The global precision irrigation market is expected to be valued at USD 20.99 Billion by 2027 from USD 8.50 Billion in 2019, registering CAGR of 12.7% through the forecast period. The growth of the market is attributable to the increasing global population, coupled with the demand for agricultural yield. Additionally, the rise in initiatives by governments across the globe through subsidies and low-interest loans for encouraging incorporating of modern irrigation systems are fuelling the growth of the global precision irrigation market.
Rising greenhouse vegetable production, coupled with scarcity of water in under-developed and developing countries, are boosting the demand for precision irrigation, and, in turn, is driving the growth of the market. Additionally, its adoption reduces the usage of fertilizers to enhance crop productivity. This factor is estimated to fuel the growth of the market in the coming future.
Key Highlights from Report
- In February 2019, Rivulis announced the opened a manufacturing plant in Guanajuato, Central Mexico, which is the largest manufacturing site in the U.S. based on drip irrigation. Through this new plant, the company is looking to expand its global footprint.
- Based on type, the drip irrigation sub-segment acquired the largest market share of around 48.8% in 2019 and is estimated to hold the position through the forecast period. This growth is attributable to its capability of its conservation of water.
- Based on application, the agricultural sub-segment is projected to expand at the fastest CAGR of 13.2% in the coming future. This growth is attributable to the rising adoption of open fields, coupled with greenhouses, which are encouraging the implementation of the precision irrigation framework.
- Regionally, the Asia Pacific region dominated the global precision irrigation market and is estimated to exhibit the fastest growth over the forecast period. This growth is attributable to the increasing government initiatives for adopting modern agricultural practices in the region.
- Key participants in the precision irrigation market include The Toro Company, Rain Bird Corporation, Netafim Ltd., Lindsay Corporation, Rivulis Irrigation Ltd., Elgo Irrigation Ltd., Valmont Industries Inc., Nelson Irrigation Corporation, Jain Irrigation Systems Ltd., and Chinadrip Irrigation Equipment Co. Ltd.
Emergen Research has segmented the Global Precision Irrigation Market on the basis of type, application, and region:
- Type Outlook (Revenue, USD Billion; 2017-2027)
- Sprinkler Irrigation
- Drip Irrigation
- 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
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/precision-irrigation-market