Dublin, May 29, 2024 (GLOBE NEWSWIRE) -- The "Irrigation Equipment Market by Component (Tubing, Sprinklers, Emitter, Drippers, Pumping, Filters, Connectors, Sensors, Regulators), Irrigation Type (Drip, Sprinkler, Pivot Irrigation), Application (Agricultural, Non-agricultural) - Global Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.
The irrigation equipment market is projected to reach $15.75 billion by 2031, at a CAGR of 9.3% from 2024 to 2031
The report provides an in-depth analysis of the irrigation equipment market across five major geographies, current market trends, size, and recent developments, and the forecast for 2031.
The growth of the irrigation equipment market is driven by increasing water scarcity, government initiatives for water conservation, and the growing need to mechanize agricultural operations. However, the high costs of implementing and maintaining advanced agricultural irrigation equipment restrain the growth of this market.
North America is expected to witness significant growth during the forecast period of 2024-2031, mainly driven by the increasing adoption of autonomous and precision irrigation solutions, driven by advancements in technology and the integration of global positioning systems (GPS) into irrigation equipment. Moreover, in Canada, Brazil is slated to register the highest CAGR during the forecast period of 2024-2031.
Furthermore, technological advancements in irrigation equipment and increasing automation in irrigation systems are expected to generate growth opportunities for the stakeholders in this market. However, the lack of awareness regarding advanced irrigation technologies is a major challenge impacting the market's growth. Additionally, the increasing adoption of precision farming techniques and the emergence of Irrigation as a Service (IaaS) are prominent trends in the irrigation equipment market.
Based on component, the global irrigation equipment market is segmented into tubing, emitter/drippers, irrigation valves, filters, sprinklers, irrigation controllers, sensors, pumping, connectors, pressure regulators, monitoring & controlling devices, and other components. In 2024, the tubing segment is expected to account for the largest share of the global irrigation equipment market.
The segment's large share is attributed to the increasing uptake of drip and sprinkler irrigation techniques, supportive governmental policies, ongoing advancements in tubing technology, and the lack of viable substitutes for tubing in irrigation systems. Moreover, this segment is also slated to register the highest CAGR during the forecast period of 2024-2031.
Based on irrigation type, the irrigation equipment market is mainly segmented into drip irrigation, sprinkler irrigation, pivot irrigation, and other irrigation types. In 2024, the drip irrigation segment is expected to account for the largest share of the global irrigation equipment market. The segment's large market share is attributed to several factors, including technological advances in drip irrigation systems, increasing acceptance of advanced agricultural practices, and escalating product launches by key market players. Moreover, this segment is also projected to register the highest CAGR during the forecast period of 2024-2031.
Based on application, the global irrigation equipment market is primarily segmented into agricultural irrigation equipment and non-agricultural irrigation equipment. In 2024, the agricultural irrigation equipment segment is expected to account for the larger share of the global irrigation equipment market. The segment's large market share can be attributed to the expanding agricultural land area, the uptake of advanced irrigation methods in farming, escalating water scarcity issues in agriculture, and the presence of numerous suppliers of agricultural irrigation equipment. Additionally, advancements in agricultural technologies and governmental efforts aimed at promoting sustainable agricultural practices are further expected to support the growth of this segment during the forecast period of 2024-2031.
Key Questions Answered in the Report:
- What is the value of revenue generated by the irrigation equipment market?
- At what rate is the global demand for irrigation equipment projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for the irrigation equipment market?
- What are the major factors impacting the growth of this market at global and regional levels?
- What are the major opportunities for existing players and new entrants in the market?
- Which component, irrigation type, and application segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the irrigation equipment market?
- Who are the major players in the irrigation equipment market? What are their specific product offerings in this market?
- What recent developments have taken place in the irrigation equipment market? What impact have these strategic developments created on the market?
Market Insights
Factors Affecting Market Growth
- Increasing Water Scarcity Driving the Demand for Irrigation Equipment
- Government Initiatives for Water Conservation Supporting Market Growth
- Growing Need to Mechanize Agricultural Operations Increasing the Adoption of Irrigation Equipment
- High Costs of Implementing and Maintaining Advanced Agricultural Irrigation Equipment Restraining Market Growth
- Technological Advancements in Irrigation Equipment Expected to Accelerate Market Expansion
- Increasing Automation in Irrigation Systems Expected to Generate Growth Opportunities for Market Stakeholders
- Lack of Awareness Restricting the Adoption of Advanced Irrigation Technologies
Key Trends
- Increasing Adoption of Precision Farming Techniques
- Emergence of Irrigation as a Service (IaaS)
Porter's Five Forces Analysis
Company Profiles: Overview, Product Portfolio, Strategic Developments
- The Toro Company (U.S.)
- Jain Irrigation Systems Limited (India)
- Netafim Ltd. (Israel)
- Valmont Industries Inc. (U.S.)
- Lindsay Corporation (U.S.)
- Hunter Industries Inc (U.S.)
- Rain Bird Corporation (U.S.)
- T-L Irrigation Company (U.S.)
- Reinke Manufacturing Co. Inc. (U.S.)
- Rivulis Irrigation Ltd. (Israel)
- Nelson Irrigation Corporation (U.S.)
- Irritec S.p.A (Italy)
- Chinadrip Irrigation Equipment (Xiamen) Co. Ltd. (China)
- Galcon Bakarim Agricultural Cooperative Society Ltd. (Israel)
Scope of the Report:
Global Irrigation Equipment Market Assessment - by Components
- Tubing
- Sprinklers
- Emitter/Drippers
- Pumping
- Irrigation Valves
- Filters
- Connectors
- Irrigation Controllers
- Sensors
- Monitoring & Controlling Devices
- Pressure Regulators
- Other Components
Global Irrigation Equipment Market Assessment - by Irrigation Type
- Drip Irrigation
- Sprinkler Irrigation
- Pivot Irrigation
- Other Irrigation Types
Global Irrigation Equipment Market Assessment - by Application
- Agricultural Irrigation Equipment
- Open-field Agriculture
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Other Crop
- Closed-field Agriculture
- Non-agricultural Irrigation Equipment
- Golf Courses & Sports Grounds
- Commercial Areas
- Residential Areas
Global Irrigation Equipment Market Assessment - by Geography
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- Italy
- U.K.
- Spain
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/oc1q9t
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