7 Aug 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.
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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.
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.
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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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