Farm equipment covers an extensive range of equipment engaged at several stages of agriculture such as land development, sowing, planting, cultivation, harvesting, and threshing. The range varies from simplest tools such as hand trowel to fertilizers to high-end engineered tractors. The World Bank estimated that demand for food will upsurge by 70% by 2050 and $80 billion annual investment will be required to meet the objectives. Such alarming ultimatum calls for efficient farming techniques and hence advanced farm equipment are the catch.

As per the market outlook foreseen by a recent IndustryARC business intelligence report, the farm equipment market is forecast to reach $234.29 Billion by 2023 at a CAGR of 5.7%. This sector is not solely dependent on the agricultural industry. Some of the other factors indirectly but positively influencing the market are financing equipment such as agriculture finance and agriculture insurance initiated by The World Bank. Such organizations are facilitating private sector financial services for larger agriculture investments and agriculture-related infrastructure funding to feed an estimated 9 billion mouths by 2050.

The report is titled “Farm Equipment Market : By Type (Tractors, Fertilizing, Plant Protection Equipment, Harvesting Equipment, Irrigation Equipment, Hay and Forage Equipment, Crop processing Equipment, Seeding Equipment, Grain Handling Equipment, Cutters and Shredders, Sprayers ); By Phase (Land Development, Sowing, Planting, Cultivation, Harvesting, Threshing, Others); By Application (Agri Equipment, Construction Equipment, Chemical Applications, Financing Equipment, Material Handling Equipment, Snow Removal Equipment, Property Maintenance Equipment); By Geography - Forecast (2018-2023).”

Agricultural drones are an integral part of next generation farming equipment. They are basically employed for crop analytical purposes, field mapping, agricultural photography, and crop spraying. Large operational facilities spread in acres are employing such innovation to check their manual labor expenses. The global agricultural drones market is expected to reach $ 15 billion by 2023 and is forecasted to grow at a CAGR of more than 9% during 2018 to 2023.

Supporting Events:

The Irish Farm Tractor & Machinery Trade Association is all set to host the biggest ever ‘The FTMTA Farm Machinery Show,’ on February 7th, 8th and 9th 2019. 160 national and international machineries manufacturers and distributors will be stationed to meet their potential customers and take the farm equipment market ahead.

Over 25 Million Tractors Operating Globally

As per an acute analysis by IndustryARC business intelligence report, tractor volumes have expanded by 19.4% during February to April 2018. The World Bank preceding statistics reveals that an outstanding 25,054,140 tractors were already globally employed as of January 2019 and with the advent of machineries practices in agro sector along with improved financial aids, the deployment is going to be at a more dynamic scale.

Efficient irrigation facilities empower the agro-economy by contravention of constraints such as deficient water supply. A classic example is drip irrigation systems used to save water and nutrients by enabling water to drip slowly to the roots of the plants and minimize evaporation. According to IndustryARC, the global drip irrigation systems market is expected to grow at a CAGR of more than 9 % during 2018 to 2023.

Conclusion:

In the recent years, the world has witnessed unprecedented demand from the robustly growing F&B sector owing to rapidly increasing world population. Traditional farming techniques are time consuming and less economical in terms of labor costs, and global reduction in farming lands further adds to the dilemma. To combat and deliver under such crucial circumstances, employment of farm equipment by agricultural sector is inevitable.

For More Info @ https://industryarc.com/Report/169/Global-Farm-Equipment-Market-Research-Report.html