Press release
Fertilizer Applicator Market Report 2024: Innovative Solutions Driving Global Agricultural Efficiency
Fertilizer Applicator Market Report
The new report published by The Business Research Company, titled Fertilizer Applicator Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the fertilizer applicators market size has grown strongly in recent years. It will grow from $2.10 billion in 2023 to $2.25 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The fertilizer applicators market size is expected to see strong growth in the next few years. It will grow to $2.99 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
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What Is Driving The Growth Of The Global Fertilizer Applicator Market?
Increasing Crop Production Is Fueling Expansion In Fertilizer Applicator Technologies
The increasing demand for crop production is expected to propel the growth of the fertilizer applicator market going forward. Crop production refers to the process of cultivating plants for food, fiber, fuel, and other agricultural products. The demand for crop production is increasing due to population growth, higher food consumption, and the need for sustainable resources. Fertilizer applicators aid crop production by accurately delivering nutrients to plants, enhancing growth and yield. For instance, in October 2022, according to the Department for Environment, Food, and Rural Affairs, a UK-based government agency, in 2022, total crop output increased by $2.60 billion (£2.4 billion), 22% from 2021, reaching $14.43 billion (£13.3 billion). This increase was driven by a 50% increase in the value of wheat. Therefore, the increasing demand for crop production is driving the fertilizer applicators market.
What Is The Key Trend In The Global Fertilizer Applicator Market?
Innovation In Farming With Autonomous Spreaders
Major companies operating in the fertilizer applicators market are developing advanced autonomous spreaders, which offer increased efficiency, precision, and flexibility for farmers. An autonomous spreader is a driverless fertilizer application machine that operates in the field without an operator, using advanced guidance, control, and perception technologies to optimize efficiency, precision, and productivity. For instance, in September 2022, Case IH, a US-based agriculture company, and Raven Industries, a US-based agriculture products company, launched Case IH Trident 5550. It is a high-performance combination autonomous applicator that allows for driverless operation, leveraging various technologies, including guidance and steering, propulsion control, and sophisticated perception and path planning software. The key features include planning and executing field operations from a mobile device, using a 360-degree sensing system with cameras and radar to detect obstacles and ensure safe operation. The system's artificial intelligence processes real-time data, enabling remote monitoring and control of various machine functions such as fuel levels, speed, and diagnostics, enhancing productivity and addressing labor challenges in agriculture.
How Is The Global Fertilizer Applicator Market Segmented?
The fertilizer applicator market covered in this report is segmented -
1) By Type: Mounted, Trailed, Self-Propelled
2) By Product: Broadcast Spreaders, Drop Spreaders, Other Products
3) By Application: Farm, Garden Landscape, Other Applications
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How Is The Competitive Landscape Of The Global Fertilizer Applicator Market?
Major companies operating in the fertilizer applicator market are Deere and Company, CNH Industrial N.V., Kubota, Mahindra & Mahindra, AGCO Corporation, Kuhn Group, Stara S/A, Great Plains Manufacturing AG, Kverneland Group, Bourgault Industries Ltd., Hardi International, Salford Group, Teagle Machinery Ltd., Maquinaria Agrícola Solà, RAUCH Landmaschinenfabrik GmbH, Frans Vervaet BV, Thurston Manufacturing Co, Pequea Machine Inc, Sulky Burel, Mayfield Enterprises, Fertec
Contents Of The Global Fertilizer Applicator Market
1. Executive Summary
2. Fertilizer Applicator Market Report Structure
3. Fertilizer Applicator Market Trends And Strategies
4. Fertilizer Applicator Market - Macro Economic Scenario
5. Fertilizer Applicator Market Size And Growth
…..
27. Fertilizer Applicator Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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