According to a new market report published by Industry Probe, the global fertilizer applicator market is expected to expand at a CAGR of 4.1% from 2019 to 2027 and reach US$ 2.79 Bn by 2027 owing to increasing urbanization and mechanization of the agriculture sector.

New York, NY -- (ReleaseWire) -- 03/06/2020 -- According to a new market report published by Industry Probe (www.industryprobe.com) titled 'Fertilizer Applicator Market (Product: Broadcast Fertilizer Applicator and Drop Fertilizer Applicator; Type: Handheld/Push, Pull Type, and Equipment Mounted; Fertilizer: Dry Fertilizer and Liquid Fertilizer; Application: Agricultural, Commercial, and Residential) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027,' the global fertilizer applicator market is expected to expand at a CAGR of 4.1% from 2019 to 2027 and reach US$ 2.79 Bn by 2027.

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The report from Industry Probe states that the demand for sophisticated agricultural equipment has grown significantly in the past few years with the increasing urbanization and mechanization of the agriculture sector. A wide range of fertilizer applicators are available in the market. Broadcast and drop fertilizer applicators are the two main product categories offered in the market. Europe held major share in the global fertilizer applicator market in 2018 followed by North America and Asia Pacific. The Asia Pacific market is predicted to show good growth opportunities for manufacturers of fertilizer applicators during the forecast period. The fertilizer applicator market is experiencing consistent growth due to the increase in investment opportunities and decline in manual labor in agriculture

Fluctuations in Climate Conditions & Decline Arable Land to Boost the Market

The report further attributes the expected growth of the fertilizer applicator market to fluctuations in climate conditions, decline in arable land, and population growth. Farmers in developed regions such as Europe and North America regularly use fertilizers as they help to increase production without adverse impact on soil health. Demand for applicators is rising rapidly owing to rising usage of fertilizers, thus driving the fertilizer applicator market. Rapidly growing agricultural machinery/equipment rental opportunities for farmers who cannot afford to purchase high-tech, high-cost equipment is predicted to drive demand for innovative fertilizer applicators globally. Additionally, the rental framework also allows farmers in developing markets to establish and increase farm mechanization practices to participate more extensively in the global marketplace.

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The report has segmented the global fertilizer applicator market on the basis of product, type, fertilizer, application and region. Based on region, Europe holds major share of the global fertilizer applicator market, followed by North America. In Europe, the agricultural machinery manufacturing sector comprises over 7,100 industrial firms, employing 180,000 people. Over the past few years, the cost of fertilizer applicators have gone up as the Dollar rose against the Euro; despite this fact, fertilizer applicators continue to enjoy stable demand from European farmers. The ongoing economic recovery along with the strong private consumption in Europe is expected to boost the demand for fertilizer applicators in the region.

The fertilizer applicator market is dominated by several players who are focused on the development of new products to cater to the changing consumer preferences.

The report includes the below mentioned pointers of major players operating in the fertilizer applicator market:
? Competition Matrix
? Company Overview
? Product Profiling
? Market Share Analysis (2018)
? Product Comparison Analysis
? Business Strategies / Recent Developments
? Technological advancements
? Key mergers and acquisitions
? Expansion strategies
? Company Financials

Some of the key companies operating in the global fertilizer market are included in this report to give a better competitive analysis of the market and these are AGCO Corporation, Deere & Company, AMAZONEN-WERKE H. Dreyer GmbH & Co. KG, Great Plains Manufacturing, Inc., Salford Group, Inc., New Leader Manufacturing., FAST AG Solutions, Kennco Manufacturing, Inc., Dalton Ag Products, Kongskilde Agriculture, Rolland Trailers, and The Scotts Company LLC.

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