According to the recently released report by Bekryl, Global In-furrow Equipment Market is estimated to be valued at US$ 811.4 million in 2022 and is expected to register above 6.0% CAGR during the forecast period. Demand for in-furrow equipment is increasing owing to due to factors such as inclusion of innovative and advanced technologies in the planting and sowing segment, and support from governments in developing countries, in the form of subsidies, low rates, etc., for adopting farm mechanization.
Excerpts from the report states that North America in-furrow equipment market is estimated to dominate the global revenue in 2022. The market in the region accounted for above 45% share in 2021. However, the region will lose basis points to Asia Pacific and Latin America. This signifies increasing product penetration in developing economies. India in-furrow equipment market is estimated to be valued at US$ 158.1 Mn in 2022. Increasing adoption of new farming techniques and government support is expected to support growth of the market in the near future.
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Few key trends from in-furrow equipment market:
Trend#1: Companies focus on developing and designing equipment that are economical and multi-utility products considering large prevalence of marginal holdings worldwide
Key players focus on introducing new products through launches in order to broaden their solution offerings and cater to wider set of audiences and their requirements.
- In August 2021, AGCO Corporation announced the launch of its Massey Ferguson VE Series Planters. The VE Series is available in a variety of row-unit and spacing combinations, including six, eight, 12, 16, 23, 24 and 36 rows and spacings of 15, 20, 22, 30, 36, 38 and 40 inches.
Trend#2: By 2030, 49.7% of Total In-furrow Equipment Sales Will Primarily Orient Toward Corn Crops
As of 2022, over 1/2 of global in-furrow equipment sales occurred primarily for corn crop type. Due to dominance share of corn among other crops, key players focus on adopting and introducing new in-furrow solutions into the market. For instance; In February 2021, the Kinze Manufacturing Inc. expanded its True Speed high-speed planting technology to five more planter configurations. Kinze’s 4905 True Speed planter will be launched with 16- and 24-row models, providing corn and soybean farmers with seed placement at speeds from 3 to 12 miles per hour.
Trend#3: IoT & AI Enabled Equipment
AI technology is being used in order to develop machines or systems that can act and respond as humans do. Algorithms that are programmed based on historical and real-time data can aid smart or precision farming on field. Several farming processes can be enabled with AI that can improve accuracy and productivity.
To purchase the report or know more about the industry, visit: https://bekryl.com/industry-trends/in-furrow-equipment-market-size-analysis
The top nine in-furrow equipment manufacturers are:
- John Deere Company
- AGCO Corporation
- Buhler Industries, Inc.
- Kinze Manufacturing Inc.
- Case IH Agricultural Equipment Inc.
- Bourgault Industries Ltd.
- Seed Hawk Inc.
- SeedMaster Manufacturing Inc.
- Morris Industries Ltd.
About Bekryl
Bekryl Market Analysts is a global market research and consulting service firm that helps industry stakeholders to take smarter decisions and achieve remarkable growth in today’s disruptive business environment. We bring together data, leader’s opinion and analytical service to help client define their growth strategy ranging from mergers and acquisitions based strategic decisions to finding market opportunity in business verticals namely chemicals, food & beverages, automotive, electronics and industrial production.
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