According the latest research from Future Market Insights (FMI), the global sales of fertigation control systems reached ~ US$ 674 million in 2018, and are estimated to record a value Y-o-Y growth of 6.4% in 2019.
The report opines that the global fertigation control system market will continue to experience significant growth underpinned by the increased need to maximize food productivity with optimum resource utilisation. Analysts also expect that the market will spectate massive investments in R&D, as manufacturers are placing their bets on new technologies to align with the emergence of precision agriculture techniques and the concept of ‘smart farming’.
As the war of innovation supremacy continues among the stakeholders, automated fertigation control systems are likely to witness relatively high sales as compared to the manual variants. Moreover, manufacturers are incorporating new web-based technology and IoT in their products that provide farmers with recommendations on plant, soil, and weather conditions to personalize irrigation programs.
FMI study forecasts that the global fertigation control market is set to grow at ~ 8% CAGR during the period, 2019-2029, driven by overarching trends such as organic farming, hydroponics, living walls, and controlled environment agriculture, in addition to world’s rising demand for food to sustain the ever-increasing population.
Manufacturers Foresee Growth Opportunities in Latin America and MEA
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“With ~ 46% share in 2018, Asia will continue to maintain its lead in the fertigation control system market, as the agriculture industry in several countries in the region accounts for large percentage of their GDP,” says the study. However, Middle East & Africa is anticipated to offer lucrative opportunities for the market players, in the view of greater adoption of newer technologies and agricultural equipment to improve their crop production and reduce the dependence on food imports.
While economic conditions and limited access to technological innovations in agriculture sector in Latin America appeared to be insurmountable obstacles, the governments in the region are taking initiatives to invest in advanced agriculture solutions and technologies. The report forecasts the sales of fertigation control systems in MEA will increase ~ 8% y-o-y in 2019, while rising demand from Latin America is likely to result in increased market share.
Market Gains Underpinned by Increasing Greenhouse Projects Worldwide
According to the report, the consumption of fertigation control system in greenhouses continue to account for major share of the manufacturer’s bottom lines.
High-tech innovations in huge climate-controlled environment for crop production and increasing greenhouse projects across the globe, to counteract the challenges in improving food productivity, will complement the rapid adoption of fertigation control systems. In 2018, fertigation control systems worth ~ US$ 247 million were sold for use in open fields (farms), while application in research bodies will increase ~ 6% y-o-y in 2019, according to the FMI’s indications.
Manufacturers are focussed on increasing the production of automated fertigation control systems, considering the increasing need to reduce manpower and time required in agricultural activities in line with a constant challenge boost by the lack of workforce worldwide. Furthermore, dual-channel automated fertigation control systems are likely to witness relatively high sales, owing to economical pricing and specific advantages over single- and multi-channel fertigation control systems.
The automated fertigation control systems accounted for ~70% of the total sales. An embrace of R&D and innovations are forthcoming for ‘solar-powered’ automated fertigation control systems that will work in tandem with growing global efforts to reduce the consumption of limited resources.
For additional insights on the global fertigation control system market, write to the analyst at email@example.com
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.