The Plows Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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https://www.thebusinessresearchcompany.com/report/plows-global-market-report
According to The Business Research Company’s Plows Global Market Report 2024, The plows market size has grown strongly in recent years. It will grow from $0.99 billion in 2023 to $1.07 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to agricultural expansion and mechanization, population growth and food demand, shift towards commercial farming, government support and agricultural policies, weather and seasonal variability.
The plows market size is expected to see strong growth in the next few years. It will grow to $1.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to growing precision agriculture practices, sustainable and conservation farming, growing farm mechanization in emerging markets, focus on soil health and crop yields, climate change adaptation. Major trends in the forecast period include advanced materials, remote monitoring and control, increased connectivity, precision snow removal technology, subscription-based models.
The expected rise in population that drives demand for agricultural products contributed to the growth of the plows market. According to the United Nations Organization, the worldwide population is expected to reach 9.7 billion by 2050 from 7.7 billion in 2020. With the population growth, consumption of foods will increase and boost the demand for the agriculture sector and agricultural products such as plows. The population growth in the next 30 years is expected to drive the growth of the plows market during the forecast period.
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The plows market covered in this report is segmented –
1) By Product Type: Reversible Plow, Disc Plow, Ridge Plow, Chisel Plow, Moldboard Plow
2) By Technology: Classic Plows, Modern Plows
3) By Application: Large Farm, Private Farm
Major companies operating in the plow market are introducing new ploughs, such as the Servo T 6000 that offer hitched up to 500hp tractors. Servo T 6000 is an advanced plough equipped with a revamped main beam section and a new Nova stone protection system for optimized reliability. For instance, in November 2021, Pottinger, an Austria-based company that manufacturer specializing in agricultural machinery, launched Servo T 6000. It offers variants with furrows ranging from six to nine and includes features like hydraulic stone protection with an adjustable triggering pressure of up to 2,200kg. The design ensures continuous ploughing, offers choices in point-to-point spacing, and underframe clearance, and has an optional active traction control system for enhanced weight transfer from the plough to the tractor. This plough is specifically designed to be hitched to tractors boasting up to 500hp.
The plows market report table of contents includes:
1. Executive Summary
2.Plows Market Characteristics
3.Plows Market Trends And Strategies
4.Plows Market analysis
5.Plows Market Size And Growth
6.Plows Segmentation
7.Plows Regional And Country Analysis
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27.Plows Competitive Landscape And Company Profiles
28. Plows Key Mergers And Acquisitions
29.Plows Future Outlook and Potential Analysis
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