LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global artificial grass turf market to grow at a CAGR of more than 13% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global artificial grass turf market for 2017-2021. The report also lists sports, and leisure and landscaping as the two major application segments of which the sports segment accounted for more than 67% of the market share in 2016.
According to Poonam Saini, a lead analyst at Technavio for retail goods and services research, “The growth of the artificial turf market can be attributed to the introduction of innovative products in terms of raw materials, designs, and colors. The low maintenance costs and environmental benefits of these turfs, when compared to natural grass, will lead to increased adoption during the forecast period.”
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Technavio consumer and retail analysts highlight the following three market drivers that are contributing to the growth of the global artificial grass turf market:
- Replacement of natural grass with artificial grass at sports venues
- Cost advantages and eco-friendliness of artificial grass turf
- Advancements in technology
Replacement of natural grass with artificial grass at sports venues
One of the major drivers in the market is the growing adoption of artificial grass turfs in sports venues and complexes. Synthetic grass turfs are designed with a built-in drainage system that allows the water to soak through to the soil underneath. The efficient drainage of water also reduces water logging on the pitch during wet weather conditions.
Manufacturers have been designing artificial grass turfs in accordance with the requirements of specific sports. For instance, FieldTurf offers Hockey Gold and Hockey Speed. With artificial grass turfs being approved for use by sports governing bodies such as FIFA, MLB, UEFA, IRB, PGA Tour, and NFL, the installation of artificial grass is expected to rise significantly over the next five years.
Cost advantages and eco-friendliness of artificial grass turf
Artificial grass does not require mowing, trimming, watering, and pesticides or fertilizers, which ultimately reduces the maintenance and operating costs for users. Though the initial cost of installing artificial grass is approximately double than that of natural grass, consumers can see returns on their investment in the form of low water bills and maintenance costs.
Artificial grass turf also allows for better conservation of water resources. According to the Sacramento Bee, a newspaper published in California, US, an 800-square foot lawn uses 44,000 gallons of water annually. The use of artificial grass turfs will cut this water use significantly.
Advancements in technology
A few players dominate the global artificial grass turf market, therefore, to sustain in the market, it is imperative for manufacturers to concentrate on product development and technological innovation. Offering innovative products will accelerate market growth and generate better results in terms of revenue. Intense competition and high demand for good quality playing surfaces have resulted in the creation of third-generation artificial grass turfs that imitate the look of natural grass.
“By offering innovative products and catering to the needs of different customer groups, manufacturers can charge premium prices for their products. For instance, GreenFields has designed the TenCate Sine, which offers features such as shock absorption and drainage for artificial grass pitches,” says Poonam.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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