The Agriculture Industry is Changing Thanks to Technological Advancements and Major Spending

Mar 10, 17 The Agriculture Industry is Changing Thanks to Technological Advancements and Major Spending

Agriculture has been around for longer than just about every other major industry. Although some things never change in farming and agriculture production, thanks to some highly advanced technological inventions (and billions of dollars of global spending), the agriculture industry can expect to see a lot of major changes in the near future.

Some pieces of equipment, like the full-circle hammer mill, can handle 15% higher capacity and produce a 20% coarser grind compared to half-circle hammers. That’s just one common piece of farming equipment improved by modern technology. Although these types of tools are still necessary, the industry could soon see some of their equipment go digital.

“The Common Agricultural Policy (CAP), working in synergy with other EU policies and funds, is prioritizing innovation and digitisation in agriculture as never before,” said Phil Hogan, EU Commissioner for Agriculture and Rural Development. “This is essential not only to keep our farmers competitive and profitable but also to protect our precious environment and contribute to EU climate targets and sustainable development goals.”

According to a Euractiv Agriculture 4.0 policy paper, the digitalisation on its way will assist farmers and agricultural producers who are stuck in old ways of only using conventional and mechanical pieces of equipment. And with better tools, farmers worldwide will be able to increase output while decreasing labor.

The United Nations states that the demand for more technologically advanced agricultural equipment is driven by the increase in global population, as more than 9.7 billion are expected to walk the earth by 2050.

Perhaps that’s why the global farm equipment market is actually projected to grow at a compound annual growth rate of nearly 10.2% over the next decade.

The global farm equipment market is expected to reach $368 billion by 2025.

Market officials also attribute the rising growth to the increase in public spending, the rising adoption of precision farming techniques, and favorable government policies on farming machinery.

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