DUBLIN, August 05, 2021–(BUSINESS WIRE)–The “Agricultural Machinery Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global agricultural machinery market is expected to grow at a compound annual growth rate of 8.12% over the forecast period to reach a market size of US$214.220 billion in 2026, from US$124.027 billion in 2019.
The market is expected to surge in the coming years, due to the rise in global food security, adoption of novel and advanced agricultural machines and equipment for better yield and output, and other related factors. With the and shrink and the reduction in the area of arable land, worldwide, it has become imperative for agricultural players and farmers to minimize the waste and use better and advanced equipment and machines for harvesting, cultivation, and others.
The growth in global and urban population, rise in disposable income is expected to have a positive impact on the market, in the coming years. According to the data given by the world bank, globally, around 55% of the population resides in urban areas in the year 2019. By the year 2045, the global urban population is expected to increase and surge by around 1.5 times to 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 drivers for the market, during the forecast period. Moreover, major companies have been investing a significant sum of capital to develop novel 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
Increasing focus on food security is expected to be one of the major drivers of the market. Factors such as the rise in population, climatic change, rise and surge in disposable income, and growth in water scarcity, globally, are pressurizing governments and institutions, worldwide, to combat food insecurity challenges. According to a new global report on the food crisis by the United Nations, approx. 108 million people in the world were suffering from food insecurity in the year 2016. Moreover, the COVID-19 pandemic had also put a significant number of people below the poverty line and had severely impacted their growth. Rising population is also leading to expanding urbanization which, in turn, is leading to a decline in the available arable land area in the world. Given the limited scope for expanding agricultural land and the available water resources, the agricultural sector is required to improve productivity with efficient resources and advanced machinery and solutions, to secure crops to meet the mushrooming food demand. According to the United Nations, the global population is expected to grow by 2.3 billion, between the years 2009 and 2050, to reach 9.1 billion.
Some of the latest and novel developments in the market are:
In May 2021, Proxecto, one of the key players in the market, announced the launch of India’s novel and fully automated Hybrid tractor. The novel tractor doesn’t contain battery packs. The company had stated that their novel HAV S1 Series would be available to the Indian farmers for sale. This development is expected to enhance the company’s portfolio during the forecast period.
In May 2021, Monarch Tractor, a California-based startup had announced the development of a novel, electric, and self-driving tractor. The company had stated that their novel product would save farmers a plethora of money in fuel and labor costs, annually. The company’s self-driving tractor could be pre-programmed and would be able to finish and complete all tasks on its own. The novel vehicle would also be able to be controlled remotely via an application.
In May 2021, HHH Hemp Harvesting Technology, a German-based company, had announced the signing of a novel sales and distribution agreement for the North American market. The company has been witnessing strong demand for its innovation and breakthrough of cannabis bud stripping technology. The company has also announced a partnership with a Canadian company known as Craftfarma. This development is expected to enhance the company’s portfolio during the forecast period.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
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
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/a4c0js
View source version on businesswire.com: https://www.businesswire.com/news/home/20210805005655/en/
Laura Wood, Senior Press Manager
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