![]() ![]() They are equipped with a high-precision spray and capabilities like "Return to Launch" and geofencing. The drones can spray water, insecticides, and fertilizers for one acre of land in under eight minutes, saving up to 95% of water. The unique feature of the service involves the use of a fleet of drones. For instance, in May 2022, Unnati, an India-based fintech-driven agriculture ecosystem platform launched a drone spray service for farmers. Major players operating in the market are developing advanced technologies such as the launch of the Unnati drone spray service for farmers that utilize drone technology and artificial intelligence (AI) for agriculture. ![]() Technological advancement is a key trend gaining popularity in the agriculture and farm equipment/machinery market. Therefore, the rapidly growing population is expected to propel the agriculture and farm equipment/machinery market. For instance, according to The United Nations a US-based intergovernmental organization, the global population is expected to increase by 2 billion persons in the next 30 years, i.e.9.7 billion in 2050. ![]() The rising population will cause an increase in the demand for food, therefore to meet this increased food demand and feed the growing population increasing the mechanization of agriculture will become crucial thereby driving the agriculture and farm equipment/machinery market. The mechanization of farms increases their productivity. Population growth refers to the increase in the number of people at a particular place during a given period. The agriculture and farm equipment/machinery market size is expected to grow to $216.16 billion in 2027 at a CAGR of 5.74%.Ī rapidly growing population is driving the growth of the agriculture and farm equipment/machinery market going forward. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The global agriculture and farm equipment/machinery market size is expected to grow from $164.48 billion in 2022 to $172.88 billion in 2023 at a compound annual growth rate (CAGR) of 5.10%. The applications include land development and seedbed preparation, sowing and planting, plant protection, harvesting and threshing, post-harvest, and agro-processing. Tractors are large-wheeled vehicles that can perform activities such as pulling farm machinery and providing the energy needed for the other machinery to work. Tractors are used to attach various equipment and use them for various farm activities such as plowing, tilling, sowing, and so on. The main product types of agriculture and farm equipment/machinery are tractors, rotavators, threshers and dehuskers, power tillers, power weeders, plough, balers, and seed drills. Their use offers benefits to the farmers such as it reduces dependence on extended labor and increasing the yield of the farm. Agriculture and farm equipment/machinery refers to various kinds of mechanized equipment and devices that perform various agriculture and related tasks that include plantation, harvesting, seeding, plowing, spraying pesticides, and so on. ![]()
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