Rise in Irrigation to boost the Irrigation Machinery Market Growth

 

Irrigation Machinery Market

Irrigation Machinery Market by Irrigation Type (Sprinkler Irrigation (Pumping Unit, Tubing, Couplers, Spray/Sprinkler Heads, Fitting and Accessories, Sensors, Controllers, Injectors, and Flow Meters), Drip Irrigation (Valves, Backflow Preventers, Pressure Regulators, Filters, Emitters, Tubing, and Other Drip Irrigations) Pivot Irrigation, and Other Irrigation Types), Application Type (Grains and Cereals, Pulses and Oilseeds, Fruits and Vegetables, and Other Application Types), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030

The Global Irrigation Machinery Market Is Estimated To Be Valued At US$ 16,295.05 Million In 2023 And Is Expected To Exhibit A CAGR Of 7.46 % Over The Forecast Period, As Highlighted In A New Report Published By Coherent Market Insights.

Market Overview:

Irrigation Machinery utilized in supplying water to irrigated land and crops to enhance hydration and development is classified as the agricultural irrigation system. Irrigation is the man-made usage of water to the soil from several systems of tubes, pumps, and sprays. Irrigation is generally utilized in fields where rainfall is unequal or dry times or drought is forecast. 

Competitive Landscape:

Key players involved in the growth of global Irrigation Machinery Market are Orbia (Netafim Limited)., Valmont Industries, Jain Irrigation Systems Ltd, Rain Bird Corporation and The Toro Company.

Market Key Drivers:

Rising adoption of advanced technologies, government subsidies and assistance from financial institutions is expected to augment the growth of global Irrigation Machinery Market. For instance, as per the World Data Atlas, the total irrigated area globally rose by 74,613 thousand hectares from 2019 to 2020. 

The rising regulatory initiatives and adoption of schemes is projected to propel the growth of global Irrigation Machinery Market. For instance, In Sep 2020, the Board of Directors sanctioned US$ 300 million in additional sponsoring to the UgIFT to increase local government service delivery in education, health, water and ecology, and micro irrigation.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Irrigation Machinery Market due to the rising pandemic cases. The surge in pandemic has led to the imposition of strict lockdown and restriction on movement of people. The halt in supply of raw materials, lack of labor and closure of production units has impeded the market growth.

Key Takeaways:

The global Irrigation Machinery Market is anticipated to exhibit a CAGR of 7.46 % during the forecast period rising launches and product approvals. For instance, in February 2022: Toro launched the Tempus Automation method for agriculture irrigation.

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in the global Irrigation Machinery Market due to mergers and acquisitions, product expansions and rising regulatory initiatives, increasing use of irrigation projects. For instance, as reported by Statistique Canada, in 2020 the total irrigated region in the Canada was 605,907 hectares.