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NFC Chip Market Size is Estimated to Surpass US$ 7.6 Billion Rise at 15% CAGR by 2033

NFC chip

NFC Chip Market Size is Estimated to Surpass US$ 7.6 Billion Rise at 15% CAGR by 2033

The global NFC chip market is valued at US$ 1.9 billion in 2023 and is predicted to progress at a CAGR of 15% from 2023 to 2033.

One of the key drivers of the near field communication (NFC) chip market is the increasing adoption of mobile payments across the world. Many people are now using their smartphones to make payments, and NFC technology is a key enabler of this trend. NFC-enabled smartphones can be used to make payments at point-of-sale terminals that support contactless payments, which is more convenient and secure than using cash or traditional payment methods.

Get to Know More: https://bit.ly/41Xp6Tr

Another factor boosting the sales of NFC chips is the development of the Internet of Things (IoT). NFC technology is being used in a wide range of IoT applications, from smart homes to connected cars. NFC-enabled devices can be used to exchange data and enable secure communication between devices, which is essential for many IoT applications.

Sales of NFC chips are experiencing tremendous growth, with increasing demand from various industries, including healthcare, retail, transportation, and finance. The healthcare industry is significantly using NFC technology for patient monitoring and remote healthcare services, while retailers are using it to improve the customer experience by offering several mobile payment options and personalized promotions.

Key Takeaways from Market Study

  • The global NFC chip market is expected to reach US$ 7.6 billion by 2033.
  • The United States market for NFC chips is expanding rapidly due to the presence of key market players.
  • NFC technology is widely used in the healthcare sector in Germany.
  • China is the leading market in Asia Pacific due to its increasing use in the banking sector.

“Popularity of wireless charging and NFC-enabled vehicle diagnostic systems are fuelling NFC chip sales,” says a Fact.MR analyst.

Recent Market Developments

  • STMicroelectronics introduced an affordable NFC Type 2 Tag IC with privacy features and enhanced NFC data exchange format (NDEF) in November 2021. For high-volume utilisation cases such as customer engagement, product information, and brand protection, the solution offers a balance of cost and functionality.
  • In May 2019, NXP Semiconductors and Identive, a leader in digital security and identity for the Internet of Things, developed an ultra-cheap RFID inlay.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global NFC chip market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).

The study divulges essential insights on the market based on product type (auxiliary, non-auxiliary), storage capacity (up to 64 bytes, 65 to 168 bytes, 169 to 180 bytes, 181 to 540 bytes, above 540 bytes), application (smartphones, laptops & notebooks, smart cards, televisions, point-of-sale systems, medical devices, vehicles, smart wearables), and end-use industry (automotive & transportation, consumer electronics, retail, BFSI, healthcare, building & infrastructure, media & entertainment), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

supply chain disruption nearshoring

The Automotive Supply Chain: How Nearshoring can Fit into Cost-Saving Strategies

The automotive industry struggled to meet demand during the pandemic as global supply chain congestion and parts shortages left lots empty. Dealers and manufacturers are now rebounding to meet pent-up demand and drive sales after a tough 2022. In fact, S&P Global Mobility expects new vehicle sales globally to reach nearly 83.6 million units in 2023, a 5.6% increase from last year. 

Economic challenges could impact this growth, but as automakers are bouncing back, now is a good time to take a holistic look at supply chain strategies to help reduce costs, emissions, and delays. 

Reflecting on the past few years, the auto industry is a great example of why supply chains must regularly be optimized in a holistic way. The supply chain strategies that worked well in 2020 may not be reliable in 2023. As market conditions and geopolitical factors evolve, companies must reassess their transportation and customs processes to be effective. Automakers are doing this now and finding success with certain strategies – like nearshoring.

Hedging against volatility

Nearshoring, reshoring, or friend-shoring is the process of relocating manufacturing operations closer to the final destination of the product. The strategy gained popularity when U.S.-China tariffs were established and made it increasingly difficult and expensive to import from specific regions. 

Now, global shipping and political volatility is prompting many automakers to leverage this strategy to diversify their supply chain and reduce risk. To name a few, Volkswagen announced it’s establishing an EV plant in Canada and Tesla and BMW are establishing or growing plants in Mexico.

