Forecast: Power of Agricultural Machinery of State Farms in China

The power of agricultural machinery of state farms in China has demonstrated steady growth over the past decade. From 2013 to 2023, it increased from 262.1 hundred million watts to 348.3 hundred million watts. Over the past two years, the year-on-year variation in 2022 was 2.68%, and in 2023 it was 2.54%. Analyzing the last five years, the compound annual growth rate (CAGR) averages at approximately 2.61%, indicating a deceleration in growth as compared to the early half of the past decade.

Looking forward, forecast data suggest continued growth albeit at a slower rate; the forecast CAGR for the upcoming five years is 1.7%, with an anticipated growth rate of 8.79% by 2028. This indicates a consistent, though decelerated, increase in power capacity, reflecting the maturation of the market.

Future trends to watch for include advancements in precision agriculture technologies, increasing adoption of automated and smart machinery, and potential government policies aimed at boosting agricultural productivity and sustainability. These factors could influence the growth trajectories and the efficiency of agricultural machinery on state farms in China.

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