Irrigation Equipment Market to Reach $15.75 Billion by 2031 - Exclusive Report by Meticulous Research®

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May 03, 2024, 10:01 ET

REDDING, Calif., May 3, 2024 /PRNewswire/ -- According to a new market research report titled, '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,' published by Meticulous Research^®, the irrigation equipment market is projected to reach $15.75 billion by 2031, at a CAGR of 9.3% from 2024 to 2031.

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The growth of the irrigation equipment market is driven by increasing water scarcity, government efforts towards 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.

Furthermore, the proliferation of technological innovations within 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.

Irrigation refers to the application of water to the soil through various systems. Irrigation equipment encompasses various components, including tubing, sprinkler, emitter/drippers, irrigation valves, filters, irrigation controllers, sensors, pumping, connectors, pressure regulators, and monitoring & controlling devices used in several irrigation systems, such as drip irrigation, sprinkler irrigation, pivot irrigation, furrow irrigation, and terraced irrigation. They are specifically designed to meet the water requirements of different crops and plants while minimizing water waste. These components enhance efficiency and productivity by providing the precise water requirements for each crop.

The irrigation equipment market is segmented by component (tubing, sprinklers, emitter/drippers, pumping, irrigation valves, filters, connectors, irrigation controllers, sensors, monitoring & controlling devices, pressure regulators, and other components), type (drip irrigation, sprinkler irrigation, pivot irrigation, and other irrigation types), application (agricultural irrigation equipment {open-field agriculture [cereals & grains, fruits & vegetables, oilseeds & pulses, other crops], closed-field agriculture}, non-agricultural irrigation equipment {golf courses & sports grounds, commercial areas, residential areas}), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2021–2024). The irrigation equipment market has witnessed several partnerships, agreements, collaborations, mergers, and acquisitions in recent years. The key players operating in the irrigation equipment market are 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), and Galcon Bakarim Agricultural Cooperative Society Ltd. (Israel).

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Key Findings in the Global Irrigation Equipment Market Study:

Among all the components studied in this report, in 2024, the tubing segment is expected to account for the largest share of 64% of the irrigation equipment market, owing to the increasing utilization of drip and sprinkler irrigation techniques, favorable government interventions, ongoing innovation in tubing technology, and the absence of viable substitutes for tubing in irrigation systems. Moreover, this segment is also projected to register the highest CAGR during the forecast period of 2024–2031.

Among all the irrigation types studied in this report, in 2024, the drip irrigation segment is expected to account for the largest share of the global irrigation equipment market owing to several factors, including advancements in drip irrigation systems, escalating adoption of advanced agricultural practices, and increasing product launches by key market players. Moreover, this segment is also projected to register the highest CAGR of 10% during the forecast period of 2024–2031.

Among all the applications studied in this report, in 2024, the agricultural irrigation equipment segment is expected to account for the larger share of 78% of the global irrigation equipment market owing to the increasing land area under crop cultivation, increased adoption of advanced irrigation techniques in farming, escalating water scarcity in the agriculture, and the presence of numerous suppliers of agricultural irrigation equipment. Moreover, advancements in agricultural technologies and increasing government initiatives promoting sustainable agricultural practices are further anticipated to support the growth of this segment during the forecast period. Additionally, based on type, agricultural irrigation equipment is further segmented into open-field agriculture and closed-field agriculture. In 2024, the open-field agriculture segment is expected to account for the larger share of the global agricultural irrigation equipment market.

Based on geography, the global irrigation equipment market is majorly segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 60% of the irrigation equipment market. The Asia-Pacific irrigation equipment market is estimated to be worth USD 5.01 billion in 2024. Asia Pacific's significant market share can be attributed to the rising inclination towards mechanization and precision irrigation, government initiatives aimed at conserving water, increasing water scarcity, and the rising per capita incomes of farmers in the region. Furthermore, the availability of loans and subsidies for purchasing irrigation equipment drives the growth of this regional market.

North America is expected to witness significant growth during the forecast period of 2024–2031, mainly due to 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 North America, Canada is slated to register the highest CAGR during the forecast period of 2024–2031.

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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

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