by Irrigation machinery includes equipment such as pumps, valves and filters that are used to support agricultural activities through irrigation. It facilitates supply of water to agricultural fields for crop production. Major types of irrigation equipment include sprinkler irrigation systems, drip irrigation systems and center pivot irrigation systems. Sprinkler systems disperse water through a network of pipes and nozzles. Drip systems utilize a network of valves, pipes, tubing and emitters to slowly and precisely deliver water to the base of each plant. Center pivot systems rely on equipment that rotates around a pivot and sprays or irrigates crops in a circular pattern.
The global irrigation machinery market is estimated to be valued at US$ 8.11 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Demand for Food Production
The key driver for the irrigation machinery market is the rising global demand for food owing to the continuously growing population. According to United Nations estimates, the world population is expected to reach around 8.5 billion by 2030 and 9.7 billion by 2050. With growing populations, the demand for food is also expected to increase substantially over the coming years. However, limited availability of arable land is posing a challenge to meet this rising food demand. Therefore, efficient irrigation systems that optimize water usage are crucial for increasing agricultural productivity from existing farmland. This is boosting the adoption of center pivot and drip irrigation machinery across major crop producing regions.
SWOT Analysis
Strength: The irrigation machinery market has experienced significant growth over the past few years due to rising demand for efficient irrigation systems. Farmers are also looking to upgrade their existing irrigation systems to improve crop yield and quality. Furthermore, the implementation of advanced technologies such as sensors and control valves in irrigation machinery has enhanced their effectiveness.
Weakness: High initial investment requirements for advanced irrigation machinery can restrain their adoption, especially among small-scale farmers in developing regions. These farmers have limited access to financing options as well. Maintenance and repair costs of sophisticated irrigation systems can further add to the expenses over time.
Opportunity: Population growth and the rising demand for food are compelling farmers to boost agricultural productivity through precision irrigation techniques. Governments in several countries are also providing subsidies and financing schemes to promote water-efficient irrigation practices. The market has potential opportunities in automated irrigation systems fueled by IoT and AI technologies.
Threats: Climate change impacts including unpredictable rainfall patterns and droughts in major agricultural regions pose challenges. Agricultural output and profitability can reduce substantially if appropriate irrigation facilities are not put in place. Trade policies and political instability in countries can disrupt supply chains as well.
Key Takeaways
The Global Irrigation Machinery Market Size is expected to witness high growth over the forecast period driven by the need to boost crop yields with limited water resources. The market size for 2023 is pegged at US$ 8.11 million and is forecast to exhibit a CAGR of 6.8% during 2023-2030.
Regional analysis
Asia Pacific dominates the global irrigation machinery market and is expected to maintain its lead through 2030 as well. Countries such as India, China, and Japan have vast cultivable areas and growing adoption of center pivot and lateral move irrigation systems. The region accounts for over 40% revenue share currently benefited by supportive initiatives to promote efficient irrigation by various governments.
Key players
Key players operating in the irrigation machinery market are 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.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
