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Farm Machinery And Equipment Global Market Report 2021
The integration of Internet of Things (IoT) applications in farm equipment is expected to drive the market for farm machinery and equipment in the forecast.
LONDON, GREATER LONDON, UK, March 1, 2022 /EINPresswire.com/ — As per data on the Global Market Model, the global farm machinery and equipment market has grown from $207.79 billion in 2020 to $223.81 billion in 2021, at a compound annual growth rate (CAGR) of 7.7%, returning the market to pre-pandemic levels after the previous year market decline resulting from the COVID-19 slowdown. The integration of Internet of Things (IoT) applications in farm equipment is expected to be a key market driver with farmers needing to adopt new and modern technologies to produce food for the ever-expanding population. A good example is the smart greenhouse which operates with the help of IoT sensors enabling the climate to be monitored and controlled without any human intervention. The market is expected to reach $291.37 billion in 2025, at a CAGR of 6.8%, growing to $381.88 billion in 2030 at a CAGR of 5.6%.
The farm machinery and equipment market consists of sales of farm machinery and equipment by those manufacturing agricultural and farm machinery and equipment, including turf and ground care equipment, including planting, harvesting, and mowing equipment used in farming to save labor.
Eco-friendly electric tractors are likely to be an emerging trend in the farm machinery and equipment market, operating through electronic batteries that can be recharged simply by plugging them into a standard socket and do not require any kind of fuel that creates air pollution. There are also tractors where farmers can install wind or solar power to produce electricity to charge the tractor’s batteries.
Asia Pacific was the largest region in the global farming equipment market, with a market share of just over 37% in 2021, with Western Europe and North America rivalling each other for the second largest region both with around 23% of the global market. Africa was the smallest region in the global farm machinery and equipment market. By individual country, the USA had the largest share of the global market accounting for around 19% with China in second place on 17% and Germany a distant third on 6%. The world’s two most populous countries, China and India, are forecast to show the most growth in the period 2021 to 2025 at CAGR’s of 8.3% and 8.0% respectively.
The farm machinery and equipment market is segmented into Tractors, Harvesters, Livestock Equipment, Chisel Plows, Field Sprayers and Spreaders, Rollers and other farm machinery and equipment. Tractors are the largest segment by some margin accounting for 36% of the global market in 2021, followed by Harvesters, at under half the size of Tractors, around 16%. In the forecast period to 2025, Chisel Plows and other farm machinery and equipment – these include cultivators, rotators, and irrigation systems – are expected to be the fastest growing sectors with CAGR’s of 7.9% and 7.6% respectively.
Farm Machinery And Equipment Global Market Report 2021 – By Type, By Application, By Capacity, By Operation, COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides farm machinery and equipment market overviews, analyzes and forecasts farm machinery and equipment market size, share, farm machinery and equipment market players, farm machinery and equipment market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.
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Autonomous Farm Equipment Global Market Report 2021
https://www.thebusinessresearchcompany.com/report/autonomous-farm-equipment-market-global-report-2020-30-covid-19-growth-and-change
Autonomous Agriculture, Construction, And Mining Machinery Market 2021
https://www.thebusinessresearchcompany.com/report/autonomous-agriculture-construction-and-mining-machinery-market
Agricultural Implement Global Market Report 2021
https://www.thebusinessresearchcompany.com/report/agricultural-implement-global-market-report
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