Skilled Labor Diverting Traffic towards Agricultural Machinery Market
Agricultural Machinery Market : By automation (Fully-automatic, semi-automatic, manual); By Type of material ( Structured steel, alloyed steel , cast materials, light alloy, wearing materials, structured material, aluminum, iron, glass, others); By Type (Tractor, soil cultivation, planting, irrigation, fertilization, harvesting, hay making, loader, agriculture robots, others); By Geography - Forecast(2018-2023).”
As per the market outlook was foreseen by a recent IndustryARC business intelligence report, the agricultural machinery market is not solely dependent on the agricultural industry. Some of the other factors indirectly but positively influencing the market are agriculture finance and agriculture insurance initiated by The World Bank. Such institutions are enabling private sector financial services for larger agriculture investments and agriculture-related infrastructure funding to feed an estimated 9 billion mouths by 2050.
Agricultural Machinery Market (2018 - 2023)”
Global Agricultural Market- Disruptive Trends:
- The World Bank Group is a leading financier of agriculture, with US$ 6.8 billion in new IBRD/IDA commitments in 2018. This body provides low-interest loans, zero to low-interest credits, and grants to developing countries for agricultural as well as other purposes. Such financial aids have diverted the farmers from traditional time consuming, labor investing farming techniques to affording efficient machinery to meet the abundant demand from F&B industry.
- Various countries to meet the unforeseen demand from the F&B beverages industry has come up with machinery institutes and e-farming portals to hike their rate of agricultural production. The agenda is to skill the agronomic man force for the utility of equipment which will automatically consequence in efficient production. A sheer example from the often recalled as the land of agriculture, India, is the Central Farm Machinery Training & Testing Institute, Budni (M.P.), founded with an objective to educate farmers the integration of equipment in crop production, and its handling, transportation, processing, and preservation. Such endeavors are determined to stroke the market with abundant demand as the requirement for any machinery is directly proportional to the size of the skilled worker force in that sector.
- Other prominent factors equipped with tendency to support the agriculture machinery market for exponential growth are rise in research and development by various economies sponsored by various organizations such as The World Bank Group, rise in disposable income of the urban population creating demand for higher quality agricultural products, and reduction in global farmland, which require advanced farming equipment to meet copious loads of vigorous production.