The drip irrigation market is witnessing significant growth, projected to rise from $6.59 billion in 2023 to $7.37 billion in 2024, reflecting a robust compound annual growth rate (CAGR) of 11.9%. This surge is driven by increasing concerns about water scarcity, the need for higher crop yields and quality, governmental support, the expansion of commercial agriculture, and a focus on sustainable practices. By 2028, the market is anticipated to reach $11.39 billion, maintaining a CAGR of 11.5%. Key factors propelling this growth include rising population demands, food security concerns, advancements in horticulture, climate change adaptation, and technological innovations in irrigation systems.
Major Driver In The Drip Irrigation Market
The increasing demand for agricultural products is anticipated to fuel the growth of the drip irrigation market. With a focus on improving crop yields through effective water and fertility management, drip irrigation plays a crucial role in meeting the rising demand for agricultural commodities. In 2022, India is projected to produce a record-breaking 308.65 million tons of food grain, marking an 11.15 million ton increase from 2019-20. Additionally, the United States Department of Agriculture reported a 7% increase in corn for grain output in 2021, reaching 15.1 billion bushels. The heightened production across various agricultural sectors highlights the critical role of drip irrigation in meeting these demands. This trend is expected to persist in 2028.
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Drip Irrigation Market Competitive Landscape
The Toro Company, Valmont Industries lnc., Netafim Limited, Jain Irrigation Systems Ltd., Rain Bird Corporation, Lindsay Corporation, Hunter Industries Inc., Rivulis Irrigation Ltd., Naandan Jain Irrigation Ltd., Eurodrip S.A, T-L Irrigation Company, Grupo Chamartin S.A, Stax Technologies, Irritec S.P.A, Driptech Incorporated, DripWorks Inc., Irrigation-Mart lnc., Chinadrip Irrigation Equipment Co. Ltd., Aqua Solutions lnc., Goldenkey, Elgo Irrigation Ltd., Antelco Pty. Ltd., Microjet Irrigation Systems, EPC Industries Limited, Nelson Irrigation Corporation, Sistema Azud S.A, Shanghai Huawei Water Saving Irrigation Corp., Metzer Group, KSNM DRIP, Raindrip Inc., Anupam Agri Industries Ltd.
Key Drip Irrigation Market Trend
Technological advancements are becoming a major trend in the drip irrigation market. Companies are focusing on innovative technologies to maintain their market position. For example, in May 2021, Netafim, an Israel-based irrigation equipment manufacturer, launched the AlphaDisc filter. This intelligent, automated filter addresses degrading water quality by preventing organic impurities from clogging irrigation systems. It features remote sensing technology and algorithms for real-time insights, boosting output, reducing costs, and ensuring effective management of irrigation resources.
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Drip Irrigation Market Segmentation
The drip irrigation market covered in this report is segmented –
1) By Dripper: Inline Emitters, Online Emitters
2) By Component: Filters, Drip Pipes, Emitters, Valves, Pressure Gauge, Fittings, Other Components
3) By Crop: Field Crops, Fruit And Nuts, Vegetable Crops, Other Crops
4)By Application: Surface Application, Subsurface Application
By Geography:The regions covered in the drip irrigation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the drip irrigation market share in 2023.
The Drip Irrigation Global Market Report 2024 furnishes information about the global drip irrigation market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
