Fact.MR, a market research and competitive intelligence provider, has conducted a comprehensive analysis on the agricultural sprayers market, which is expected to progress at a CAGR of 6% over the forecast period (2021 to 2031), and reach a valuation of US$ 3.2 Billion by 2031.
Agriculture has always been a risky business, and farmers all over the world have been affected by economic downturns and environmental changes. However, farmers have experienced numerous benefits from the newest technological versions of agricultural sprayers, including lower cost, improved spray efficiency, increased safety, and fewer crop and environmental harm. As a result, demand for agricultural sprayers in the global market is increasing.
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Technological transformations and digitization of the agriculture industry, along with demand for new tools and production methods, will remain key to the demand growth of agricultural sprayers. Shift in end-user preferences for modern farming techniques and equipment has led to an upsurge in the sales of next-generation agricultural machinery, in turn, influencing the growth of the agricultural sprayers market.
Key Takeaways from Market Study
- Global agricultural sprayers market to top US$ 3.2 Bn by 2031.
- Handheld agricultural sprayers projected to reach around US$ 400 Mn by 2031.
- Self-propelled agricultural sprayers projected to record above 7% CAGR over the next 10 years.
- Market in APEJ holds share of more than 40%.
- Market in Japan to record 4% CAGR over forecast period of 2021- 2031.
“Rising adoption of precision farming techniques and various technologies such as drones and self-driving sprayers is creating significant and appealing potential for agriculture sprayer suppliers to flourish,” says a Fact.MR analyst.
Leading manufacturers of agricultural sprayers are adopting cognitive technologies to meet growing end-user requirements for more efficient, productive, and precise agricultural machines.
Partnerships, joint ventures, and other strategies raise the market share of companies by expanding their reach and presence.
- In November 2019, K-Line Ag, an Australian implement maker, was acquired by CNH Industrial America LLC. This acquisition has aided the company in providing high-quality agricultural products to its clients as well as expanding its agriculture-related product portfolio, resulting in increased revenue.