machinery at a lower cost, and employment has fallen at an estimated average annual rate of 3.1% from 2012 to 2015. Furthermore, substantial technological innovation is poised to significantly alter the farms of the future. John Deere’s JD link system, for example, offers real-time machine location, usage tracking and analytics. In the future, GPS tracking and automation systems may eliminate the need for heavy equip- ment operators all together, allowing crops to be harvested automatically by unmanned machinery. Still, such develop- ments are many years from market deployment.
The Future of Agriculture Machinery In the three years to 2018, price trends for agricultural machinery will continue to move in line with growing demand trends and the increasing price of steel. Additionally, IBIS- World forecasts that improving revenue performance in key agricultural crops will lead to marginal growth in agricultural equipment prices from 2015 to 2018. Technological improve- ments in agricultural machinery will continue to increase
productivity per worker, but the overall trend does not signifi- cantly threaten employment numbers in the near future.
Looking Forward
Although falling prices and declining revenue have plagued the agricultural and mining sectors in the three years to 2015, the global outlook for mining commodities and key crop markets is generally positive. Recovering revenue in both sectors is forecast to increase demand for heavy equip- ment and raise machinery prices. In the three years to 2018, IBISWorld forecasts steel prices to rise at an average annual rate of 6.1%, thereby increasing production costs for manu- facturers and pressuring them to pass costs on to buyers in the form of higher prices.
Agiimaa Kruchkin and Kevin Young are business research analysts for IBISWorld’s Procurement division. They special- ize in research regarding price trends, major suppliers, supply chain risk and more.
15,000 WAYS TO SECURE PRODUCTIVITY Comprehensive clamping and gripping solutions
For more than 100 years, we have run the gamut on powerful and precise clamping and gripping solutions that help manufacturers secure their productivity and profitability. From chucks and live centers to vises and tool clamping systems, our complete product line backed by superior service and support will help you maximize your holding power.
RÖHM Products of America |
www.rohm-products.com | offi
ce@rohm-products.com I 1-800-445-7646 October 2015 |
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