The report forecasts the global haying and forage machinery market to grow at a CAGR of 5.1% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A trend which is propelling market growth is the incorporation of precision farming technologies. Precision farming is one of the major trends that drives the need for haying and forage machinery. Precision farming also uses machines with automated steering and advanced technology, which improves profitability and productivity. Fendt allows a single driver to control two tractors, which reduces the wastage of seeds during planting. In 2015, AGCO signed an agreement with Precision Planting to use AGCO's FUSE technology for precision farming. This technology will also provide on-farm data to farmers using digital tools.
According to the report, a key growth driver is the rising demand for high-capacity machinery. Mechanization of farming practices and farm consolidation in emerging economies are increasing the demand for high-capacity haying machinery. High-capacity machinery provides high-quality output with increasing ownership cost, and it has low maintenance. Pull-type forage harvesters are high-capacity machines that provide better sharpening and cutting ability in the terrain. The machine includes a header and cylindrical cutter with a rotating knife. One of the pull-type forage harvesters is Case IH FHX300 with 1,000 rpm driveline, wide header, and heavy-duty components.
What will the market size be in 2020 and what will the growth rate be?
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What is driving this market?
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