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(IT-NEWSWIRE.COM, July 18, 2017 ) The report "Feeding Systems Market by Offering (Hardware, Software, Service), System Type (Rail Guided System, Conveyor Belt System, Self-Propelled System), Application (Dairy Farm, Poultry Farm, Swine Farm, Equine Farm), Region - Global Forecast to 2023", The feeding systems market is projected to grow from USD 911.6 Million in 2017 to USD 1,474.1 Million by 2023, at a CAGR of 8.34% between 2017 and 2023.
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The rapid growth of the feeding systems market can be attributed to various factors, which include growing number of dairy farms across the globe, continuous technological advancements in the feeding management, along with new product launches, and substantial cost savings associated with livestock feeding management.
The self-propelled system application segment is projected to lead the feeding systems market by 2023.
Among applications, the self-propelled system segment is projected to lead the feeding systems market during the forecast period. A number of factors such as increasing preference of livestock farm owners for automated feeding systems, such as total mixed ration (TMR) feeding and feed wagon, and easy availability of various innovative feeding systems, such as liquid feeding systems and dry feeding systems are expected to drive the growth of this segment during the forecast period.
The hardware offering segment is projected to lead the feeding systems market during the forecast period.
The hardware offering segment is projected to lead the feeding systems market during the forecast period due to increasing use of automated and control devices, and sensing and monitoring devices, such as radio frequency identification (RFID), sensors, and global system positioning (GPS) technologies in the livestock farming. The growth of this segment can also be attributed to the increasing preference of the livestock farm owners towards automated feeding systems, technological advancements in feeding management by the introduction of innovative products by the key players, rising demand for dairy products across the globe, and increasing number of dairy cattle, globally.
The Asia Pacific feeding systems market is expected to grow at the highest CAGR during the forecast period.
The Asia Pacific feeding systems market is expected to grow at the highest CAGR between 2017 and 2023. The increasing adoption of various feeding management technologies and growing number of dairy cattle and poultry in the Asia Pacific countries, especially in India, China, and Japan, among others, are expected to lead to the growth of the Asia Pacific feeding systems market during the forecast period. The Asia Pacific feeding systems market is also expected to grow during the forecast period, owing to the technological advancements in the feeding management and increased awareness among farmers regarding the latest feeding technologies.
The report also profiles the key players, such as DeLaval Holding AB (Sweden), GEA Group AG (Germany), Lely Holding S.A.R.L (Netherlands), Trioliet B.V. (Netherlands), VDL Agrotech (Netherlands), Steinsvik Group AS (Norway), Bauer Technics A.S. (Czech Republic), Agrologic Ltd. (Israel), Pellon Group Oy (Finland), Rovibec Agrisolutions Inc. (Canada), and Cormall AS (Denmark), among others operating in the feeding systems market.
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