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Farm Machinery And Equipment Market 2024 - Industry Analysis, Business Opportunity, Development, Growth Factors And Outlook 2033
Farm Machinery And Equipment Market
The Business Research Company offers in-depth market insights through Farm Machinery And Equipment Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Iot Integration To Drive Market Growth
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.
Competitive Landscape:
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
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Top Trend - Autonomous Tractors Transforming The Farm Machinery And Equipment Market
Major companies operating in the farm machinery and equipment market are developing autonomous solutions to sustain their position in the market. Autonomous tractors are self-driving or driverless agricultural vehicles equipped with advanced technologies such as sensors, cameras, GPS, and artificial intelligence that enable them to perform various farming tasks without direct human intervention. For instance, in January 2022, Deere & Company, a US-based tractor and machinery manufacturing company, launched the new John Deere 8R autonomous tractor, offering farmers a fully autonomous tractor equipped with advanced features such as multiple stereo cameras, GPS navigation, and geofencing. This technology allows the tractor to perform tasks like tillage autonomously, potentially increasing productivity and reducing labor demands.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Farm Machinery And Equipment Market Characteristics
3. Farm Machinery And Equipment Market Trends And Strategies
4. Farm Machinery And Equipment Market - Macro Economic Scenario
5. Farm Machinery And Equipment Market Size And Growth
…..
27. Farm Machinery And Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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