Combine Harvesters Market will Record a Value CAGR of 2.9% Over the Forecast Period (2017-2026).
[ClickPress, Wed Sep 04 2019]
Combine harvesters have gained immense traction in the agricultural sector on the back of their capability of integrating processes that include reaping, threshing, and winnowing grains. Farmers across the globe have begun upgrading their machinery & tools to keep up with surging demand for agricultural products. Short harvest phases of crops is a key factor driving demand for combine harvesters.
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Agricultural farming being a time-bound process, and seasonal variations influencing harvest windows for maximum yield-producing crops, operations such as harvesting are required to perform within smaller interval of time. This further creates the need for powerful and large equipment such as combine harvesters for increasing productivity and efficiency in short duration. Farm mechanization practices have gained significant momentum worldwide, in a bid to attain timeliness in field operations, minimize farm drudgery, curtail harvest losses & crop production cost, and enhance productivity. This has further impacted the overall crop output, in turn leading to higher farm incomes. Additionally, various governments worldwide have introduced many convenient policies apropos to farm mechanization, thereby creating avenues for combine harvesters.
North America will continue to lead the global market for combine harvesters, in terms of value. Labor scarcity in agricultural activities, particularly harvesting, coupled with high labor cost and requirement for replacing old machinery will remain key factors stoking demand for combine harvesters in the region. Farmers in the region are prompted to purchase combine harvesters, mainly influenced by the advent of new & technologically advanced products with better fuel efficiency and enhanced features.
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Based on power type, 300-450 HP combine harvesters are expected to remain dominant in the market, in terms of value. Demand for 300-450 combine harvesters is mainly driven by their features such as enhanced operational performance & efficiency with better maneuverability in all types of fields.
Increased performance capacities of combine harvesters has created requirement for hydraulic control systems' integration into these harvesters. Hydraulic combine harvesters offer higher load capacity and precision through electronic integration with fully automated and semi-automated hydraulic control systems. Hydraulic combine harvesters will therefore remain preferred among farmers worldwide, with sales estimated to exceed US$ 10,000 Mn in revenues by 2026-end. On the basis of grain tank size, 250-350 BU combine harvesters will remain leading revenue contributors to the market, trailed by more than 350 BU combine harvesters.
The existence of numerous large and mid-sized companies has molded the global market for combine harvesters to be highly fragmented. The market players are continuously seeking opportunities for refining their production techniques, and enhancing efficiency & innovation. Several market vendors are adopting novel strategies for installing new production plants. Additionally, major players are eyeing acquisition of smaller players that possess technological innovation but less resource, in order to spur their production capacity and product portfolio.
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|Date:||Sep 4, 2019|
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