The idea of nearshoring is daunting and complex. For companies looking to assess whether it’s right for their operations, they should start by looking into their sourcing analysis report. Digging into this can help them understand sourcing shifts, trade agreements that vary by region, or other location factors that could impact the total landed cost of goods. Using a supply chain technology partner can help with developing this type of report. 

Moving manufacturing operations doesn’t automatically lower shipping costs. Because of the complex global shipping environment and the state of supply chain infrastructure in any country, ground transportation can be equally as expensive as shipping containers across the ocean. Due to the complex ocean shipping environment this Spring, a truckload from Mexico to the U.S. could be more expensive than a container shipped from China. For many automakers, having fewer delays is worth a lot of money. 

Understanding the overall cost of nearshoring requires a holistic look at the entire supply chain so the decision can be made with all variables considered.  

Other things to consider

Of course, nearshoring alone isn’t the only way to save costs and manage risk in the supply chain. An updated customs audit can ensure that duties are only being paid on required products. Working with a trade expert when nearshoring can help assess if agreements such as USMCA have created any additional cost-saving opportunities to consider. Moving to Mexico, for example, allows qualifying products to be transported duty-free under USMCA.

Demurrage and detention costs rose dramatically for global shippers over the Covid-19 pandemic, so it’s important to factor those in when considering nearshoring. Among top automakers, it wasn’t uncommon to exceed logistics budgets by up to 200% due to high fuel costs, shipping rates and dwell times. Managing container prioritization and consolidation offerings for truckload and ocean can both minimize delays and storage costs. So, while it may be more expensive to ship via truck instead of ocean container to the U.S., factoring in demurrage and detention costs may show that shifting some of your freight to utilize truckload can lead to cost savings. Overall, being flexible with modes and a mix of contractual and spot pricing can help amid market uncertainty. 

Agility is still key

The events of the last few years have demonstrated the importance of an agile supply chain. The automakers that want to keep up with growing demand will need to use strategies that allow them to quickly adjust to market conditions. Nearshoring can help reduce costs and delivery risks, but no single manufacturing location or shipping mode can protect against disruption. Working with supply chain partners can help with understanding the varying risks, costs, and opportunities that come with shipping in the post-pandemic global environment.

 

Gebrüder weiss

Gebrüder Weiss USA: New Air & Sea Office Opened in Miami

Gebrüder Weiss is further expanding its presence in the USA, opening an air and sea freight office in Miami, Florida. Miami primarily handles imports from Asia for onward transport to South and Central America, as there are only a few direct routes from Asia. The new location is situated in the immediate vicinity of the international airport, one of the country’s busiest cargo handling facilities. The company currently employs six people in Miami. Headed by Marcin Gonzalez, the location is set to keep growing and become a gateway for transports to the Latin American markets.

Since the country organization was founded in 2017, Gebrüder Weiss has continuously expanded its network of locations and services in the USA. Today, in addition to air and sea freight services, the logistics provider also offers its customers national and international full load services, heavy transports and specific logistics solutions, with the portfolio ranging from goods warehousing and local distribution to e-commerce solutions.

Gebrüder Weiss operates a total of five warehouse locations in the USA and employs 130 people in Atlanta, Boston, Chicago, Dallas, El Paso, Los Angeles, New York, San Francisco – and now also in Miami.

 About Gebrüder Weiss

Gebrüder Weiss Holding AG, based in Lauterach, Austria, is a globally operative full-service logistics provider with about 8,400 employees at 180 company-owned locations. In the last fiscal year (2022), it posted annual sales of 3 billion euros. Its portfolio encompasses transport and logistics solutions, digital services, and supply chain management. The twin strengths of digital and physical competence enable Gebrüder Weiss to respond swiftly and flexibly to customers’ needs. The family-run organization – with a history going back more than half a millennium – has implemented a wide variety of environmental, economic, and social initiatives. Today, it is also considered a pioneer in sustainable business practices. www.gw-world.com

face mask

Protective Face Mask Market To Hit US$ 25.78 Billion By 2032

As per Fact.MR, a provider of market research and competitive intelligence, the global market in protective face masks is USD 10.79 Billion in 2022. The market is anticipated to grow with a CAGR of 9.1% in the forecast period. The market is estimated to surpass a value of USD 25.78 Billion by end of 2032.

