Meticulous Research®—a leading global market research company, published a research report titled, ‘Irrigation Equipment Market by Type (Drip Irrigation, Sprinkler Irrigation, Pivot Irrigation), Product (Drip Emitter/Drippers, Tubing, Irrigation Valve, Filters, Sprinklers, Controllers), Application (Agricultural, Non-agricultural)—Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the global irrigation equipment market is slated to register a CAGR of 9.7% from 2022–2029 to reach $10.01 billion by 2029. The growth of the irrigation equipment market is driven by factors such as progressive government initiatives promoting water conservation, rising demand for irrigation equipment in lawns and gardens, and the growing adoption of modern agriculture techniques. However, the high cost of installation and declining farm income are expected to restrain the growth of this market to some extent.
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The irrigation equipment market is segmented by type (drip irrigation, sprinkler irrigation, pivot irrigation, furrow irrigation systems, and terraced irrigation), product (drip emitter/drippers, tubing, irrigation valve, filters, sprinklers, controllers, and others), application (agricultural {open-field agriculture [cereals & grains, oilseeds & pulses, fruits & vegetables, other crops], closed-field agriculture} and non-agricultural {golf and sports ground, residential, commercial, other non-agricultural applications), and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on type, in 2022, the drip irrigation segment is expected to account for the largest share of the global irrigation equipment market. The large market share of this segment is attributed to its rising innovation & automation in drip irrigation systems, adoption of new agriculture technologies, and low cost and water consumption ability.
Based on product, in 2022, the tubing segment is expected to account for the largest share of the global irrigation equipment market. The large market share of this segment is attributed to its easy installation and low cost. Also, the increasing adoption of drip tapes and lines made using recycled materials is expected to drive the demand for this segment.
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Based on application, the non-agricultural segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to factors such as the growing demand for improved sports grounds, rising use of irrigation systems for indoor and outdoor landscapes, and increasing implementation of irrigation systems by commercial property management companies, educational institutes, and public sector buildings and public offices management companies to keep a check on water consumption.
Based on geography, in 2022, North America is expected to account for the largest share of the irrigation equipment market. The large market share of this region is attributed to the high presence of key irrigation equipment manufacturers, well-established economies, and increased investment in research & development of irrigation equipment. Moreover, the availability of loans and subsidies propels the demand for irrigation equipment in the region. However, Asia-Pacific is slated to register the highest CAGR during the forecast period.
Key Players
The global irrigation equipment market is characterized by a moderately competitive scenario due to many large and small-sized global, regional, and local players. The key players operating in the global irrigation equipment market are Netafim Ltd. (Israel), Nelson Irrigation Corporation (U.S.), Jain Irrigation Systems Ltd. (India), T-L Irrigation Company (U.S.), Valmont Industries, Inc. (U.S.), Lindsay Corporation (U.S.), Rivulis Irrigation Ltd. (Israel), The Toro Company (U.S.), Rain Bird Corporation (U.S.), and Galcon (Israel).
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Key Questions Answered in the Report-
- What is the current value of revenue generated by the global irrigation equipment market?
- At what rate is the global irrigation equipment demand projected to grow for the next 5–7 years?
- What are the historical market sizes and growth rates of the global irrigation equipment market?
- What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing players and new entrants in the market?
- What are the impacts of the COVID-19 pandemic on the global irrigation equipment market?
- Which segments in terms of type, product, and application create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the irrigation equipment market?
- Who are the major players in the global irrigation equipment market? What are their specific product offerings in this market?
- What are the recent strategic developments in the global irrigation equipment market? What are the impacts of these strategic developments on the market?
Author:
Mr. Khushal Bombe
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