Mechanized
Irrigation Systems Market Gears Up for Significant Growth by 2032
The
mechanized irrigation systems market is poised for substantial expansion, with
a projected valuation of USD 34.12 billion by 2032. This signifies a
significant leap from its 2022 value of USD 8.5 billion, reflecting a
compelling compound annual growth rate (CAGR) of 16.70% during the forecast
period (2023-2032). Several key factors are propelling this market growth:
Mechanized
irrigation has been gaining widespread adoption, especially in economies where
agriculture sector impacts the economic development. Low agricultural yield can
severely impact the bottom line of various economies and stagger economic
growth, owing to which mechanized irrigation is gaining traction. The scarcity
of water is a significant factor influencing the market growth positively.
Sprinklers and other mechanized irrigation systems help reduce water usage and
energy costs in water-scarce regions and agriculture-based countries. Use of
smart mechanized irrigation systems results in increased crop yield and
improved crop quality which is boosting the growth of the market. Global
climate change and adverse climatic conditions have encouraged farmers across
the globe to adopt mechanized irrigation system which is driving the growth of
the global mechanized irrigation market. Developing countries are the
frontrunners in the adoption of mechanized irrigation. Moreover, the government
in various countries have endeavored towards modernization of the agricultural
sector in the form of aids in upgradation of irrigation equipment which is
further accelerating the growth of the global mechanized irrigation market. Other driving factors
include high cost-benefit, booming population and increasing global food
demand. Conversely, the growth of the mechanized irrigation market is deterred
by higher costs of installation and issues of daily maintenance.
Segmentation
The
global mechanized irrigation market has been segmented based on equipment types
and application. By equipment types, the market has been segmented into Center
Pivot, Lateral Move, and Others. By application, the market has been segmented
into Agricultural Land, Nursery, Gardens and Others.
Regional Analysis
The
global mechanized irrigation market spans across the regions of North America,
Latin America, Europe, Asia Pacific, and the Middle East & Africa. North
America and Europe have a robust economy which supports the growth of the
global mechanized irrigation. These regions invest heavily on the modernization
of the agricultural sector and deploy advanced tools and techniques to produce
a higher yield. Other factors influencing the growth of North America and
Europe market is high income of farmers, vast stretches of agricultural land
and the availability of funds for investment in the agricultural sector. Asia
Pacific and Latin America are lucrative markets for the growth of the global
mechanized irrigation market. The presence of agriculture-dominated economies
in these regions who practice farming on a large scale coupled with favorable
government policies aid the expansion of the mechanized irrigation market.
Competitive Landscape
The
notable players in the global mechanized irrigation market include Lindsay
Corporation, Driptech India, Rivulis Irrigation, Premier Irrigation
Adritec, Netafim Limited, Jain Irrigation Systems, Nelson Irrigation, EPC
Industries, Rain Bird Corporation, T-L Irrigation, and others.
Industry Updates
In
September 2021, a seminar was conducted by the Department of Agriculture
Regional Office 4A and the Philippine Center to help farmers switch to a
mechanized way of farming. The workshop taught safety measures in farm
operations, mechanized irrigation and the use of advanced farm tools and
equipment.
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