DUBLIN, June 29, 2021 /PRNewswire/ — The “Global ISOBUS Component Market: Focus on Product, Application, and Country Analysis – Analysis and Forecast, 2020-2026” report has been added to ResearchAndMarkets.com’s offering.
The global ISOBUS component market is expected to reach $976.71 million by 2026, with a CAGR of 8.91% 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.
How This Report Can Add Value
Market by Product, Analysis, and Forecast – The segment gives a brief overview of the product portfolio of different companies and the market presence of different products existing in the market. For instance, in June 2020, Farmers Edge launched FarmCommand, a universal terminal that would assist growers, equipment dealers, and retail service providers to lower costs, reduce risks, and gain efficiencies in farming operations. With the FarmCommand universal terminal, the tractor cabin would remain free from clutter, and the terminal could be seamlessly connected to all ISOBUS enabled monitors.
Market by Application, Analysis, and Forecast – The segment gives a brief overview of the market status of different applications of the product and key players offering products in those applications. Tractors are one of the major application areas for the ISOBUS standard. This is because the tractor is the primary equipment in the field, and other implements such as sprayers and harvesters are connected with a tractor and then used in the field. Companies such as CNH Industrial offer several products in this category.
ISOBUS Component Market Lifecycle
ISOBUS, or ISO 11783, is a software standard defined by the International Organization of Standardization. The standard is the basis of the embedded software designed to achieve interoperability of data transfer and communication between the different agricultural implements such as sensors, actuators, control units, cloud servers, and display units, whether mounted or part of the tractor.
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.
Impact of COVID-19 on ISOBUS Component Market
The supply chain of the majority of the industries across the globe got impacted due to COVID-19, including the agriculture equipment industry. A significant impact was witnessed on the global ISOBUS component market as manufacturing industries were closed down as a part of government measures to prevent the spread of the virus.
ISOBUS Component Market (by Application)
This segment emphasizes the growth that each application area holds for the product during the forecast period. The application segment is categorized into Tractors, Planting and Seeding, Harvesting, and Others. For instance, tractors are one of the major application areas for the ISOBUS standard and are expected to remain the same by 2026.
This is because the tractor is the primary equipment in the field, and other implements, such as sprayers and harvester, are connected with a tractor and then used in the field. With ISOBUS compliance, any ISOBUS tractor can be connected with any other ISOBUS implement and used in the field.
ISOBUS Component Market (by Product)
The segment gives a brief overview of the product portfolio of different companies and the market presence of different products existing in the market. The product segment is categorized under hardware and software. The electronic control unit (ECU) component witnessed high demand as compared to other components as all key applications of ISOBUS in the agricultural industry (such as harvesters and tractors) use ISOBUS-enabled ECUs for their functioning.
For instance, in June 2020, Farmers Edge launched FarmCommand, a universal terminal that would assist growers, equipment dealers, and retail service providers to lower costs, reduce risks, and gain efficiencies in farming operations. With the FarmCommand universal terminal, the tractor cabin would remain free from clutter, and the terminal could be seamlessly connected to all ISOBUS enabled monitors.
ISOBUS Component Market (by Region)
The ISOBUS component market is segmented into regions including North America, South America, Europe, China, U.K., Middle East and Africa, and Asia-Pacific. North America generated the highest revenue of $130.47 million in 2020, attributed to the presence of leading ISOBUS-enabled agricultural implement manufacturers along with continuous government initiatives in the region to promote the deployment of ISOBUS equipment in the field.
France is one of Europe’s biggest agricultural producers, accounting for about 30% of Europe’s agricultural production. As a result, it gets enormous subsidies for agriculture, including animal farming, from the government. France has proved to be a major market for ISOBUS in the world, with the government in the country working for the growth of the agricultural industry. Also, the presence of agricultural implement manufacturers in the country helps the farmers choose the correct implement for their needs.
- Application – Tractor, Planter and Seeder, Harvester, and Others
- Product – Hardware (Electronic Control Unit, Universal Terminal, Cables and Connectors, Others) and Software (Virtual Terminal, Task Controller, Mobile Application, and Others)
- Region – North America, South America, Europe, China, U.K., Middle East and Africa, and Asia-Pacific
- North America – U.S., Canada, and Mexico
- South America – Brazil, Argentina, and Rest-of-South America
- Europe – Germany, France, Italy, Spain, and Rest-of-Europe
- Middle East and Africa – Middle East and Africa
- Asia-Pacific – Japan, Australia, India, South Korea, and Rest-of-Asia-Pacific
Market Growth Drivers
- Need for Standardized Communication between Agricultural Equipment
- Increase in Synergistic Partnerships between Agricultural Equipment Manufacturers
- Need for Increased Production to Cater to the Growing Population
- Incompatibility Issues between Different Devices
- High Initial Investment for Complete ISOBUS System
- Increased Emphasis on Smart Farming
- Increased Emphasis on Sustainable Development
- AMAZONEN-WERKE H. DREYER SE & Co. KG
- Anedo GmbH
- CLAAS KGaA mbH
- CNH Industrial N.V.
- Deere & Company
- Hexagon Agriculture
- Krone NA, Inc.
- Kuhn Group
- Kverneland Group
- LEMKEN GmbH & Co. KG
- Massey Ferguson
- POTTINGER Landtechnik GmbH
For more information about this report visit https://www.researchandmarkets.com/r/ruylvt
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets