Agricultural Equipment Market By Applications, Types, New Technology - Opportunity Analysis And Forecast: 2022 – 2030
Agriculture Equipment Market Overview: Agriculture Equipment Market is projected to be worth USD 189.42 billion by 2030, registering a CAGR of 8.53% during the forecast period (2022 to 2030), the market was valued at USD 103.61 billion in 2021. Agriculture equipment is the machinery used by farmers at various stages of agriculture such as planting, harvesting and agro processing. Traditional tools are now replaced by the agricultural equipment, such as crop processing equipment, drip irrigation equipment and others. The major driver for the growth of Global Agriculture Equipment Market is the emergence of the concept of contract farming and increase in agricultural production targets. The rapid increase in population is generating the demand for food and thereby seeking even better agricultural equipment. Though farmers benefit from the use of agricultural equipment, the huge cost involved in the acquisition of such agriculture equipment is restraining the growth of this market.