The rising awareness regarding the health and safety of employees working in the manufacturing industry has increased and many protective measures are being adopted. Rising concerns regarding proper protective equipment such as protective face masks for workers in several industries such as chemical, pharmaceutical, mining, agriculture, and construction, are expected to create growth opportunities for the market.

The high cost of face masks, as well as the lack of awareness regarding the usage of face masks in undeveloped economies, are factors expected to hamper the growth of the market. These masks are majorly demanded in chemical and mining industries owing to the high need for protection.

These masks are beneficial in protecting wearers’ faces and avoiding contaminated minerals and biological items which otherwise may enter the body. The recent pandemic of Covid-19 has generated significant awareness about these masks and expected to remain in demand for the forecast period.

Regional Outlook

North America & Europe are expected to be the leading regional markets for face masks during the forecast period. Emerging economies such as India and China in the Asia Pacific are expected to witness significant growth due to the increasing usage of protective face masks in the chemical & healthcare industries. Brazil is likely to be a possible large market for face masks in upcoming years owing to high disposable income in this region.

Asia Pacific market is expected to grow rapidly as the adoption of these masks has increased owing to rising pollution. The countries like India and China are major marketplaces for these masks. Asia Pacific is one of the dominant regions for hospitals as these regions are highly populated and owe major demand for hospital supply and lucrative opportunities for manufacturers.

Competitive Landscape

The industry has intensified competition as there are many competitors in the market. These companies are consistently investing in product research and technological upgradation in order to speed up production and save labor costs. Innovation, collaboration, and expansion are key tactics used by these firms to maintain a market edge over other firms.

Manufacturers have focused on technological innovation and trying to meet local and international standards in mask formation. The major players in this market benefitted from the development of automotive parts owing to cost-effectiveness. These firms are enhancing precision levels with the adoption of needed technology and it is expected to increase the commercialization of these tools in the forecast period.

Damotech warehouse security soundproofing

CILTSA Leads the Discussions on Warehouse Automation at its Free-to-Attend Conference

The Chartered Institute of Logistics and Transport: South Africa (CILTSA) is gearing up to host an informative and insightful warehousing conference. Themed ‘Warehouse Automation: The benefits and risks’, this hybrid event takes place on 23 May at The Garden Venue in North Riding, Johannesburg and online.

The program includes talks on:

  • ‘Warehouse automation: the benefits and risks’ by Martin Bailey FCILT, Chairman of Industrial Logistic Systems
  • ‘How to optimize digital transformation in your warehouse’ by Munya Huvsu, CEO – ISB Optimus
  • ‘The current challenges preventing warehousing automation and how to overcome them’ by Gerhard van Zyl – Group Operations Director: AsimoTech
  • Safety and compliance in the modern warehouse, transport and logistics environment by Annah Ngxeketo – Founder and CEO: Mamoja Projects

Warehouse automation aims to automate repetitive and tedious manual tasks in warehousing operations, making manual work less labor-intensive, whilst reducing labor costs. It also increases productivity, accuracy and safety levels.

While the possibilities of warehouse automation are varied and exciting, investing means making difficult choices and taking high risks. “Implementing automation technologies in a logistics network is costly and time-consuming, with hundreds of possibilities, from the most basic to the most innovative. It is a long-term investment: experts are quick to cite the benefits of warehouse automation, but it is also vital to understand and assess the risks”.

CILTSA’s conference is being hosted in collaboration with the Transport Forum. The event sponsors are Acrow, Fumani Holdings, ISB Optimus, Mamoja Trading and Projects, Toyota Material Handling and Tendai Mhlanga Photography. Event supporters include CILTSA interest group Women in Logistics and Transport: South Africa (WiLATSA), the African Women in Supply Chain Association and Sincpoint.

To sign up for this free-to-attend event in person, register at https://www.transportsig.com/component/dtregister/23-may-2023-737/register?Itemid=99999  If you wish to attend online, click on https://us02web.zoom.us/meeting/register/tZMlc–gqz4sEtdBC20H9ItPB_NGnjhIo92o

About CILTSA

The Chartered Institute of Logistics and Transport supports the professionals who plan the systems, bring in the raw materials, manage the movement of people and goods, who ensure safety standards, maintain mobility, and keep the economy working.

