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Mechanized Irrigation Market Size, Share Worth USD 11 Billion With Significant Growth Rate Of 8% CAGR Between 2019-2024: Market Research Future
Mechanized Irrigation Market
The Global Mechanized Irrigation Systems Market is expected to garner a revenue of USD 11 billion by 2024, with a CAGR of approximately 8% during the forecast period, 2019-2024. The Global Mechanized Irrigation Market has been witnessing an upswing over the recent past and is expected to reach a significant valuation over the forecast period of 2015-2027, reveals Market Research Future (MRFR) in an exhaustive study. 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.
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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.
Mechanized Irrigation Market Competitive Landscape
Lindsay Corporation (US), Nelson Irrigation (US), Jain Irrigation Systems Ltd (India), Rivulis (Israel), Mahindra & Mahindra Ltd. (India), Premier Irrigation Adritec (India), Rain Bird Corporation (US), Mexichem S.A.B. de C.V. (Mexico), T-L Irrigation Co. (US), Alkhorayef Group (Saudi Arabia), Hunter Industries (US), The Toro Company (US), and Valmont Industries, Inc. (US) are some of the key players operating in the global mechanized irrigation systems market.
Mechanized Irrigation Industry Updates
In September 2018, 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.
Mechanized Irrigation Market 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.
Mechanized Irrigation Market 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.
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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.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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