The first ISOBUS compliant equipment (tractor) was launched in the early 1990s, and since then, there have been significant improvements in the ISOBUS and other agricultural technologies. This standard is still in its growth phase and has a long runway ahead of it. The inter-implement connectivity achieved with ISOBUS equipment has been crucial in deploying digital solutions that will increase field productivity and efficiency.
Read Report Overview: Europe ISOBUS Component Market
Europe ISOBUS Component Industry Overview
The Europe ISOBUS component market is expected to reach $209.29 million by 2026, with a CAGR of 7.36% during the forecast period 2021- 2026. High growth in the market is expected to be driven by the need to resolve the inter-implement incompatibility issues existing between equipment manufactured by different companies. ISOBUS also allows for the inclusion of a virtual terminal (VT), which further allows the operator to control multiple implements simultaneously, manufactured by different companies.
With the increased acceptance of ISOBUS standard in the agricultural equipment industry, synergistic partnerships have increased among the leading agricultural equipment manufacturers. Since ISOBUS component offers the capability of using two agricultural equipment from two different manufacturers; the manufacturers have started developing products with common ports and compatibilities. Thus, ISOBUS agricultural equipment can be connected to equipment from other manufacturers. This saves a farmer from purchasing a completely new agricultural setup upon failure of equipment.
Another reason for the adoption of ISOBUS based equipment by the farmers is the increased productivity and efficiency in agricultural operation displayed by such equipment. To tackle the growing demand for food impacted by the growth in the global population, farmers and producers are enacting digital technologies in agriculture. ISOBUS equipment is being widely adopted as these reduce the chances of human errors and increase efficiency in farming operations. ISOBUS has also been a driver toward the adoption of smart farming practices in the agricultural industry. With the use of ISOBUS equipment, smart farming technologies such as sensors and robotic equipment can be easily deployed, further putting a positive impact on the smart farming industry.
Europe ISOBUS Component Market by Location
France generated the highest revenue of $44.90 million in 2020, attributed to the presence of leading ISOBUS-enabled agricultural implement manufacturers along with continuous government initiatives in the country to promote the deployment of ISOBUS equipment in the field. The country is expected to witness moderate growth of CAGR 7.98% during the forecast period.
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Key questions answered in the Report
- What is the estimated Europe ISOBUS component market size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
- What are the key trends, market drivers, and opportunities in the market pertaining to the Europe ISOBUS component market?
- What are the major restraints inhibiting the growth of the Europe ISOBUS component market?
- What kinds of new strategies are being adopted by the existing market players to expand their market position in the industry?
- What is the competitive strength of the key players in the Europe ISOBUS component market on the basis of analysis of their recent developments, product offerings, and regional presence?
- How is the competitive benchmarking of the key ISOBUS component companies in the agriculture market based on the analysis of their market coverage and market potential?