We are the leading professional body for everyone who works in supply chain, logistics and transport. We are a global family, representing professionals at all levels across all sectors, with a mission to give individuals and organizations access to the tools, the knowledge and connections vital to success in the logistics and transport industry.

Founded in 1919 with a mission to improve industry practices and nurture talent, our Institute supports over 35,000 members in 35 countries. Through our educational suite, our strong community and our commitment to high standards, we help professionals at all levels to develop their careers and access better jobs.

transformer market

Transformers Market Size to Reach USD 93 Bn by 2030

As per a recent industry report put forward by Global Market Insights, Inc. Transformers Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 93 billion by 2032 with a projected CAGR of 7.1% over 2023-2032.

The market growth is driven by the proliferation of advanced transformer technology and the ongoing expansion of the grid infrastructure across the globe.

Recently, industry players in the transformer market have been making significant investments towards infrastructural advancements, which has positively boosted the market growth.

In fact, back in August 2022, Siemens Energy, the German energy giant, announced plans to deliver the first batch of $64 million mega transformers in Nigeria commissioned by the Federal Government under the PPI or Presidential Power Initiative by September 2022. To increase and stabilize the nation’s electrical supply, the first phase will include 10 mobile power sub-stations as well as 10 mega transformers.

The transformer market has been segmented in terms of core, product, winding, cooling, insulation, rating, mounting, application, and region.

Based on product, the sector has been divided into distribution transformer and power transformer. The distribution transformation segment is set to witness a propelling market growth through the forthcoming years owing to the growing concerns about energy security and exponentially escalating energy use in underdeveloped economies.

Also, rapid grid infrastructure growth and accelerated growth in the renewable energy sector created a favorable environment for business expansion.

With respect to cooling, the transformer market has been segmented into dry type and oil immersed. The dry-type segment is anticipated to record a yearly installation of nearly 8 million through 2030 due to the significant attributes of dry-type transformers such as competitive cost structure as well as operational safety.

However, the devices have yet to establish a sustained market share in high-voltage electrical applications, considering their enormous industrial growth potential.

Based on insulation, the industry has been categorized in terms of air, gas, oil, and solid. The air & gas insulated power transformers is slated to grow at a significant rate over the review timeline because of the increasing market penetration due to their reliable and safe operations as well as adaptable product applications.

In terms of application, the transformer industry has been bifurcated into residential, commercial & industrial, and utility. The commercial & residential segment is projected to grow at a sturdy rate through the forecast years credited to the increasing focus on the incorporation of wide-ranging frequency distribution links, combined with rising energy-efficiency concerns. The growing need for ultra-high voltage networks will further fuel product demand.

From the regional front, the Middle East & Africa transformer market is set to register considerable market valuation owing to the lack of grid infrastructure across all the nations and rising power consumption.

The industry outlook will be driven by rising private support from financial organizations like the IFC, the World Bank, and the Asian Development Bank for electrification throughout the area.

management

Which is the Best Logistics Management Software in the USA? 

Any business that deals with the transportation and distribution of commodities must have effective logistics management. Businesses are now using the best logistics management software in the USA to streamline their operations as the need for quick and efficient delivery grows. But choosing the logistics software solution that is the greatest fit for your company can be difficult given the wide range of solutions that are now available in the market. 

For companies that are involved in shipping, transportation, and supply chain management, logistics management software is a crucial tool. This tool will help to make the goods and services available for consumption at the earliest. The rise in demand for B2C delivery, same-day delivery, and next-day delivery has caused businesses to rethink their business strategies. This is where the use of the best logistics management solutions in the USA can be used to resolve logistics hassles.

We’ll look at some of the best logistics management software available in the USA in this blog and how they solve common business use cases.

The most widely used search terms when looking for the best logistics management software in the USA include:

  • Transportation management software
  • Inventory management software
  • Warehouse management software
  • Supply chain management software
  • Logistics software solutions
  • Order management software
  • Freight management software
  • Shipping software
  • E-commerce logistics software
  • Cloud-based logistics software

Which is the best logistics management software in the USA for business development?

