Artificial Intelligence
Agriculture Equipment Market Worth USD 227.76 billion at 7.2% CAGR
Pune, India, Nov. 23, 2021 (GLOBE NEWSWIRE) — The global Agriculture Equipment Market size is set to reach USD 227.76 billion by 2026, exhibiting a CAGR of 7.2% during the forecast period. Escalating demand for high agricultural productivity worldwide will be the primary growth propeller for this market, finds Fortune Business Insights™ in its new report, titled “Agriculture Equipment Market Size, Share & Industry Analysis, By Equipment Type (Agriculture Tractors, Harvesting Equipment, Irrigation & Crop Processing Equipment, Agriculture Spraying & Handling Equipment, Soil Preparation & Cultivation Equipment and Others (Hay & Forage Equipment, trailers, etc.), By Application (Land Development, Threshing and Harvesting, Plant Protection, After Agro-Processing), and Regional Forecast, 2019-2026”. The UN Department of Economic and Social Affairs (DESA) projects that world population will be around 8.5 billion by 2030 and 9.7 billion by 2050.
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Majority of this growth will be concentrated in the developing countries of Asia and Africa. Thus, boosting agriculture productivity is of the essence not only to feed so many people, but also to empower a large chunk of the global population to sustain their livelihoods. According to the World Bank, agriculture-based growth can prove to be two to four times more effective in raising incomes in the poorest sections of the world as compared to other sectors. Thus, rapid ly growing population will lead the agriculture equipment market trends in the upcoming decade.
List of Players Covered in the Agriculture Equipment Market Report:
• International Tractors Limited
• Valmont Industries, Inc.
• Claas KGaA mbH
• Mahindra & Mahindra Ltd.
• Alamo Group Inc.
• Deere & Company
• SDF S.p.A.
• China National Machinery Industry Corporation
• Iseki & Co., Ltd.
• Kubota Corporation
• AGCO Corporation
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The report states that the value of this market stood at USD 131.25 billion in 2018. The other highlights of the report include:
- Comprehensive insights into the trends, drivers, and various other aspects of the market;
- Detailed analysis of the factors restricting the growth of the market;
- An exhaustive study of the different market segments; and
- In-depth evaluation of the regional prospects and the competitive dynamics influencing the market.
Market Driver
Increasing Adoption of AI in Agriculture to Feed Market Growth
Agricultural operations are increasingly becoming automated due to the increasing application of smart technologies such as Artificial Intelligence (AI). The UN Food and Agriculture Organization (FAO) postulates that AI in agriculture is encompassing three major areas of predictive analytics, soil and crop monitoring, and agriculture robotics. Rising emphasis on making agricultural activities smarter, more economical, and highly efficient has made AI an extremely attractive option for the farming communities in developing nations. For instance, in 2017, a research study was published in the botany journal, Frontiers in Plant Science, which illustrated how researchers used Google’s open source library TensorFlow to build a library of images of the cassava plant leaves grown in Tanzania. The AI tool they deployed was able to identify disease in the plant with 98% accuracy. Thus, extensive usage of AI in agriculture is slated to broaden the agriculture equipment market outlook during the forecast period.
Regional Insights
Asia-Pacific to Lead the Pack; North America to Experience Strong Growth
Having generated USD 47.85 billion in revenue in 2018, Asia-Pacific is poised to dominate the market share of the agriculture equipment, in the forthcoming years, mainly owing to high dependence on agriculture in India and China. Moreover, increasing governmental investment in modernization of farming activities is creating multiple incentives of industry leaders to enter the market in these countries and market their products.
In North America, growing demand of fuel- and energy-efficient agricultural machinery and rapid adoption of advanced equipment will drive the market growth. On the other hand, severe shortage of laborers is inducing farmers and cultivators in Europe to employ highly mechanized equipment in agricultural operations.
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Competitive Landscape
Rising Interest in Emerging Economies by Foreign Players to Energize Competition
The agriculture equipment market forecast predicts that the gradual shift of focus of companies in industrial economies toward developing nations will intensify competition in this market. Many agriculture sector giants such as Deere & Company and Kubota Corporation are entering into partnerships with domestic players in Asia and Africa to establish their network in these regions.
Industry Developments:
- March 2020: The Escorts Group, the Indian engineering bigwig, announced that the Japan-based Kubota Corporation will be investing in the company through purchase of 10% share at a value of Rs. 1042crores. This equity-based partnership will make the companies a global hub for agriculture equipment manufacturing.
- July 2019: International Tractors Limited (ITL) launched two new agriculture equipment brands, Yanmar and Solis. These brands will sell farming machinery and equipment alongside Sonalika, the company’s domestic tractor brand. With this launch, ITL hopes to crystallize its position in the Indian agriculture equipment domain.
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