Farm Equipment Market by Region – Global Opportunities & Forecast, 2020-2027
Farm Equipment Market
The Research report publicized by GMI Organisation envisages
that the Farm
Equipment Market is likely to boom at a notable rate over the forecast
period. This is because the equipment works as an essential instrument that
raises the crop yield and enhances soil maintenance.
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Farm
Equipment Market Dynamics
The accelerating population and
surge in demand for food have stimulated the adoption of effective and
sophisticated agricultural production methods. This is one of the prime forces
responsible for the growth of the farm equipment market. The intensified
initiatives by the government in the form of subsidies, low rate loans, and
other credits to promote farm automation and raise farm productivity have
stimulated market growth. For instance, the Farm Service Agency (FSA) offered
financial credit and loans to the U.S. Department of Agriculture in order to
procure livestock, land, feed, equipment, seed, and supplies which will propel
the market growth. Besides this, the evolution of technologically sophisticated
agricultural equipment such as autonomous tractors, incorporation of latest
technologies such as ground-based sensors, GPS, drones, Google Earth,
telematics, and robotic systems into the present instrument to enhance
productivity is likely to proffer huge opportunities to the market.
Additionally, the farm
equipment market forecast projects that several innovative
agricultural techniques such as harvesters, spraying equipment, hay and forage,
irrigation, and crop processing equipment assist in the effective farming
process, improving crop quality, and decreasing labor cost, which is likely to
bolster the market growth. However, the huge cost of equipment and insufficient
awareness regarding the advantages of using agricultural instruments among
farmers in developing nations such as India, Indonesia, Bangladesh, and South
Korea are the prime forces that might restrain the farm equipment market
size.
Product
Segment Drivers
Based on the product, the tractors segment is projected to
witness a noteworthy boom during the forecast period. This is owing to its
extensive range of applications such as plowing, tillage, and planting in
fields, strewing fertilizers, and performing daily farm care. Additionally, as
per the farm equipment market research, the development of the latest
tractors with incorporated remote sensing, automated transmission system, GPS,
and data analytics are helping in mechanizing the driving systems.
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