Due to the complexity of logistics operations, it’s important that the software solution is user-friendly and can solve problems related to supply chain visibility, fleet efficiency, demand forecasting, and supply chain analytics.

LogiNext Solutions 

LogiNext Solutions is one of the best cloud-based logistics management software that is designed to help businesses of all sizes optimize their logistics operations. The platform gives companies real-time access to their orders, enabling them to monitor their progress and spot any possible supply chain problems. The program also offers carrier integration, and top-rated optimization algorithms (driven by AI and ML) that can assist companies in lowering transportation costs and delivery times. The user-friendly interface of LogiNext Solutions is another important benefit, making it simple for organizations to start using the program from day 1 and optimize operations based on custom reports.

Oracle Transportation Management (OTM)

Oracle Transportation Management is a popular logistics management software that is designed to help businesses streamline their transportation operations. Planning, execution, and monitoring are just a few of the services that the software offers to address every facet of logistics management. One of OTM’s key benefits is its capacity to optimize shipping routes, which lowers transportation costs and improves delivery times. Additionally, the platform offers real-time insight into shipping progress, enabling them to swiftly detect and resolve any potential problems in the supply chain.

SAP Transportation Management (SAP TM)

Another top-rated logistics management software that is commonly used in the USA is SAP Transportation Management. Businesses can use the software to manage their whole supply chain, including carrier selection, freight planning, and optimization. One of SAP TM’s important strengths is its capacity to interact with other SAP systems, enabling an information flow that is seamless between multiple departments. Businesses can use the software’s comprehensive analytics and reporting features to get insights into their logistics operations and pinpoint areas for development.

Finally, deciding on the best logistics management software in the USA for your company might be difficult. As more firms sell products online and require sophisticated shipping and fulfillment processes, there is a growing demand for software solutions that may assist them in managing their e-commerce logistics operations. On the other hand, businesses can discover the best fit for their needs by analyzing the software’s functionality, integration possibilities, and user-friendliness. Whether your company is small or large, there is a logistics management software system in the USA that can help you optimize your operations and cut operations costs.

Summary: This blog will help you find the answer to the best logistics management software in the USA. It entails the key features each of the providers offers to ensure hassle-free supply chain operations.

Author Bio

Matt Murdock works for a leading SAAS-based platform called LogiNext Solutions. Where he helps businesses optimize their logistics operations and improve their delivery performance. With a passion for innovation and technology, Matt is always looking for new ways to streamline logistics processes and enhance customer experiences. In his free time, he enjoys writing blogs based on his experience in the logistics industry. Happy reading!

 

procurement logistics trax

Trax Provides Next-Level Transportation Cost and Emissions Optimization Strategy

Trax Named a Representative Vendor in Gartner 2023 Freight Audit and Payment Market Guide.

Global leader in Transportation Spend Management (TSM) solutions, Trax Technologies, has been recognized again in the Gartner® report, “Market Guide for Freight Audit and Payment Providers” as a representative vendor. Freight Audit and Payment (FAP) is a fast-growing industry backed by increasing demand for credible data insights for cost optimization.

According to the report, “Lack of freight spend visibility combined with increasing globalization are increasing complexity and making it more difficult to have a holistic view of transportation costs. Finally, shippers are starting to look to their technology and service providers for resources and information to support sustainability commitments.”

As a global provider, Trax is highlighted as a vendor that is using complex data to empower shippers’ sustainability impacts measurement in addition to traditional FAP functions, including invoice collection, auditing, and transportation invoice payments across multiple modes and regions.

The report, written by Gartner analysts Brock Johns, Brian Whitlock, and Brian Day, notes that:

  • Though foundational FAP services have not changed much throughout the last 10 years, vendors now provide customers with needed freight spend data and industry counsel for informed decision-making.
  • Shippers should outsource FAP processes after thorough analysis of vendor capabilities due to notable cost savings and potential for automated optimization processes.
  • Global shippers need FAP providers with global capabilities to improve functionality and business processes.

For additional insights, get the complete report, compliments of Trax here.

