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Farm Machinery And Equipment Market Report 2024 Trends, Share, Size, Growth, Opportunities And Forecasts 2033
Farm Machinery And Equipment Market
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.
Market Overview -
Farm machinery and equipment refer to equipment engaged in manufacturing agricultural and farm machinery and equipment, and other turf and grounds care equipment including planting, harvesting, and grass mowing equipment (except lawn and garden-type).
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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
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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