Agricultural sprayers: Key market research findings
- Farm consolidation drives market growth
- Fuel-based sprayers account for majority share of the market’s revenue
- Key vendors – include AGCO, STIHL, Deere & Company, and Case IH
Technavio’s market research analysts predict the global agriculture sprayer market to grow at a CAGR of over 5% between 2016 and 2020. The demand for agriculture sprayers in the market can be attributed to the increase in arable land and farm sizes across the globe. The increased farm sizes and enhanced operations spurred by the growing population and subsequent rise in the demand for food is stimulating the need for agricultural equipment with higher capacities. During 2015, Europe dominated the global agriculture sprayer market by accounting for around 34% of the market share. The expanding farm sizes and increase in demand for replacement are some of the factors that will fuel growth in the agriculture sprayer market in Europe during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the agriculture sprayer segments based on types.
“The demand for production capacity is increasing directly with the rise in farm consolidation. Farms are seeking sprayers with higher capacities as they help save the time spent on refilling the tanks. Majority of the demand for agricultural sprayers come from North America and Western Europe. The increasing demand for higher capacity is prompting vendors in the market to focus on obtaining larger and faster equipment,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
The fuel-based agriculture sprayer segment was the dominant shareholder in the global market for agricultural sprayers by occupying over 55% of the total market space. Fuel-based agriculture sprayers are highly efficient, have a high capacity, and involve low overall manufacturing costs. The high adoption rate of fuel-based agricultural sprayers can attributed to their low price and availability in the market.
The key vendors in the global agricultural sprayers market include AGCO, STIHL, Deere & Company, and Case IH. The global agriculture sprayer market is highly concentrated due to the presence of numerous international and regional vendors. The providers in the market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion. The increasing level of competition in this market will compel vendors to reduce their product prices, which in turn will have an adverse effect on their profit margins and growth potential.
A more detailed analysis is available in the Technavio report, Global Agriculture Sprayer Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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