Agriculture Equipment Market comprises the utilization of tractors, harvesters, plows, and cultivators to help in countless farming activities. The utilization of agriculture equipment helps in getting the high crop yield in comparatively less duration and minimum efforts. In addition, the usage of automatic and semiautomatic agriculture equipment decreases the necessity of human labor on farms, which in turn, decreases the prices incurred on manpower. This further augments the crop production by decreasing the downtimes and enabling highly precise operations.
The effective growth in development of advanced machinery to develop the efficiency and productivity in farming is quickening the market requirement. For instance, during June 2021, XAG Co., Ltd., launched XAG R150, a JetSprayer system to cross-fertilize fruit trees. The agriculture equipment features a liquid tank that separately sprays pollen onto each tree’s blossoms. It enables the operator to adjust the spray angle and spread from a distance by utilizing a smartphone app. Similarly, with the advent of digitalization and linked technology in the agriculture segment, AI-based agriculture equipment is obtaining the immense popularity.
The progressive growth in urbanization and growing requirement for packaged & high energy foods are underwriting to the Agriculture Equipment Market Sales Revenue. According to the Credit Suisse Group AG, an investment bank, the consumption of packaged foods around the U.S. was up by 20% during June 2020 compared to the same period during 2019. The transforming lifestyles and long functioning hours have led to an augmented consumption of packaged food among consumers. The increasing adoption of packaged food has encouraged farms to underwrite in advanced agriculture equipment to speed up production and keep pace with the speedily changing food preferences amongst the consumers.
Moreover, implementation of modern technologies by farmers to augment farm yield and meet the soaring requirement for food is expected to be a foremost factor propelling the market. Traditional farming approaches such as plows, tillage, and seeders are now being replaced with several modern agricultural machinery. Advanced farming machinery such as spraying equipment, hay and forage equipment, harvesters, and irrigation and crop processing equipment is being utilized in several processes to improve overall crop output and quality.
Not only has this, entities are also reaching out to farmers to teach them about loan policies, credit financing, and assistances of contract farming – and this is projected to drive the requirement for agricultural equipment, majorly tractors. Around European and American countries, governments are taking the necessary steps to teach farmers and guide them about the benefits of utilizing the agricultural equipment.
Agriculture Equipment Market Major Players are significantly implementing the policies of enlargement such as partnership, new product development, amalgamation, joint venture, merger and acquisition and several others for ruling around the globe, generating the high percentage of revenue and obtaining the competitive edge. Therefore, in the near years, it is predicted that the market of agriculture equipment will increase around the globe more proficiently over the near future along the effective amount of investment by the prevailing and upcoming entities.
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Philippines Agricultural Equipment Market Outlook to 2023
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