Market Trends of Fertigation and Chemigation Industry
This section covers the major market trends shaping the Fertigation & Chemigation Market according to our research experts:
Increase in Awareness of Drip Irrigation System is Driving the Market
The drip irrigation segment is projected to witness the highest CAGR during the forecast period. Mostly, subsurface drip irrigation systems are used in the countries to augment fodder maize production. This results in enormous financial savings and has led to higher revenues globally in the micro-irrigation systems market. Drip fertigation is widely used in vegetable and fruit plant production in China, yet an efficient, practicable, and cost-effective drip fertigation system is lacking for maize production. However, fertigation in maize is found to increase maize yield, water and nutrient use efficiency, and economic benefit synchronously in sandy soil. Alongside the adoption of irrigation practices, the demand for these fertigation products is anticipated to grow in the forthcoming year.
To reduce the consumption of water and maximize agricultural productivity, the government in developing economies like India, China, and Brazil are trying to introduce different innovations. Irrigated area accounts for nearly 48.8% of agricultural land in India. Department of Agriculture, Cooperation & Farmers' Welfare implemented the Per Drop More Crop Component of the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY-PDMC). The PMKSY- PDMC focuses on enhancing water use efficiency at the farm level through Micro Irrigation viz Drip and Sprinkler Irrigation System. Hence, as farmers are increasingly relying on irrigation techniques, the opportunities for expansion of these fertigation and chemigation products are immense.
Europe Dominates the Fertigation and Chemigation Market
Europe leads the fertigation and chemigation market in terms of revenue as of 2019. The increasing population and their demand for a better quality of crops across the region are driving the market. Fertigation and chemigation facilitate minimal nutrient losses in terms of leaching, high efficiency of nutrient utilization, along with better growth, quality, and yield of crops. Awareness about the benefits of using these techniques is widespread in the European countries, including the United Kingdom, France, Spain, and Germany, as a lot of research work is actively conducted in these countries. The Toro Company, Rivulis Irrigation, Valmont Industries Inc., and Lindsay Corporation are active companies in the region as they are expanding and launching products to enhance their market share in the region.
