The agricultural industry is one of the most globally-universal, ever-expanding industries out there. Every nation’s need for food, as well as for agriculturally-based products (including pharmaceuticals and energy), means that the industry is necessary and always growing.
As a result, according to the research firm MarketLine, the global agricultural machinery industry was worth more than $56 billion in 2010, and is expected to reach about $81 billion by 2015.
Some of the many reasons behind the projected growth include advances in developing countries, increasing populations (meaning increasing demands), improved standards of living in certain areas of the world, and technological advances in the machinery itself. So as demands and innovation increase, so too will this market.
According to MarketLine’s research, farm tractors are the leading type of machinery responsible for growth in this area. Everything from more advanced GPS systems to the technology specific to the tractors themselves is playing a role in higher demand and higher value. Other equipment that factors into this industry segment includes plowing and cultivation machinery. In all areas, better innovation and technology contribute to greater efficiency, higher production, cost savings, and better time management—factors that will positively impact the agricultural industry as a whole.
While the US and Canada, following by Europe and areas of Latin America, produce the most high- and medium-powered machinery, it seems Asia is showing a significant amount of growth, and countries such as Brazil and Russia and catching up. All over the world, as changes and advances take place, the agricultural machinery industry will continue to see the effects.
With all of this growth and demand, there are surely opportunities out there for many, and it will be interesting and exciting to see what comes from it all.