The global agricultural industry has witnessed a massive transformation owing to the increasing demand for efficient powered agriculture equipment. Rising world population and the subsequent rise in global food demand along with the shrinkage of agricultural workforce have resulted in growing concerns to enhance farm yield and increase the demand for farm mechanization across the world. With the rapid implementation of powered agriculture equipment, farmers are able to enhance production yield by increasing inputs and efficient management of farm enterprises. The advent of innovative equipment has resulted in reduced energy consumption and overall cost-effective operations owing to their more precise and resource-efficient approach. As a result, the powered agriculture equipment industry is anticipated to progress due to the ever-growing affinity for more convenient and smart farming solutions than the traditional methods.
Farm productivity across the globe has been significantly increasing since the last decade. With the exponential growth of the world population, the subsequent rise in global demand for food, shrinking agricultural lands, and depletion of finite natural resources, the need to enhance farm yield has become critical. The increase in urban population in developing countries with the enhancement of quality of living due to high-income levels and the demand for fresh crop produce and animal protein are boosting the demand for crop production. Limited availability of natural resources, such as fresh water and arable land, along with declining yield trends in several staple crops, have prompted growers and companies in the farming sector to introduce innovative agriculture equipment in order to enhance farm profitability.
The farming industry has witnessed numerous revolutions over decades starting from the domestication of livestock and crops to the organized use of crop rotation with the introduction of advanced farming technologies. Finally, with the introduction of information and communication technologies (ICT) in farming since 2010, the farming industry has been witnessing another revolutionary phase. Over the last decade, the agriculture equipment market has witnessed a steady growth in terms of technological advancement and cost-reduction. Moreover, the rapid growth of the practice of contract farming services and corporate partnerships have led to the increased demand for powered agriculture equipment across the globe.
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Consequently, automation and control systems manufacturers have seen a positive surge in their sales. Over the past five years, agricultural robots have also been incorporated into farming operations as they treat soil and crops selectively as is required. Powered agriculture is being adopted not only by developed countries but also by developing countries. Governments of several countries such as India, China, Brazil, and Mexico have realized the need and advantages of powered agriculture equipment and thus, introduced favorable initiatives drive the growth of the market.
The powered agriculture equipment market encompasses a wide array of solutions such as tractors, combines, planters, sprayers, and other equipment such as tilling equipment, haymaking equipment and balers. Farm tractors accounted for the largest share in the market, followed by combine harvesters, planters, and sprayers, in that order. Farmers across the globe are increasingly adopting powered agriculture equipment to improve the yield, soil fertility, operational efficiency, and profitability.