Trax’s Carbon Emissions Manager provides supply chain leaders with a credible emissions monitoring system in advance of  the anticipated new U.S. Securities and Exchange Commission (SEC) climate disclosure rules for reporting on scope 1, 2 and 3 emissions. Company leaders are expected to be required to have an emissions monitoring system in place by January 2024 to have reporting data available for the SEC by 2025.

farmers global equipment

Global Farm Equipment Market is Expected to Reach US$ 90 Billion by 2028

What is farm equipment or agricultural machinery?

Agriculture machinery or farm equipment refers to mechanical devices and structures used in agriculture or other farming activities. Various types of this equipment range from hand tools and power tools to tractors and the many countless farm equipment that can be used to tow or operate. A variety of different equipment is utilized in organic and non-organic farming.

A breakdown of the types of farm equipment can be found below;

  • Mowers
  • Backhoe
  • Harrow
  • Cultivator
  • Rake
  • Tractor
  • Combine Harvester
  • Sprayers
  • Chain Saw
  • Brush Cutters and others

Top 5 farm equipment

 

  1. Tractor: The tractor is a staple all over the world in farming. It is available in a variety of sizes to suit any farming venture. The main purpose of the tractor is to pull agricultural equipment, but modern tractor models can be fitted with different attachments to meet all kinds of farming needs. Because of this, tractors are a common purchase for large and small-scale farmers alike.
  2. Combine Harvester: Grain farmers require combines, also known as harvesters or combine harvesters that help to harvest their crops efficiently. Even small-scale grain farmers can benefit greatly by using a combination. These massive pieces of machinery use a complex system of gears, blades, belts, and wheels to turn cereal crops into grain.
  3. Harrow: When plowing the soil for cultivation, harrowing stirs it up in preparation for agriculture. The attachments break down soil clumps, bring the soil level, and distribute weed and crop leftovers to make it easier for the new plants to get root and develop. Harrows are also used to distribute fertilizer and manure since they can break up clumps and distribute nutrients more effectively.
  4. Mowers: Mowers are essential to every large piece of land; however, tractor owners can profit from attachments for mowers. Several mowers satisfy the needs of farms, including grass management and harvesting. The exact kind of mower you need will depend on your property and your needs, as you might require several attachments to cover various areas of your property.
  5. Cultivators: Cultivators are utilized to cultivate the soil, particularly for controlling weeds. They are employed for low tilling and are commonly used in smaller farming operations.

What is the market size of agriculture and farm machinery?


The global agricultural and farm equipment market is expected to reach a valuation of US$ 90 billion by 2028 and is expected to grow at a significant CAGR of 5.2% over the forecast period of 2022-2028, according to a recent report by RationalStat. This growth is attributed to various factors such as the increasing demand for food due to the growing population, the need for higher efficiency and productivity in agriculture, and the adoption of advanced technologies in farming practices.

Factors Driving the Growth of the Global Farm Equipment Market

The global farm equipment market is being driven by various factors such as: 

  • Increasing Demand for Food Due to Growing Population

As per the United Nations, the global population is expected to reach 9.7 billion by 2050, which will require a 70% increase in food production. Therefore, there is a significant need for modern and efficient farm equipment to meet the increasing food demand.

  • Need for Higher Efficiency and Productivity in Agriculture

With the advancement of technology, farmers are increasingly adopting precision farming techniques that require advanced equipment to optimize production and reduce wastage. Precision agriculture involves using data-driven techniques and IoT-based devices to monitor crops, soil health, and weather conditions. This allows farmers to optimize their use of resources such as water, fertilizers, and pesticides, resulting in increased efficiency and productivity.

  • Adoption of Advanced Technologies in Farming Practices

The adoption of advanced technologies in farming practices is also contributing to the growth of the global farm equipment market. Technological advancements such as the use of drones, artificial intelligence, and robotics in farming practices are increasing efficiency, reducing labor costs, and improving crop yields.

  • Precision Farming Techniques and IoT-Based Devices

Precision farming techniques and IoT-based devices are playing a significant role in the growth of the global farm equipment market. These technologies allow farmers to monitor crop growth and health, predict weather conditions, and optimize resource usage to increase efficiency and productivity.

