21 Jun 2019 - The Global Baler Market is subject to witness a substantial growth due to the
increasing demand from agriculture sector to carry out large-scale livestock
feedlot operations. The balers are required to perform large-scale livestock
feedlot operations involving large amount of feeds rationed every hour. Growing
product awareness among farmers and shifting trend towards stationery wire
tying balers are expected to fuel the market demand for balers in the upcoming
years.
Presence
of number of tier-1 manufacturers in the North America and European region is
anticipated to boost the growth of balers market in the near future. Globally,
the baler market is predicted to grow at higher CAGR over the forecast period,
providing numerous opportunities for market players to invest in research and
development of the baler market.
Increasing
demand of balers from agriculture sector to carry out day-to-day operations is
predicted to stimulate market growth in the upcoming years. Additionally,
rising adoption of balers in industrial and manufacturing sector is driving
market demand for balers, in the recent years. Application involving balers
include product recycling operations of plastic, metals, and paper for
transportation. Factors such as better efficiency, cost-effectiveness and
portability of balers are expected to foster market growth over the forecast
period. While, in agriculture industry, balers are used to perform time
consuming and heavy lifting operations.
Market Segment:
Key Applications
•
Agriculture
•
Forestry
Key Types
•
Round Baler
•
Square Baler
Key Regions
•
North America
•
Europe
•
Asia Pacific
•
Middle East and Africa
•
South America
Key Vendors
•
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The
recent technological advancement in the agriculture sector coupled with
development of the novel products such as two-ram baler, single-ram baler and
closed-door baler are estimated to drive market growth exponentially over the
forecast period. Various agriculture applications of the baler include, storage
operations, pick-up operations, handling operations and more.
Early
adoption of balers to perform farm operation saves time and provide required
level of efficiency. These factors are predicted to stimulate market
performance of balers in the upcoming years. Increasing demand from developed
economies and developing economies across the globe couple with robust
agricultural growth are prominent factors for sustained market for balers in
the recent years.
Increasing
investment by industry players for research & development of balers to gain
competitive advantage over their counterparts has led development of innovating
products, thus propelling market growth in the last few years. Numerous
initiatives and programs undertaken by the government authorities and private
bodies to promote adoption of advanced farming techniques are expected to offer
lucrative market growth for industry players.
Other
factors such as increase in the number of service facilities and training units
provided by manufacturers and presence of large number of
distributors/franchisees or direct sales channel in the target regions are
projected to foster market growth over the forecast period. The balers market
is broadly categorized into four major types based on the product type such as
smaller square or rectangular baler, small round baler, large square baler and
large round baler. The small round baler is considered as one of the fastest
growing segment in the baler market with substantial revenue generation in the
last couple of years.
The
baler market is divided by region as North America, Europe, Asia-Pacific, Latin
America and Africa. North America has shown major growth in recent years owing
to the rise in the implementation of latest technologies in the agriculture sector,
increase in the approval rate by farmers on individual as well as commercial
level, and existence of well-established infrastructure in the region.
Asia-Pacific
region is predicted to hold major market share in the baler market with massive
growth in forecast period. Countries such as India, China, Japan and Singapore
are leading the Asia-Pacific market with increasing awareness about farm
equipment, rising agriculture infrastructure, strong economic growth, growing
high sales volume demand, and significant investment by leading industry
players considering potential growth opportunities in the region. The key
players in the baler market are Deere & Company Co., CASE Construction
Equipment, Inc., Caterpillar Inc., Kuhn S.A., AGCO Co., Vermeer Co., Claas KGaA
mbH, and Krone UK Ltd.
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