cultivator, Rotator, Chisel Plow, Harvester, Roller, Field Sprayer And Spreader, Irrigation System, Livestock equipment, Tractors, Other Types
2) By Capacity: Small, Medium, Large
3) By Operation: Manual, Semi-Autonomous, Fully-Autonomous
4) By Application: Spraying, Water Supply And Conservation, Cultivation, Harvesting, Seeding, Weeding, Livestock Farming, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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