DUBAI, UAE / ACCESSWIRE / August 20, 2020 / A new market study by Future Market Insights (FMI), forecasted that the compost turning machine market is set to expand at a moderate CAGR of 3.6% between 2018 and 2028.
The study revealed that a growing emphasis on waste management and soil quality management is playing a major growth attribute to the growth of the market. Likewise, the adoption of compost turning machines has substantially increased over the years across construction, agriculture, and manufacturing sectors. This is expected to further fuel the demand for these machines.
Along similar lines, rising concerns pertaining to the fertility of soil, increasing focus, the introduction of awareness programs, and the implementation of stringent regulations regarding soil health are positively influencing the market growth. For instance, the United Nations declared 2015 as the 'International Year of Soil'. Such initiatives will continue to boost the adoption of compost turning machines.
"Agriculture segment is likely to channel the majority of revenue to the market, and market players are focusing on developing agriculture-specific products to leverage the growing demand", says FMI analyst.
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Compost Turning Machine Market - Key Takeaways
- The global compost turning machine market is expected to surpass the global valuation of US$ 150 by the end of 2028.
- Rising awareness regarding waste management and soil health management is expected to act as major growth attributes to the market.
- Agriculture sector is forecasted to remain the most lucrative end-use segment to compost turning machines
- Drum type compost turning machine is expected to remain the most sought product owing to early penetration and high preference.
- Elevating face compost turning machines are gaining prominence among end-users owing to the integration of advanced technology and will account for 1/3rd of market share by the end of the forecast period.
Compost Turning Machine Market - Key Trends
- Growing number collaborations between government organizations and private companies to ensure proper sanitation and waste management is expected to emerge as a crucial trend to drive the growth of the market.
- Increasing focus on awareness programs pertaining to the management of e-waste is in turn, positively influencing demand for the machines.
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Compost Turning Machine Market - Regional Analysis
- North America and Europe are expected to cumulatively account for the majority of market share owing to the presence of commercialized agriculture industry in these regions.
- Emerging economies in Asia, China, and Japan are expected to grow 1.4x in volume on the back of surging adoption of biogas generated from compost.
- Other nations in Asia Pacific, such as India and Australia are expected to register healthy growth ascribed to supportive government initiatives.
Compost Turning Machine Market - Competitive Landscape
Some of the key players operating in the market include Terex Corporation, Vermeer Corporation, Eaggersman AG, Scarab International, Midwest Bio-Systems, Inc., Brown Bear Corporation, EarthSaver Equipment Inc., Komptech Group, and Frontier Industrial Corporation, among others. Market players are focusing on launching new products to stay ahead of their contemporaries.
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Compost Turning Machine Market - Taxonomy
Type:
- Drum Compost Turning Machine
- Elevating Face Compost Turning Machine
Application:
- Construction Industry
- Agriculture Industry
- Manufacturing Industry
Region:
North America
- U.S
- Canada
Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Europe
- EU-5
- BENELUX
- Russia
- Poland
- Rest of Europe
South Asia
- India
- Pakistan
- Sri Lanka
East Asia
- China
- Japan
- South Korea
Oceania
- Australia
- New Zealand
Middle East & Africa
- GCC
- Turkey
- South Africa
- Rest of MEA
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Get Valuable Insights into the Compost Turning Machine Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global compost turning machine market, presenting historical demand data (2013-2017) and forecast statistics for the period from 2018-2028. The study divulges compelling insights on the compost turning machine market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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SOURCE: Future Market Insights