Baler Market: Introduction
Balers are machines or equipment used in the harvesting of hay and straw. It is a farm machinery that compresses the crops in the fields. These are widely used in recycling facilities and agricultural sector. Balers are available in different shapes, size, and types. Round balers, rectangular balers, square balers and industrial balers are the common types of balers available for farming operations.
Globally, growing initiative toward recycling and the shifting of methods by the farmers from old to newer ones are contributing to the development of baler’s market. The baler market is likely to witness steady growth in the future.
Baler Market: Key Drivers
The expansion of several industries is contributing for the rising demands of agricultural equipments, materials and tools to facilitate agricultural activities. This factor is estimated to boost the market growth of balers.
The farmers are using automated machines and equipments in their operations switching from traditional to modern techniques. The growing use of agriculture equipment by agruculturists is likely to create sustained opportunities for market players during the assessment period. The rising automation in agricultural practices and the increasing global population are driving the market growth in the present scenario.
Baler Market: Key Restraints
High initial and maintenance cost poses a challenge to the growth of baler market as in developing countries like India and China. For many farmers in developing countries, it becomes difficult for the agriculturists to bear such expenses.
Also, the lack of technical knowledge has meant that only a few of the farmers in developing countries are thinking of investing in the equipment. Baler manufacturers will need to provide training and raise awareness so opportunities can be created.
The decline in sales has been further augmented by the COVID-19 crisis. However, as recovery has commenced, it is likely that demand for balers will grow steadily in the future.
Baler Market: Region-Wise Forecast
The demand for agricultural balers is predicted to gain momentum in the upcoming years. Asia Pacific is expected to capture the global market for balers owing to their increasing usage in farming operations in India, Australia and China.
In additon to Asia Pacific, North America is yet another important market for balers. Many farmers in the US and Canada usually invest in new equipment, and it is highly likely that baler market will witness significant growth in North America during the assessment period.
The key players in this baler market are John Deere & Company, McHale Corporation, Vemeer Corporation, Claas, Krone, Minos, Abbriata, Case IH, Massey Ferguson, Kuhn Corporation, New Holland Corporation, Foton Lovol, Shanghai Star Corporation, Hesston Corporation, Yulong Machinery, Shen Yang Fang Ke,Kartar Agro Industries Private Limited, Kubota Corporation etc.
In order to remain competive and mainain the market position, the established as well as new players are concentrating on strategies like investments in research and developments, mergers and acquisitions, product improvements etc. For instance, Kubota Corporation has set up new research and development centre in Georgia.
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