Market Research Analysis Baler Market Analysis, Share and Size, Trends 2023 | Page 2

forecast period, providing numerous opportunities for market players to invest in research and development of the
baler market.
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.
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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.
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.