Top 3 Major Drivers Outlining Agriculture Equipment Market Trends

By CropLife

Globally, agriculture equipment market is depicting immense traction owing to the growing populace and consequent need to enhance yield in order to meet the demand for food, writes Shreshtha Dhatrak at CropLife. Additionally, a rise in purchasing power among people, rapid industrialization, and the demand for high-quality packaged food items is magnifying the market prospects in the coming years.

Favorable initiatives are being undertaken by the governments to improve the condition of the agriculture industries, particularly in the emerging nations since the economy mostly depends on the sector. These initiatives include tax rebates, raw material subsidies and easy loan facilities, among various others.

In an era mainly dominated by the Internet of Things, components such as autonomous farm equipment is gaining widespread popularity. Smart solutions, use of UAVs and robots, and machine learning are ushering a new age in agriculture and in most of the developed parts of the world, the adoption of smart and digital farming is gaining popularity. Described below are some of the important factors anticipated to influence agriculture equipment market share over the next few years.

1. Surging Demand for Food Crops

Increasing need for agricultural produce is majorly propelling the demand for planting and fertilizing equipment as compared to manual fertilizing and planting techniques. Reportedly, over 2020-2026, planting and fertilizing equipment segment is expected to showcase a notable CAGR of 6%. Self-propelled spreaders and sprayers ensure faster and organized operation and cover a large area per day.