With the global population expected to reach 9.7 billion by 2050, agriculture is facing pressure to increase production by 70% to meet nutritional demands while maintaining the planet's health. Fortunately, modern farming technology has enabled farmers to meet these demands sustainably. Precision farming has emerged as a response, utilizing advanced technologies like robots, GPS, and sensors to optimize farming operations, leading to increased accuracy in planting, fertilization, irrigation, and reduced waste. These technological advancements have also increased profitability, efficiency, safety, and environmental sustainability.
Adopting advanced technologies like telematics systems and GPS in farm tractors is expected to drive growth in the global agriculture and farm machinery market.
MARKET OPPORTUNITY
The global agriculture and farm machinery market is expected to reach $342.8 billion by 2027, with a CAGR of 8.8% during 2020-2027, according to a report by Coherent Market Insights. The introduction of innovative technologies provides promising growth prospects. Manufacturers are incorporating advanced technologies such as loT, big data, artificial intelligence, and machine learning to automate tractors and harvesters. GPS technology further enhances the performance of these machines, reducing the likelihood of errors. By leveraging these opportunities, market players can gain a competitive advantage and minimize human error, improving productivity and profitability.
THE COST FACTOR
Mechanization can have a significant impact by reducing labour costs, increasing productivity, and improving efficiency. While mechanization requires a degree of capital investment, the long-term benefits often outweigh these costs.
This story is from the May 2023 edition of Manufacturing Today.
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This story is from the May 2023 edition of Manufacturing Today.
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