  • Government Initiatives and Policies to Promote Agriculture

Globally governments are implementing schemes such as subsidies, loans, and insurance policies to support farmers and promote the use of advanced farm equipment. For instance, the Indian government’s Pradhan Mantri Fasal Bima Yojana provides crop insurance to farmers and encourages the use of modern farm equipment to increase productivity.

Regional Analysis of the Global Farm Equipment Market


The Asia Pacific region is expected to dominate the global farm equipment market due to the significant adoption of advanced farming technologies, increasing population, and rising demand for food. Asia Pacific agricultural machinery market grows with a significant CAGR of 7.6% during the forecast period due to the increasing government subsidies, India is one of the major markets within the Asia Pacific region that is growing the fastest. 

Since agriculture is responsible for an essential portion of the nation’s GDP, the government is investing an enormous amount of effort into improving the efficiency of agriculture with various programs. Additionally, North America and Europe are also significant markets due to the presence of large agricultural industries in these regions.

Impact of COVID-19 on the Global Farm Equipment Market


The COVID-19 pandemic has had little or no impact on the global farm equipment market. While the pandemic initially disrupted supply chains and led to a slowdown in the manufacturing of farm equipment, the industry has since rebounded due to several factors. 

However, on the other hand, the pandemic highlighted the importance of agriculture and the need for modern and efficient farming techniques. As a result, governments globally implemented various measures to support the agricultural industry, including providing subsidies and promoting the adoption of advanced farming technologies. This led to an increase in demand for farm equipment, particularly for precision farming techniques and IoT-based devices.

Furthermore, the pandemic led to a surge in demand for locally sourced food, resulting in an increase in small-scale farming activities. This, in turn, led to an increase in demand for small-scale farming equipment, such as tractors and tillers. For instance, the total tractor sales reached over 800,000 in 2020, representing an increase of nearly 11% from 2019. 

Conclusion and Future Outlook for the Industry

The global farm equipment market is expected to witness significant growth in the coming years, driven by the increasing demand for food, the adoption of advanced farming technologies, and government initiatives to promote agriculture. The industry players are continuously investing in research and development to develop innovative and advanced farm equipment to meet the evolving needs of farmers globally. The market is expected to continue to grow, with significant opportunities for new entrants in the industry.

Author’s Bio

Ujjwal is the Director and Founder of RationalStat LLC, a leading global market research & procurement intelligence firm with 10+ years of industry expertise. Ujjwal Parwal is an experienced market research consultant. He helps growth-driven organizations and entrepreneurs understand market entry prospects, and industry assessment, and grow their revenue strategically. He is a skilled market researcher with a demonstrated record of working in the Chemicals & Materials, Automobile, Industrial Automation, Packaging, Green Energy, Pulp & Paper, ICT, Oil & Gas, and Food & Beverages industries. He has helped start-ups to understand market entry prospects and industry assessment.

iot software

6 Reasons to Connect the IoT to Electro-Hydraulic Systems

Electro-hydraulic systems are common in fleets across several industries, from construction to warehousing. However, they can also be more challenging to manage than some equipment, so businesses should optimize them wherever possible. That means capitalizing on electro-hydraulic automation technologies like the Internet of Things (IoT).

Like any new technology, IoT systems often incur high upfront costs and may require adjustment to get used to. Despite those challenges, the benefits of IoT connectivity far outweigh the potential obstacles. Businesses that can learn what these advantages are and apply them effectively can see considerable operational improvements as a result. 

Here’s what companies should know and the benefits they can reap from implementing IoT in electro-hydraulic systems.

Increased Uptime

Predictive maintenance is one of the most popular use cases for industrial IoT systems and an important part of electro-hydraulic automation. This practice uses IoT-connected sensors to monitor performance factors like hydraulic pressure, fluid viscosity or temperatures to determine when a machine needs repair. The sensors then alert employees when it’s time to maintain the equipment.

These real-time alerts enable faster responses to emerging maintenance concerns, enabling more effective fixes. As a result, companies can achieve previously unattainable levels of equipment uptime. Machine availability can increase by as much as 20%, and maintenance planning time can fall by 50%.

