The global drip irrigation market size is projected to reach USD 9.37 billion by the end of 2026. The increasing number of farming activities will bode well for the market in the coming years. According to a report published by Fortune Business Insights, titled “Drip Irrigation Market Size, Share & Industry Analysis, By Component (Emitters, Drip Tubes/Drip Lines, Pressure Pumps, Filters, Valves, and Others), Crop Type (Field Crops, Orchard Crops, Landscape & Turf, and Others), Application (Surface and Subsurface), and Regional Forecast, 2023 – 2028,” the market was worth USD 4.63 billion and will exhibit a CAGR of 9.3% during the forecast period.
Drip irrigation is a type of irrigation system that delivers water directly to the roots of plants. Instead of spraying water over a large area, drip irrigation systems use a network of pipes and tubing to deliver water slowly and precisely to the base of each plant. This results in more efficient water usage, as less water is lost to evaporation or runoff, and can also improve plant growth and health by providing consistent moisture levels directly to the roots. Drip irrigation systems can be used in a variety of settings, from small backyard gardens to large-scale agricultural operations, and can be customized to suit the needs of different types of plants and soil conditions.
Drip irrigation is used across several agricultural practises for water distribution purposes. The ability of a drip irrigation system to minimize water wastage as well as maximize the amount of nutrient consumed by the crops, is a major factor why this concept has gained massive popularity in recent years. The massive investments in the R&D of new products will constitute an increase in the overall drip irrigation market size in the coming years. The presence of numerous agricultural subsidies will contribute to the growing adoption of drip irrigation systems across the world. Moreover, the emphasis on adoption of sustainable farming and agricultural practises will aid the growth of the market. The growing demand for a highly efficient agricultural produce will create a subsequent demand for drip irrigation systems across the world.
Increasing Number of Product Launches Will Provide Impetus to Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing number of product launches has emerged in favor of market growth. Due to the constantly rising demand for drip irrigation systems across the world, several companies are looking to invest hugely in the development of advanced concepts. The adoption of modern technologies has yielded a few exceptional products in recent years. In August 2019, Rivulis Irrigation announced the launch of a new product for drip irrigation system. The company introduced ‘Manna,’ a satellite based software solution which will be used in drip irrigation systems across the country. The company’s latest product will have a massive impact on the growth of the overall market in the coming years.
Asia Pacific to Emerge Dominant; Increasing Agricultural Activities to Aid Growth
The report analyzes the ongoing drip irrigation market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in Asia Pacific is likely to generate the highest revenue in the coming years. The increasing number of farming and agricultural activities in several countries across this region will aid the growth of the market. As of 2018, the market in Asia Pacific was worth USD 2.08 billion and this value is likely to increase further in the coming years.
Industry Developments:
November 2019: The government of Tamil Nadu, India, announced an increase in the subsidy amount for farmers who are engaged in drip irrigation-based sugarcane farming.
Browse Summary
https://www.fortunebusinessinsights.com/drip-irrigation-market-102684