Transparency Market Research (TMR) witnesses that the global mechanized irrigation systems market has a highly fragmented vendor landscape. Presence of a large number of players is increasing the level of fragmentation in the market. Lindsay Corporation, Hunter Industries, Jain Irrigation Systems Limited, Driptech India Pvt. Ltd and EPC Industries Limited are some of the prominent players in the global mechanized irrigation systems market. Additionally, new entrants in the market through new product launches, mergers, and collaborations are making the market competitive.
According to TMR, the global mechanized irrigation systems market is projected to grab the revenue of US$35.0 bn in terms of revenue by 2024. The market is expected to swell with a CAGR of 14.9% over the forecast period from 2016 to 2024.
Based on the type, the center pivot irrigation systems segment led the market and is expected to continue its dominance in the market in the coming years. Based on the region, the market in North America accounted for a lion’s share and is expected to remain dominant in the market in years to come. This growth is attributable to high adoption of the newer technologies in the region for reducing overall cost and increasing profit margin in the region.
Need for Reducing Overall Costs of Agriculture Boosts Market Growth
The need to revise uneconomical irrigation systems and low agricultural creation to improve crop efficiency has been forecasted to be one of the vital variables upgrading the mechanized irrigation systems market. Horticulture could assume a huge job in decidedly affecting the financial advancement of a country. Various mechanized irrigation systems are utilized in agribusiness for applications such as watering crops. Effect sprinklers, parallel move systems, moving water spouts, focal rotate systems, and sprinklers are a portion of the basic watering systems occupied with horticultural exercises. High adoption of these systems is driving growth of the global mechanized irrigation systems market.
The interest in mechanized irrigation systems has been anticipated to pick up force as a result of the reduction in asset costs. Accordingly, mechanized irrigation systems could be exceptionally embraced for a scope of utilization including estate and development, other than farming. Minimal effort of irrigation pursued by improved profitability, government speculations and advancements, and rising mindfulness about the advantages of utilizing mechanized irrigation systems in cultivating could be among solid development components of the market.
High Cost of Installation Restrains Growth of the Market
The steady requirement for hardware support and costly introductory speculation are restraining growth of the global mechanized irrigation systems market. In spite of the fact that these controlling components have been relied upon to hamper the interest for mechanized irrigation systems, there could be different elements making hearty development openings in the coming years.
Water and sustenance shortage and forceful populace development could reinforce the development of the global mechanized irrigation systems market. High spotlight on least wastage and effective utilization of water and water assets in created economies have been anticipated to set the tone for a profitable development of the market. The interest for mechanized irrigation systems could be expanded in light of a few prospects presented with the reusing of the natural issue and expanding use of wastewater medicines. In addition, so as to decrease work costs, mechanized irrigation systems are utilized to water most gardens, yards, and nursery crops.
This information is encompassed in the report by TMR, titled, “Mechanized Irrigation Systems Market (Type – Center Pivot Irrigation Systems and Lateral Move Irrigation Systems; Application – Land Application of Wastes, Nursery Crops, Agricultural Crop, and Lawns & Gardens) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
For the study, the mechanized irrigation systems market has been segmented as follows:
- Center Pivot Irrigation Systems
- Lateral Move Irrigation Systems
- Land Application of Wastes
- Nursery Crops
- Agricultural Crop
- Lawns & Gardens
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