Market Growth in the Agricultural Sector

Emerging technological strategies are boosting growth and improving product quality. Farmers stand out from their competitors and contribute to the overall market growth.

FREMONT, CA: The global agriculture equipment market will reach over U.S.D. 342.8 billion dollars by 2027 at a CAGR of 8.8 percent. Many farms are adopting digitalized farm equipment that yields better raw materials and products. Farmers are integrating telematics and global positioning systems (G.P.S.) solutions in their tractors to automate certain functions. Developers are integrating G.P.S. kits with autopilot technology systems in tractors, sprayers, and combines. They can accurately drive themselves through fields.

The factors that influence growth in the agricultural sector are:

Market growth: The agricultural sector will continue to experience steady growth by collaborating with other sectors. Improved production rates, capacities, and quality of goods contribute to the sector's growth. Agricultural units connect their farm equipment like tractors and sprayers and combine them with technologies like the internet of things (IoT), big data, artificial intelligence (A.I.), and machine learning (ML). Farmers are automating tractors and harvesters by connecting them to G.P.S. Farm equipment, resulting in better performance with much smaller margins of errors. Automation replaces human effort and human errors. Farmers benefit from mechanizing their process to generate yield, while farmhands focus on higher-priority tasks. The margin of error reduces, thereby preventing losses that can set farmers back. Farmers can adopt technologies to stand out from competitors and increase their returns on investment (R.O.I.).

Market trends: Technologies aid in precision farming. Smart sensors and other technologies measure weather and soil conditions to guide farmers on when to sow and harvest crops. Farmers display a high adoption rate of variable rate technology (V.R.T) in precision farming. V.R.T has many applications in production quality, such as measuring crop health, growth rate, and soil properties. Variable rate fertilizer application distributes appropriate quantities of fertilizers on different types of crops. Variable rate fertilizer application technology relies on in-Cab software with a zone application map. Connecting G.P.S. to the farming equipment can change application rates during operation.