Farm Implements Market Reaches US$92 Bn in 2030, Says Fairfield Market Research in a New Report

Global Sales of Farm Implements Rise as the Demand for Precision Farming is Rising and the Need for Efficient and Sustainable Farming Practices

London, March 20, 2024 (GLOBE NEWSWIRE) — Global farm implements market size was valued at US$58.4 Bn in 2022 and it is predicted to reach a valuation of US$92 Bn in 2030, recording a CAGR of 6.7% during the forecast period according to research report published by Fairfield Market Research.

The farm implements market encompasses a wide range of machinery, tools, and equipment used in agriculture to perform various tasks related to cultivation, planting, harvesting, irrigation, and livestock management. This market is influenced by factors such as technological advancements, agricultural practices, government policies, environmental concerns, and economic conditions.

REPORT SCOPE

1. Report Attributes
   • Base Year: 2022
   • Forecast Year: 2023 – 2030
   • Market Size in 2022: US$58.4 Bn
   • Estimated Market Size in 2030: US$92 Bn
   • CAGR: 6.7%
   • Growth Drivers:
     • Increasing Consolidation Among Agricultural Machinery Manufacturers
     • The Shift Toward Mechanized Farming
     • The Emergence of Self-sufficient Farming Systems
   • Segmentation:
     • By Type (Farm Machinery & Equipment, Lawn & Garden Equipment, Others)
     • By Application (Plant Protection, Post-Harvest & Agro-Processing, Sowing & Planting, Others)
   • Regional Coverage:
     • North America (US, Canada)
     • Europe (Germany, UK, France, Italy, Turkey, Russia, Rest of Europe)
     • Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
     • Latin America (Brazil, Mexico, Rest of Latin America)
     • The Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)

There are several factors driving the farm implements market such as the shift toward mechanized farming and growing emphasis on sustainable practices. Also, automation, precision agriculture, and connectivity are driving innovations in farm implements, leading to increased efficiency and productivity.

“Changing consumer preferences, such as increased demand for organic and sustainably produced food, influence agricultural practices and drive the adoption of implements. Implements for organic farming, agro ecological practices, and specialty crop production cater to niche markets and consumer preferences,” says the analyst.

Increasing emphasis on sustainable practices is driving the adoption of implements that reduce environmental impact, such as precision irrigation systems and conservation tillage equipment.

Key Research Insights

• Farm machinery & equipment is a dominating segment in the farm implements market.
• The farm implements market is expanding at a notable rate in Asia Pacific.
• The market for farm implements is concentrated in North America.

Insights into Segmentation Analysis

Post-harvest & Agro-Processing is Likely to Surge Ahead Throughout the Projected Period

• The post-harvest and agro-processing segment dominated in 2022, which is driven by the need for effective food processing and preservation techniques around the world.
• The need for sophisticated sorting, packing, and processing equipment has increased as post-harvest losses are reduced, and agricultural produce’s shelf-life is extended.
• This segment largely contributes to the overall expansion and stability of the farm implements industry by guaranteeing the quality and commercial viability of agricultural products.
• The plant protection segment is likely to be the quickest rate of growth during the forecast period, which is indicative of the increased focus on precise and sustainable crop management.
• Farmers are adopting modern plant protection tools as worries about disease, pest control, and the environment’s impact increase. These consist of precision application technology, automated pest monitoring, and smart spraying systems.

Farm Machinery and Equipment Continue to March Ahead

• The market is currently dominated by farm machinery and equipment due to agriculture’s growing embrace of cutting-edge technologies. This market is becoming more and more well-known due to factors like labor shortages, the necessity to handle them, and precision agricultural techniques.
• Modern harvesters, tractors, and seeding equipment increase production overall, which is why farm machinery and equipment are an essential part of the growing farm implements market.
• The trend of home gardening and landscaping is driving the fastest-growing segment, which is lawn and garden equipment. Lawnmowers, trimmers, and other garden equipment are in high demand due to increased urbanization and growing interest in outdoor areas.
• As more people engage in do-it-yourself gardening and purchase products to maintain and spruce up their outside areas, the category gains.
• Within the larger farm tools industry, the lawn and garden equipment category grows at an accelerated rate as more people take up gardening as a recreational and aesthetic endeavor.

Key Report Highlights

• A growing consciousness of environmental sustainability is driving demand for eco-friendly farm tools.
• Farmers are attempting to connect their operations with ecologically responsible ones, which is driving market growth.
• With increased production and lower operating costs, smart technology like data analytics and Internet of Things sensors boost overall efficiency, enhance crop management, and maximize resource utilization.

