- Plant Growth Regulators
Industrial Vegetation Management (IVM) Market size is estimated to be valued at USD 1,446.8 Million in 2021 and is poised to grow at a significant CAGR of 4.4% over 2023-2029. Industrial vegetation management is described as the technique of deliberately encouraging the low-growing vegetation to reduce the growth of undesirable species such as weeds and avoid service interruptions. Electric companies utilize a variety of technologies to regulate or remove vegetation in a safe and ecologically conscientious manner to avoid such outages. The goal of vegetation management is to avoid tree damage while preserving a healthy relationship with the environment. Based on product type, the global industrial vegetation market is segmented into Herbicides, Insecticides, Plant Growth Regulators, and Others. Herbicides segment accounted to have largest share and is projected to grow at a significant CAGR over the forecasting period. Chemical control with herbicides has been an important tool for managing weeds in crops and landscapes for many years. Most of the current herbicides are more effective and selective. Although herbicides are widely used, few people understand how they work to control undesirable plants. Considering these benefits herbicide segment is used widely. The increasing need for industrial vegetation management solely in forestry, electric utility railways, and roadways are major factors that help the market's growth. Furthermore, power utilities, pipelines, and aquatic areas are key drivers boosting the global industrial vegetation management market's growth.
In July 2017 - DBi Services acquired railroad vegetation management specialist reforestation services. The transaction adds to DBi Services existing presence, further increasing its resource capabilities across the United States. In combination to its existing vegetation management and varied service capabilities.
Fastest Growing Market
The market is expected to offer lucrative opportunities due to transmission failure and power outages are most caused by overgrown vegetation. Near electricity lines, tree branches can arc and ignite flames. Trees and vegetation close to residential or commercial properties, power lines, or on land accessible to the public need careful management. To reduce this problem the vegetation management products, have high demand and the growth is expected to be primarily driven by increasing demand and adoption of the category across those few regions including North America, Europe, and APAC. According to the power grid, the vegetation management is frequently the single largest line item in annual operating budgets, exceeding $100 million annually in many larger utilities. Moreover, Asia Pacific is expected to be the fastest expanding region in the market due to the hot, humid climate and an enormous variety of habitats that have given rise to an abundance and diversity of vegetative forms unlike that in any other area of the world.
The industrial vegetation management market is projected to expand at a CAGR of 4.4% during the forecast period
BASF, Nufarm, DuPont, Helena, Monsanto, Dbi services
North America is the fastest-growing region for the industrial vegetation management market