DUBLIN, August 5, 2021 / PRNewswire / – The “Agricultural Machinery Market – Forecasts 2021 to 2026” report has been added to ResearchAndMarkets.com offer.
The global agricultural machinery market is expected to grow at a compound annual growth rate of 8.12% during the forecast period to reach a market size of 214.220 billion US dollars in 2026, from 124.027 billion US dollars in 2019. The market is expected to increase in the coming years, owing to the increase in global food security, the adoption of new and advanced agricultural machinery and equipment for better yield and better production, and other related factors. With the shrinking and reduction of the area of arable land around the world, it has become imperative for agricultural stakeholders and farmers to minimize waste and use better and advanced equipment and machinery for harvesting, culture and others.
The growth of the world and urban population, the increase in disposable income should have a positive impact on the market in the years to come. According to data provided by the World Bank, globally, approximately 55% of the population resides in urban areas in 2019. By 2045, the global urban population is expected to increase and increase by approximately 1.5 times for reach approx. 6 billion people. This development is expected to increase the demand for global food security, which is expected to be one of the major market drivers, during the forecast period. In addition, large companies have invested significant capital to develop innovative and advanced agricultural machinery for the market. These developments are expected to have a positive impact on the market, during the forecast period.
Focus on food security
The growing attention to food safety is expected to be one of the main drivers of the market. Factors such as population growth, climate change, rising and rising disposable income, and growing water scarcity, globally, are putting pressure on governments and institutions, around the world, to tackle the challenges of food insecurity. According to a new global report on the United Nations food crisis, approx. 108 million people around the world were food insecure in 2016. In addition, the COVID-19 pandemic also placed a significant number of people below the poverty line and severely affected their growth. The increase in population also leads to increasing urbanization which, in turn, leads to a decrease in the area of arable land available in the world. Given the limited possibilities for expanding agricultural land and available water resources, the agricultural sector must improve its productivity with efficient resources and advanced machinery and solutions, to secure crops to meet the growing food demand. . According to the United Nations, the world population is expected to increase by 2.3 billion, between the years 2009 and 2050, to reach 9.1 billion.
Global demand for cereals, both animal feed and human food, is expected to reach approx. 3 billion tonnes by 2050. As agricultural trade increases, the demand for good quality, hearty food globally has grown at an exponential rate in recent years. Food security and protection has become imperative and essential as countries demand high quality food and crops for their respective citizens and populations. According to the World Trade Organization, exports of agricultural products saw the largest increase of 3.1% per year and increased by 36% in 2018 compared to 2008. There is sufficient evidence to suggest that mechanization has a positive impact on productivity. , agricultural profitability and improved the rural landscape. The Food and Agriculture Organization of the United Nations had concluded and clarified that the main objective of agricultural mechanization is to reduce the workforce. In addition, increasing the overall productivity by increasing the level of cultivated land, updating and improving executive operations to obtain more power, the transition to rapid industrialization and the improvement and improvement of Livelihoods of rural farmers are some of the main goals and tasks of agricultural mechanization.
Large companies have invested a significant amount in innovation, the advancement of new machines and equipment. It has been proven that with industrial growth, the technology of mechanization changes and varies, which guarantees the overall social and economic progress of farmers. In western countries, like United States and Canada, the adoption of new and advanced machinery has improved their agricultural sector. In the Asia Pacific region, there is a huge dependence on manual labor, but with increasing income and favorable government policies, the agricultural machinery market in the region is expected to grow at an exponential rate during the forecast period. In addition, the legalization of cannabis in certain regions of the world is also expected to have a positive impact on the market. Advanced and innovative machines are used in the cultivation of cannabis buds and flowers, which is expected to drive the market.
Some of the newest and most innovative developments in the market are:
- In May 2021, Proxecto, one of the key players in the market, announced the launch of india Innovative and fully automated hybrid tractor. The new tractor does not contain batteries. The company had said its new HAV S1 series would be available for sale to Indian farmers. This development is expected to improve the company’s portfolio over the forecast period.
- In May 2021, Monarch Tractor, a CaliforniaThe startup had announced the development of a new electric and autonomous tractor. The company said their new product would save farmers a plethora of money in fuel and labor costs every year. The company’s autonomous tractor could be pre-programmed and would be able to finish and accomplish all tasks on its own. The new vehicle would also be remotely controllable via an app.
- In May 2021, HHH Hemp Harvesting Technology, a company based in Germany, had announced the signing of a new sales and distribution agreement for the North American market. The company has witnessed strong demand for its innovation and breakthrough in cannabis bud stripping technology. The company also announced a partnership with a Canadian company known as Craftfarma. This development is expected to improve the company’s portfolio over the forecast period.
Main topics covered:
2. Research methodology
3. Executive summary
4. Market dynamics
4.1. Market factors
4.2. Market constraints
4.3. Porters Five Forces Analysis
4.4. Industry value chain analysis
5. Global Agricultural Machinery Market Analysis, By Type
5.3. Automatic sprayer
6. Global Agricultural Machinery Market Analysis, By Application
6.3. Soil cultivation
6.5. Traction and power
6.6. Pest control
7. Global Agricultural Machinery Market Analysis, By Geography
7.2. North America
7.2.1. United States
7.3. South America
7.5. the Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. South Africa
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive environment and analysis
8.1. Major players and strategic analysis
8.2. Emerging players and market profitability
8.3. Mergers, acquisitions, agreements and collaborations
8.4. Supplier competitiveness matrix
9. Company profiles
9.1. Massey Ferguson
9.2. AGCO Company
9.3. CLAAS Agricultural Machinery Pvt. Ltd.
9.4. Deere & Company
9.5. Kubota Company
9.6. Mahindra & Mahindra Ltée.
9.7. Kverneland Group
9.8. KUHN SA
9.9. Tractor and Farm Equipment Ltd.
9.10. Escorts group
For more information on this report, visit https://www.researchandmarkets.com/r/bpoefz
Research and markets
Laura Wood, senior
For EST office hours, call + 1-917-300-0470
For USA / CAN call toll free + 1-800-526-8630
For GMT office hours, call + 353-1-416-8900
US Fax: 646-607-1904
Fax (outside the United States): + 353-1-481-1716
SOURCE Research and Markets