Global Irrigation Machinery Market to Reach US$7.54 Billion in 2023, Driven by Increasing Demand
Irrigation Machinery Market |
The Irrigation Machinery Market is estimated to be valued at
US$7.54 Billion in 2022 and is expected to exhibit a CAGR of 7.6% over the forecast period (2023-2030), as highlighted in a new report published by Coherent
Market Insights.
Market
Overview:
Irrigation machinery refers to tools and equipment used for
effectively watering agricultural land to improve crop yield. The use of
irrigation machinery offers several advantages, including increased crop
production, efficient water usage, and reduced manual labor. With the growing
population and the need to address food security concerns, the demand for
irrigation machinery is expected to increase significantly.
Market key trends:
The key trend driving the irrigation machinery market is the adoption of
advanced technologies in irrigation systems. The increasing use of automation
and smart irrigation techniques is enhancing the efficiency and effectiveness
of irrigation processes. Advanced technologies such as sensor-based irrigation
systems, remote monitoring, and precision agriculture are gaining traction in
the market. These technologies enable farmers to monitor and control irrigation
systems remotely, optimize water usage, and minimize wastage. Additionally, the
integration of artificial intelligence (AI) and internet of things (IoT) in
irrigation machinery is further improving the accuracy and precision of
irrigation systems. The adoption of these advanced technologies is expected to
revolutionize the agriculture industry by ensuring sustainable irrigation
practices and maximizing crop yield. Key players in the irrigation machinery
market include Finolex Pipes, Nelson Irrigation Corporation, Rivulis Irrigation
Inc., Netafim Limited, Rain Bird Corporation, EPC Industries Limited, Lindsay
Corporation, Jain Irrigation Systems Limited, Deere & Company, T-l
Irrigation Co., Valmont Industries, and The Toro Company.
Segment Analysis:
The global market for irrigation machinery is expected to witness significant
growth over the forecast period, with a CAGR
of 7.6%. One of the dominating sub-segments in this market is drip
irrigation systems. Drip irrigation systems are gaining traction due to their
efficiency in water usage, decreased labor requirement, and improved crop
yield. Farmers are increasingly adopting drip irrigation systems as they
provide precise control over water delivery, leading to reduced water wastage
and better distribution of nutrients to plants.
Key Takeaways:
The
Global Irrigation Machinery Market is projected to reach US$ 7.54 billion
in 2022 and is expected to grow at a CAGR
of 7.6% from 2023 to 2030. This
growth can be attributed to several factors, including the increasing global
population and the need for higher crop yield to meet the growing food demand.
Additionally, factors such as water scarcity, government initiatives to promote
efficient agricultural practices, and advancements in irrigation technology are
driving the market growth.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the irrigation machinery market. North
America has a well-established agriculture sector with high adoption of modern
farming techniques and irrigation systems. The region is witnessing a growing
demand for irrigation machinery due to the need for water conservation and
better crop yield.
Key players operating in the irrigation machinery market include Finolex Pipes,
Nelson Irrigation Corporation, Rivulis Irrigation Inc., Netafim Limited, Rain
Bird Corporation, EPC Industries Limited, Lindsay Corporation, Jain Irrigation
Systems Limited, Deere & Company, T-l Irrigation Co., Valmont Industries,
and The Toro Company. These key players are actively involved in product
development, strategic collaborations, and mergers and acquisitions to expand
their market presence and gain a competitive edge.
Read More:
https://www.marketwebjournal.com/irrigation-machinery-market-analysis-size-and-forecast/
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