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2024 Global Report: Advances in Irrigation Equipment and Market Growth
irrigation equipment market
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According to The Business Research Company's, The irrigation equipment market size has grown strongly in recent years. It will grow from $6.69 billion in 2023 to $7.31 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to the increased global population, rise in concerns over water scarcity, supportive government policies and subsidies, changes in climate patterns, the expansion of urban areas, and growing awareness about sustainable farming practices.
The irrigation equipment market size is expected to see strong growth in the next few years. It will grow to $10.47 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to increasing demand for efficient water management solutions, increasing need for higher crop yields, unpredictable weather conditions, rising demand for irrigation systems, shift towards eco-friendly irrigation products. Major trends in the forecast period include increasing adoption of IoT and AI in irrigation systems, development of fully automated irrigation systems and robotic solutions, growing use of solar energy to power irrigation systems, advances in precision irrigation techniques, and integration of wireless sensor networks for real-time monitoring.
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Market Drivers and Trends:
Increasing water scarcity is expected to propel the growth of the irrigation equipment market going forward. Water scarcity is the shortage of sufficient available freshwater resources to meet the demands of water usage within a region. Water scarcity is increasing due to factors such as population growth, urbanization, climate change, unsustainable water use practices, pollution, and inadequate infrastructure for water management and distribution. Irrigation equipment is used in water scarcity situations to optimize water distribution and ensure efficient and sustainable water usage for crop and plant growth. For instance, in December 2023, Water Resources East, a UK-based non-profit organization, estimated that by 2050, 800 million liters of water a day, or one-third of the region's present water use, are expected to be scarce in Eastern England. Therefore, increasing water scarcity is driving the growth of the irrigation equipment market.
Major companies operating in the irrigation equipment market are developing innovative technologies, such as anti-clogging technology, to gain a competitive edge in the market. Anti-clogging technology involves mechanisms or materials designed to prevent or mitigate blockages or obstructions in various systems or devices, enhancing their efficiency and performance. In October 2023, Netafim India, an India-based provider of irrigation solutions, launched a drip irrigation technology called Toofan. This technology is designed to transform farming practices for growers of all scales. The system features TurbuNext technology that includes a dripper labyrinth, which prevents clogging and ensures consistent water flow to crops by moving debris out of the dripper. The innovative technology is engineered for optimal delivery of water and nutrients, as well as providing unparalleled durability and resistance to clogging.
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Major Key Players of the Market:
Robert Bosch GmbH, Hitachi Ltd, Stanley Black & Decker Inc., Makita Corporation, The Toro Company, Valmont Industries Inc., Netafim Ltd., Fiskars Corporation, Rain Bird Corporation, SD WORX SA, Lindsay Corporation, Jain Irrigation Systems Limited, Ariens Company, STIHL Incorporated, Hunter Industries Incorporated, Rivulis Irrigation Ltd., Honda India Power Products Limited, Reinke Manufacturing Company Inc., T-L Irrigation Company, Nelson Irrigation Corporation, Irritec S.p.A., Victa BV, Chinadrip Irrigation Equipment Co. Ltd.
Irrigation Equipment Market 2024 Key Insights:
• The irrigation equipment market size is expected to see strong growth in the next few years. It will grow to $10.47 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Increasing Water Scarcity Drives Growth In The Irrigation Equipment Market
• Advancements In Technology Transforming The Landscape Of Irrigation
• North America was the largest region in the irrigation equipment market in 2023
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