Mechanized Irrigation Systems Market Gears Up for Significant Growth by 2032
mechanized irrigation systems market is poised for substantial expansion, with a projected valuation of USD 34.12 billion by 2032. This signifies a significant leap from its 2022 value of USD 8.5 billion, reflecting a compelling compound annual growth rate (CAGR) of 16.70% during the forecast period (2023-2032). Several key factors are propelling this market growth:
Mechanized irrigation has been gaining widespread adoption, especially in economies where agriculture sector impacts the economic development. Low agricultural yield can severely impact the bottom line of various economies and stagger economic growth, owing to which mechanized irrigation is gaining traction. The scarcity of water is a significant factor influencing the market growth positively. Sprinklers and other mechanized irrigation systems help reduce water usage and energy costs in water-scarce regions and agriculture-based countries. Use of smart mechanized irrigation systems results in increased crop yield and improved crop quality which is boosting the growth of the market. Global climate change and adverse climatic conditions have encouraged farmers across the globe to adopt mechanized irrigation system which is driving the growth of the global mechanized irrigation market. Developing countries are the frontrunners in the adoption of mechanized irrigation. Moreover, the government in various countries have endeavored towards modernization of the agricultural sector in the form of aids in upgradation of irrigation equipment which is further accelerating the growth of the global mechanized irrigation market. Other driving factors include high cost-benefit, booming population and increasing global food demand. Conversely, the growth of the mechanized irrigation market is deterred by higher costs of installation and issues of daily maintenance.
Segmentation
The global mechanized irrigation market has been segmented based on equipment types and application. By equipment types, the market has been segmented into Center Pivot, Lateral Move, and Others. By application, the market has been segmented into Agricultural Land, Nursery, Gardens and Others.
Regional Analysis
The global mechanized irrigation market spans across the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America and Europe have a robust economy which supports the growth of the global mechanized irrigation. These regions invest heavily on the modernization of the agricultural sector and deploy advanced tools and techniques to produce a higher yield. Other factors influencing the growth of North America and Europe market is high income of farmers, vast stretches of agricultural land and the availability of funds for investment in the agricultural sector. Asia Pacific and Latin America are lucrative markets for the growth of the global mechanized irrigation market. The presence of agriculture-dominated economies in these regions who practice farming on a large scale coupled with favorable government policies aid the expansion of the mechanized irrigation market.
Competitive Landscape
The notable players in the global mechanized irrigation market include Lindsay Corporation, Driptech India, Rivulis Irrigation, Premier Irrigation Adritec, Netafim Limited, Jain Irrigation Systems, Nelson Irrigation, EPC Industries, Rain Bird Corporation, T-L Irrigation, and others.
Industry Updates
In September 2021, a seminar was conducted by the Department of Agriculture Regional Office 4A and the Philippine Center to help farmers switch to a mechanized way of farming. The workshop taught safety measures in farm operations, mechanized irrigation and the use of advanced farm tools and equipment.
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