The global Precision Irrigation Market will be worth USD 20.99 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the increasing global population and the growing demand for agricultural production. Rising government initiatives such as subsidies and low-interest loans to increase the adoption of modern irrigation systems are expected to drive the demand for the system over the forecast period.
Key
Highlights From The Report
In February 2019, Israel based irrigation solutions supplier
Rivulis opened a manufacturing plant in Guanajuato, Central Mexico. The company
announced that it is expanding its global footprint with the establishment of
the new manufacturing plant. The new plant is set to become the largest
manufacturing site for drip irrigation in the Americas.
The drip irrigation segment held the largest market share of
48.8% in 2019 as it helps in the conservation of water and prevents the
nutrient loss of the plants.
The agricultural segment is forecasted to grow with the
fastest CAGR of 13.2% over the forecast period as the open fields and
greenhouses increasingly adopt the precision irrigation system in order to
increase crop productivity.
The Asia Pacific region is expected to be the
fastest-growing region over the forecast period due to the increasing
government initiatives to adopt modern agricultural techniques. Moreover, in
2020, Asia Pacific was the largest consumer of drip irrigation.
Key participants include The Toro Company, Rain Bird
Corporation, Netafim Ltd., Jain Irrigation Systems Ltd., Lindsay Corporation,
Rivulis Irrigation Ltd., Valmont Industries Inc., Elgo Irrigation Ltd.,
Chinadrip Irrigation Equipment Co. Ltd., and Nelson Irrigation Corporation,
among others.
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Type Outlook (Revenue, USD Billion; 2017-2027)
Sprinkler
Irrigation
Drip
Irrigation
Others
Application Outlook (Revenue, USD Billion;
2017-2027)
Agricultural
(open field, greenhouses)
Non-Agricultural
(Golf Courses, Residential, sports ground, Turf & Landscapes, Forestry)
Regional Outlook (Revenue, USD Billion;
2017-2027)
North America
Europe
Asia Pacific
Latin America
MEA
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