Insights into Regional Analysis

Rapid Agricultural Modernization to Garner Profits for Asia Pacific

• Asia Pacific region is experiencing rapid growth in the farm implements market during the projected period, primarily due to the expanding implementation of agricultural modernization in nations such as China and India.
• The region’s quick market expansion is attributed to factors such as rapid population increase, rising food consumption, and government measures encouraging the implementation of new
  

  SDGs, Targets, and Indicators Analysis

  1. Which SDGs are addressed or connected to the issues highlighted in the article?

  • SDG 2: Zero Hunger
  • SDG 8: Decent Work and Economic Growth
  • SDG 9: Industry, Innovation, and Infrastructure
  • SDG 12: Responsible Consumption and Production
  • SDG 13: Climate Action
  • SDG 15: Life on Land

  The article discusses the global farm implements market, which is connected to various Sustainable Development Goals. SDG 2 aims to achieve zero hunger by promoting sustainable agriculture and improving agricultural productivity. SDG 8 focuses on promoting inclusive and sustainable economic growth, including the agricultural sector. SDG 9 emphasizes the importance of innovation and infrastructure development, which is relevant to the technological advancements in farm implements. SDG 12 promotes responsible consumption and production practices, including sustainable farming methods. SDG 13 addresses climate action, which is related to the adoption of efficient and sustainable farming practices. Finally, SDG 15 aims to protect and restore terrestrial ecosystems, including agricultural land.

  2. What specific targets under those SDGs can be identified based on the article’s content?

  • Target 2.4: Sustainable food production systems
  • Target 8.2: Decent work for all in the agricultural sector
  • Target 9.4: Upgrade infrastructure and retrofit industries for sustainability
  • Target 12.2: Sustainable management and efficient use of natural resources
  • Target 13.2: Integration of climate change measures into national policies
  • Target 15.1: Conservation and restoration of terrestrial ecosystems

  Based on the article, the specific targets that can be identified include promoting sustainable food production systems (Target 2.4), ensuring decent work for all in the agricultural sector (Target 8.2), upgrading infrastructure and retrofitting industries for sustainability (Target 9.4), promoting sustainable management and efficient use of natural resources (Target 12.2), integrating climate change measures into national policies (Target 13.2), and conserving and restoring terrestrial ecosystems (Target 15.1).

  3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

  • Indicator 2.4.1: Proportion of agricultural area under productive and sustainable agriculture
  • Indicator 8.2.1: Agricultural labor productivity
  • Indicator 9.4.1: CO2 emissions per unit of value added in manufacturing industries
  • Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP
  • Indicator 13.2.1: Number of countries that have integrated climate change measures into national policies, strategies, and planning
  • Indicator 15.1.1: Forest area as a proportion of total land area

  The article does not explicitly mention indicators, but based on the identified targets, relevant indicators can be used to measure progress towards those targets. These indicators include the proportion of agricultural area under productive and sustainable agriculture (Indicator 2.4.1), agricultural labor productivity (Indicator 8.2.1), CO2 emissions per unit of value added in manufacturing industries (Indicator 9.4.1), material footprint and its per capita and per GDP (Indicator 12.2.1), number of countries that have integrated climate change measures into national policies (Indicator 13.2.1), and forest area as a proportion of total land area (Indicator 15.1.1).

  4. Table: SDGs, Targets, and Indicators

  SDGs	Targets	Indicators
  SDG 2: Zero Hunger	Target 2.4: Sustainable food production systems	Indicator 2.4.1: Proportion of agricultural area under productive and sustainable agriculture
  SDG 8: Decent Work and Economic Growth	Target 8.2: Decent work for all in the agricultural sector	Indicator 8.2.1: Agricultural labor productivity
  SDG 9: Industry, Innovation, and Infrastructure	Target 9.4: Upgrade infrastructure and retrofit industries for sustainability	Indicator 9.4.1: CO2 emissions per unit of value added in manufacturing industries
  SDG 12: Responsible Consumption and Production	Target 12.2: Sustainable management and efficient use of natural resources	Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP
  SDG 13: Climate Action	Target 13.2: Integration of climate change measures into national policies	Indicator 13.2.1: Number of countries that have integrated climate change measures into national policies, strategies, and planning
  SDG 15: Life on Land	Target 15.1: Conservation and restoration of terrestrial ecosystems	Indicator 15.1.1: Forest area as a proportion of total land area

  Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

  Source: finance.yahoo.com

   

  

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