CLEVELAND, April 24, 2021 /PRNewswire/ — Introduction of pricier equipment models featuring advanced technologies will continue to be a driver of growth in the $132 billion global agricultural equipment market, which is projected to expand 3.9% annually through 2024, according to a Freedonia Group analysis.
Though from a small base, adoption of smart and automated technologies is growing rapidly in the ag industry as more innovative new models come to market, and awareness of the benefits of these technologies continues to rise among farmers. For instance, use of autonomous equipment such as tractors, drones, and robots can:
- improve farm efficiency without increasing equipment size – earlier efforts to boost productivity often involved the use of larger machines, which can increase soil compaction and hurt crop yields
- improve farming precision and efficiency, as automated machines have fewer errors than human operators and are programmed to optimize time
- lower labor requirements, which are especially important in countries with shrinking labor pools such as Japan and in rural areas of the US
While most available autonomous agricultural equipment is produced by smaller robotics firms, a growing number of major agricultural equipment suppliers are increasing investment to commercialize their own models, including CNH Industrial, Deere, Kubota, and Mahindra & Mahindra.
Want to Learn More?
Global Agricultural Equipment is now available from the Freedonia Group. Global Off-Road Equipment Technology highlighting key trends in the construction, agricultural, mining, and forestry equipment sectors is forthcoming.
About the Freedonia Group
The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research division, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
View original content to download multimedia:http://www.prnewswire.com/news-releases/as-farmers-go-high-tech-ag-equipment-demand-continues-to-benefit-301276252.html
SOURCE The Freedonia Group