6 February 2019: 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.
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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.
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.
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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