Transparency Market Research has released a new market report titled “Mechanized Irrigation Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.” According to this report, the was valued at US$ 10 Bn in 2015 and is projected to reach US$ 35 Bn by 2024 at a CAGR of 14.9% from 2016 to 2024.
Agriculture is a leading sector which impacts the economic development of a country. Low agricultural production and inefficient irrigation systems have to be remedied to enhance the productivity of crops, and thereby, strengthen the economic development of a country. This would spur the utilization of mechanized irrigation systems globally. Mechanized irrigation systems are equipment, which are widely used to water the crops with the help of watering systems such as sprinklers, central pivot systems, lateral move systems, moving water nozzles, and impact sprinklers.
The mechanized irrigation systems market is highly fragmented, with major players driving the market with agreements, acquisitions, expansions, and new product launches to attain a competitive position in the market. Reduction in resource costs has led to the adoption of mechanized irrigation systems in agriculture, cultivation, and plantation thereby, increasing the demand for mechanized irrigation systems. Rapid population growth, food and water scarcity, increasing awareness among farmers regarding the benefits of mechanized irrigation systems, government promotion and investments, and low cost of irrigation followed by high productivity are the primary drivers of the mechanized irrigation systems market growth.
The mechanized irrigation systems market has been segmented on the basis of type, application, and region. In terms of type, center pivot irrigation systems held about 69% share and lateral move irrigation systems accounted for the remaining 31% of the mechanized irrigation systems market in 2015. The selection criteria of mechanized irrigation systems is highly dependent on physical location, overall price, water supply, and irrigational area and varies from country to country. In terms of application, agricultural crops held about 68% share in 2015. Lawns and gardens accounted for nearly 17% and nursery crops and land application wastes together accounted for the rest 15% of the mechanized irrigation systems market in 2015. Global demand for mechanized irrigation systems is dominated by agricultural crops. High population growth boosts the demand for food. This has spurred the growth of the mechanized irrigation systems market. Developed countries are focusing more on efficient utilization of water resources with minimum wastage. Majority of nursery crops, lawns, and gardens are irrigated through mechanized irrigation systems to reduce labor costs. Wastewater treatment and recycling of organic matter have provided several opportunities to reduce waste disposal costs thereby, boosting the demand for mechanized irrigation systems.
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Key players in the mechanized irrigation systems market includes Driptech India Pvt. Ltd., EPC Industries Limited, HUNTER INDUSTRIES, Jain Irrigation Systems Limited, Lindsay Corporation, Nelson Irrigation Corporation, Netafim Limited, Premier Irrigation Adritec, Rain Bird Corporation, Reinke Manufacturing Company, Inc., Rivulis Irrigation, The Toro Company, T-L Irrigation, and Valmont Industries.