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Agriculture Equipment Market Size
- Report ID: GMI2845
- Published Date: Apr 2024
- Report Format: PDF
Agriculture Equipment Market Size
Agriculture Equipment Market was valued at USD 155.7 billion in 2023 and is estimated to register a CAGR of 5.5% between 2024 and 2032.
Global industry recorded significant growth in 2023 and will demonstrate a remarkable CAGR between 2024 and 2032, owing to the increasing demand for sustainable farming practices and smart equipment. With a focus on environmental sustainability, farmers are seeking efficient and eco-friendly solutions. This demand drives the market toward smart equipment embedded with sensors and data analytics, allowing for precise management of crops and resources. As the industry moves towards sustainability and efficiency, the agriculture equipment industry continues to grow. For instance, in June 2023, Dhaksha Unmanned Systems Pvt. Ltd. unveiled the DH-AGRIGATOR-E10 agricultural spraying drone, addressing the demand for advanced unmanned aerial system (UAS) technology with innovative solutions.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Agriculture Equipment Market Size in 2023: | USD 155.7 Billion |
| Forecast Period: | 2024-2032 |
| Forecast Period 2024-2032 CAGR: | 5.5% |
| 032 Value Projection: | USD 261.7 Billion |
| Historical Data for: | 2021-2023 |
| No. of Pages: | 288 |
| Tables, Charts & Figures: | 368 |
| Segments covered: | Machinery and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The agriculture equipment market is experiencing rapid growth due to the swift development and adoption of advanced technologies such as GPS, IoT, and AI. These innovations are transforming farming practices, leading to increased efficiency and productivity. Furthermore, the industry is witnessing a growing trend towards farm mechanization, where farmers are increasingly relying on machinery for various tasks. This dual drive towards technology and mechanization is fueling the demand for modern agricultural equipment.
For instance, in October 2023, BigHaat introduced the latest Pahalwaan sprayers under their in-house brand, House of Tapas. This addition to BigHaat's digital agri ecosystem aims to enhance the lives of Indian farmers and the agricultural sector.
Though the growth of the agriculture equipment industry faces barriers due to high initial investments, they signify a shift toward advanced and efficient agricultural equipment. These investments lead to improved productivity and profitability in the long term. Also, there may be initial resistance to adopting new technologies. However, it fosters innovation and modernization in farming practices. Overcoming these barriers enhances farm efficiency and ensures sustainability and competitiveness in the agriculture sector.
Frequently Asked Questions (FAQ) :
Agriculture Equipment Market Scope