Even a modest improvement in uptime can translate into hours more of availability per year. That extra time gives companies more value from their electro-hydraulic systems, driving higher productivity and profits.

Lower Maintenance Costs

Fleets that implement predictive maintenance programs can enjoy benefits beyond uptime improvements. The most significant of these is a reduction in repair-related costs. U.S. companies spend $50 million annually on maintenance and repairs, so savings in this area can substantially impact the bottom line.

Using real-time IoT data to drive maintenance programs instead of running equipment to failure means companies can fix issues while they’re small. Electro-hydraulic repairs can quickly get expensive and complex, so preventing larger breakdowns like this is essential. Fleets will also raise operating margins by minimizing downtime.

The IoT also provides savings over conventional preventive maintenance. Because IoT-driven approaches are needs-based, they prevent unnecessary repairs and related downtime. As a result, they’re more cost-effective than reactive and standard, schedule-based repair methods.

Remote Accessibility

Electro-hydraulic automation in maintenance is not the only benefit of IoT connectivity. Connecting this equipment to IoT systems also makes them remotely accessible, so routine operations are much more convenient.

Some IoT setups let workers check on connected equipment from their phones. Managers could look at operational data or check maintenance logs without being physically near the machine in question. That leaves more time in the workday to focus on value-adding tasks.

Businesses can also use the IoT to control electro-hydraulic systems remotely. In some setups, that means letting employees make smaller adjustments for improved accuracy and performance, even from a distance. That level of control without the need to be close to the machine can significantly streamline operations and boost output quality.

Improved Safety

Being able to control electro-hydraulic systems remotely also makes operations safer. IoT technologies play a critical role in safety in several industries, and this accessibility is a key reason why. Workers who don’t have to be close to heavy equipment and hydraulic pinch points can use this machinery without worrying about its physical hazards.

Using the IoT for predictive maintenance will further improve equipment safety. These IoT-driven repairs will minimize the chances of an unexpected breakdown, preventing accidents that could endanger machine operators or nearby workers.

IoT sensors on electro-hydraulic systems can also communicate with other nearby sensors to avoid collisions. Machines that detect they’re getting too close to each other can alert workers or automatically shut off to prevent accidents. This electro-hydraulic automation will ensure even a lack of employee awareness won’t jeopardize workplace safety.

Machine-to-Machine Communication

This machine-to-machine communication has implications outside of safety. IoT sensors in electro-hydraulic equipment can send more than location data to other machinery. They can transfer a wide range of workflow data back and forth, letting every machine adjust to changing conditions in the equipment around it.

This communication helps businesses overcome one of automation’s biggest obstacles — a lack of flexibility. In a conventional setup, automated electro-hydraulic equipment couldn’t handle an error or disruption in an earlier part of the workflow. That’s because robotics operate on the assumption that factors remain consistent. IoT connectivity can alert these systems about incoming changes, letting them adjust ahead of time to stop small mistakes from causing significant issues.

Automated systems that can adapt like this are a safer investment. As a result, the IoT can make electro-hydraulic automation more practical and cost-effective for a wider range of businesses.

Long-Term Process Improvements

Fleets that implement IoT systems in their electro-hydraulic equipment to experience these other benefits will also unlock longer-term possibilities. IoT sensors provide hard data on the processes they monitor, and businesses can use it to learn where and how to improve.

Studies show that companies with mature data practices experience two and a half times better business outcomes than those without. That’s because having more information to base decisions on provides crucial context, informing more effective decision-making.

IoT data can show which electro-hydraulic systems require the most maintenance, suggesting what machines to replace and when to do so. Alternatively, it could show where this equipment is most and least effective, informing better usage practices. Companies that review and adapt to this information will become increasingly productive and cost-efficient over time.

IoT Connectivity Expands Electro-Hydraulic Automation

Electro-hydraulic automation is an important part of many operations, and IoT systems can take it further. Businesses that connect this equipment to the IoT can use it more safely, efficiently and in a wider range of applications.

Achieving these benefits starts with learning what this technology has to offer. Getting familiar with the IoT and its potential applications today can equip companies for a more tech-driven tomorrow. Capitalizing on that promise ensures businesses surge ahead of their less tech-friendly competitors.