Disruptive & Game Changing Role of Agricultural Mechanization in Successfully Meeting Food Security & Sustainability Goals to Drive Global Sales of Plowing & Cultivating Machinery
Surging
need to feed a growing population and the ensuing focus on farm productivity
and yields per acre are poised to drive the global market for Plowing
and Cultivating Machinery to reach US$14.6 billion by 2024.
Plowing
and cultivating represents the foremost procedure in growing crops. Plowing is
an agricultural technique of preparing the top layer of soil for planting by
loosening it with the help of an implement. Demand for plowing and cultivation
machinery is primarily driven by mechanization of farm practices, which in turn
is guided by the economic principle that use of automated tools in lieu of manual
labor results in cost and higher yield benefits. Against the backdrop of
population growth and the ensuing pressure on food security, the emphasis on
farm productivity and yield per acre is growing stronger. This thereby renders mechanization
of farm activities a necessity. Also, falling agricultural commodity prices are
exerting pressure on farmers to run cost effective and competitive operations. Dearth
of agricultural labor, increasing per capita income in rural areas, government
subsidies, and introduction of innovative technologies represent other major
factors driving adoption of plowing, cultivating and other agricultural
machinery in developing countries. Another key factor driving
growth in the market is the rising biofuel demand and the resulting focus on
stepping up production of energy
crops as feedstock for growing biodiesel production.
Technology innovations guiding
growth in the market include the development of diverse types of plows and cultivators compatible with multiple
soil types and diverse weather
conditions. For developed regions, demand exists for equipment that can meet
the needs of large farm lands. Sustainability is another factor which is
influencing the product design of plowing and cultivation machinery. There is
great pressure on the agricultural sector to adopt cultivating practices that
help reduce land and soil degradation. Use of big farming equipment to plow deeper and
cover more farmland in less time to produce more yield tend to result in soil
compaction. Farm equipment manufacturers are therefore focusing on the
development of sustainable machinery such as new advanced plows that minimize
the risk of soil erosion. Growing
in popularity are technologies,
such as, vertical tillage that help prevent soil
degradation, and preserve land
fertility. Despite the opportunities for growth, the market will face challenges
in the form of fluctuating
crop yields, unpredictable climatic conditions and excessive use of chemicals,
all of which will aggravate the instability of farmlands.
As
stated by the new market research report on Plowing and Cultivating
Machinery,
Asia-Pacific represents the largest market worldwide. Backed by the presence of
China and India, the region also ranks as
the fastest growing market with a projected CAGR of 8.6% over the analysis
period. The U.S. and Europe represent other important markets
with growth supported by the demand for larger, more technologically intensive machinery
suited for large, consolidated
farmlands.
Key
players in the market include AGCO Corporation, Bush Hog Inc., CNH Industrial
N.V., Deere & Company (John Deere), Dewulf NV, Horsch Maschinen GmbH, Iseki
& Co. Ltd., Kuhn Group, Kverneland Group, and LEMKEN Gmbh & Co. KG, among
others.
The
research report titled “Plowing
and Cultivating Machinery - Market Analysis, Trends, and Forecasts” announced by Global Industry Analysts Inc., provides a
comprehensive review of market trends, drivers, and other strategic
industry activities of market participants.
The report provides market estimates and projections for major
geographic markets, including the United States, Canada, Japan, Europe (France,
Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia,
China, India, South Korea, and Rest of Asia-Pacific), The Middle East &
Africa, and Latin America (Brazil, and Rest of Latin America).
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