Authors of a new report on planting equipment estimate the market will grow at a compound annual growth rate of 6.27 percent until 2020, making it worth 21.43 billion.
“Planting Equipment Market by Type (Air Seeders, Seed Drills, Planters), Design (Automatic and Mechanical), Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables), and Region, Global Forecast to 2022” was released by MarketsandMarkets late last week.
Key drivers of growth include continued adoption of mechanization around the world to increase yield, reducing arable land, less availability of skilled labor and adoption of contract farming, according to the report.
While major manufacturing players in the planting equipment market are from the United States and Canada, the report shows that in 2016 Europe accounted for the largest market share among all regions.
“The market in Europe is more widespread among all the regions,” according to the report. “The extensive R&D activities helped in the introduction of customized and crop-specific equipment. The distribution network of manufacturers is well-established in many countries.
“The government in many countries, as well as the regional bodies, have supported policies; for instance, Common Agricultural Policy (CAP) in Europe assists farmers to comply with sustainable agricultural practices by providing subsidies and financial aids to adhere to the strict regulations for agricultural products and equipment across Europe.”
For more information, visit http://www.marketsandmarkets.com/Market-Reports/planting-equipment-market-26629474.html.
