Irrigation Equipment Market Projected to Surpass $10 Billion by 2029

[Redding, California, February 27, 2024] - Meticulous Research®, a renowned global market research firm, announces the release of its latest 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." The report forecasts the global irrigation equipment market to achieve a remarkable CAGR of 9.7% from 2022 to 2029, reaching a value of over $10.01 billion by 2029.

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The upward trajectory of the irrigation equipment market is underpinned by progressive governmental initiatives aimed at water conservation, increasing demand for irrigation equipment in landscaping, and the widespread adoption of advanced agricultural methodologies. However, challenges such as high installation costs and fluctuations in farm income may pose intermittent hurdles to market expansion.

Market Dynamics and Growth Prospects
The irrigation equipment market is segmented by type, product, application, and geography, providing a comprehensive analysis of industry dynamics and growth opportunities at regional and global 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.

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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.

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.

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Key Players and Competitive Landscape
The global irrigation equipment market boasts a moderately competitive landscape with numerous global, regional, and local players. Key market participants include 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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This release was published on openPR.