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Mechanized Irrigation Systems Market Competitive Landscape, Key Drivers, Major Players, Outlook And Forecast To 2033
Mechanized Irrigation Systems Market
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According to The Business Research Company's, The mechanized irrigation systems market size has grown rapidly in recent years. It will grow from $15.25 billion in 2023 to $17.46 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to increasing investments in research and development, rise in growth of irrigation systems, growing demand for sprinkler irrigation systems, rising scarcity of water for agriculture, and government subsidies and support programs.
The mechanized irrigation systems market size is expected to see rapid growth in the next few years. It will grow to $30.30 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to increasing adoption of modern agriculture practices, increasing population, increasing demand for drip irrigation systems, increasing agricultural production, and increasing organic food. Major trends in the forecast period include advanced irrigation systems, the development of enhancing crop data management with artificial intelligence (AI), product innovations, adopting of precision technologies, and new advancements in agriculture.
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Market Drivers and Trends:
The increasing demand for agricultural production is expected to propel the growth of the mechanized irrigation systems market going forward. Agriculture is cultivating soil, growing crops, and raising animals for food, fiber, and other products used to sustain and enhance human life, involving various techniques and technologies to improve productivity and sustainability. The increasing demand for agricultural production is due to advancements in farming technology, improved crop varieties, and enhanced farming practices, which have led to higher yields, better resource management, and increased efficiency in agricultural processes. Mechanized irrigation systems improve agricultural production by providing precise and efficient water delivery, optimizing water use, and improving crop yields. For instance, in February 2024, according to the Department for Environment Food & Rural Affairs reports, a UK-based government agency, the average farm business income (FBI) across all the UK farms increased from $50,461 (£46,500) in 2020/2021 to $78,133(£72,000) in 2021/2022. Further, the UK total income from Farming (TIFF) in 2022 was $6.61 billion (£7.9 billion), an increase of 17% from 2021 with $1.43 billion (£1.1 billion). Therefore, the increasing demand for agricultural production drives the mechanized irrigation systems market.
Major companies operating in the mechanized irrigation systems market are focusing on developing innovative irrigation technology, such as drip irrigation technology, to enhance water efficiency, reduce resource consumption, and improve crop yields, ultimately leading to more sustainable and productive agricultural practices. Drip irrigation technology is a highly effective method for managing water resources and improving agricultural productivity while promoting environmental sustainability. For instance, in October 2023, Netafim Irrigation India Pvt Ltd, an India-based irrigation company, launched its revolutionary TurbuNext drip technology for farmers. This system features a unique turbulent flow design that enhances water distribution uniformity, reduces clogging, and improves crop yield. Additionally, it incorporates smart irrigation solutions that allow for remote monitoring and control, ensuring optimal water usage. Introducing such innovative products reflects the industry's shift towards sustainable farming practices and efficient resource management. These innovations demonstrate how leading companies leverage cutting-edge technology to address water scarcity and improve agricultural productivity.
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Major Key Players of the Market:
Valmont Industries Inc., Mahindra EPC Irrigation Ltd., Bauer GmbH, Netafim Limited, Lindsay Corporation, Rain Bird Corporation, Hunter Industries Inc., Rivulis Irrigation Ltd., Dura-Line Corporation, Alkhorayef Group, Orbit Irrigation Products Inc., Eurodrip S.A., Reinke Manufacturing Company Inc., T-L Irrigation, Nelson Irrigation Corporation, Irritec S.p.A, Metzer Group, Driptech India Pvt. Ltd., Komet Sales GmbH, Chinadrip Irrigation Equipment Co. Ltd., Harvel Agua India Pvt. Ltd., Akplas
Mechanized Irrigation Systems Market 2024 Key Insights:
• The mechanized irrigation systems market size is expected to see rapid growth in the next few years. It will grow to $30.30 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%.
• Rising Agricultural Output Boosts Mechanized Irrigation Market
• Drip Irrigation Innovations Bolsters Mechanized Irrigation Systems Market
• North America was the largest region in the mechanized irrigation systems market in 2023
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