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(MoneyNewsWire.Net, May 17, 2018 ) The agricultural sprayers market is estimated to reach USD 1.86 Billion by 2017, and it is projected to reach USD 2.63 Billion by 2022, at a CAGR of 7.12% from 2017. In terms of volume, the market is projected to reach 306.9 thousand units by 2022. The agricultural sprayers market is driven by extensive changes in farming and spraying technologies. Moreover, increasing focus on farm efficiency and productivity, rising production of cereals & grains in Asian countries, and government support towards modern agricultural techniques are some of the major drivers driving the growth of the agricultural sprayers market. The major restraining factor for this market is the high initial investment. The types such as self-propelled and aerial sprayers need high initial investments, efficient farming tools, and skilled & knowledgeable farmers or growers.
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The self-propelled and aerial segments are projected to be the fastest-growing types amongst the agricultural sprayers.
The cereals segment is estimated to dominate the agricultural sprayers amongst the crop types during the forecast period. Cereals is an important segment for the agricultural sprayers market as wheat and corn are grown abundantly in different regions. Corn is the third most widely grown cereal crop in the world, after wheat and rice. Thus, agricultural sprayers experience high demand from cereal producers to increase crop yield.
The trailed segment is estimated to dominate the agricultural sprayers market in terms of value. Although trailed sprayers are more economical for mid-size farms, but self-propelled are rising in popularity. With the objective of growing farm efficiency and rising technological advancements, farmers are re-considering their sprayers choices.
The Asia Pacific region dominated the agricultural sprayers market in 2016 and is projected to grow at the highest CAGR from 2017 to 2022, both in terms of value and volume.
India is projected to be the fastest-growing market in the region. The adoption rate of agricultural equipment in India is developing considerably. It is one of the top producers of cereals such as sorghum and pearl millet. The country ranks second in terms of agricultural production in the world. According to the World Bank, the total agricultural land in India was around 60.4% in 2014. Agriculture contributed to 17.3% of the total GDP of India in 2016.
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High capital investment on modern agricultural equipment such as self-propelled sprayers and aerial sprayers act as a restraint for the agricultural sprayers market. However, the majority of the farmers are marginal farmers or small land holding farmers who find it difficult to invest in expensive equipment. Thus, the small-sized farms and low capital are the restraining factors for the adoption of advanced agricultural sprayers by the farmers.
The agricultural sprayers market is concentrated, with leading companies driving market growth. The report provides qualitative analysis of the prominent market players and their preferred development strategies. Key players such as John Deere (US), CNH Industrial (UK), EXEL Industries (France), Kubota (Japan), AGCO Corporation (US)l, Bucher Industries (Switzerland), Mahindra & Mahindra (India)., and STIHL (Germany) have been profiled in the report. These leading players have adopted various strategies such as expansions, mergers & acquisitions, new product launches, and joint ventures/agreements to explore new and untapped markets, expanding in local areas of emerging markets, and developing a new customer base for long-term client relationships. This has not only enabled the key players to expand their geographical reach but has also reinforced their market position by gaining a larger share in terms of revenue and product portfolios.
Small-scale players have also adopted these strategies to expand their businesses globally by investing in the establishment of manufacturing facilities and technical service centers in various regions. This inorganic growth strategy enables them to improve their technical expertise through intensive R&D infrastructure offered by bigger players.
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