At 9.7% CAGR, Drip Irrigation Market will reach $8.9 Bn by 2026(Lindsay Corporation, Toro Company)

The Drip Irrigation Market report provides study with in-depth overview, describing about the Product, Industry Scope and elaborates market outlook and status to 2026.

The growth of the Drip Irrigation market is primarily driven by the increasing crop yield and Government Programs and Subsidies to farmers.

The global Drip Irrigation market was valued at USD 5.1 billion in 2018 and is expected to reach USD 8.9 billion in 2026, growing at a CAGR of 9.7% during the forecast period.

According to the World Bank 2017 report, agriculture accounted for about 70% of global water withdrawal and roughly 90 % of its consumption. With the need to boost the productivity while saving water, micro-irrigation technologies like drip irrigation plays an important role in agriculture. Growth in the drip irrigation industry is driven mainly by increased crop yields, and government programs and subsidies to conserve natural resources are main factors driving the growth of this market. Also, government spending drives the market, in particular, and is anticipated to have a powerful market impact over the forecast period. However, a lack of technical skills and an elevated level of capital investment hinder the development of the Drip Irrigation sector. This technology has gained significant attention from policymakers and governments for its perceived capacity to make a significant contribution to agricultural productivity and financial growth.

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Most companies are looking for strategies such as mergers and acquisitions, alliances, contracts, contracts, new product launches, in order to gain a competitive edge over other companies. Companies such as Rain Bird, for instance, introduced Alexa-enabled controllers for their irrigation systems in March 2018. Consumer will be able to control irrigation patterns using a Rain Bird App voice-activated personal assistant on an Android or iOS smartphone or tablet. In January 2017, the Toro Company completed the acquisition of Regnerbau CALW GmbH, a privately held manufacturer of professional irrigation equipment.

Key Findings:
• Based on Component type, the emitter segment is growing rapidly in the Drip Irrigation market with the highest CAGR of 8.9% in the forecast period.
• Based on crop type, the field crop segment is expected to grow at a CAGR of around 6.9% throughout the forecast period
• Asia Pacific accounted for nearly 48% share of the global Drip Irrigation market in 2018

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Recent News:
• In May 2019, Companies such as Metzer Group launched new ring connectors for its line of drip tapes. The new ring connectors are available in four different variants and are ideal for use in thin-walled pipes.
• In February 2019, Rivulis has expanded its operations in Mexico with the opening of a new factory in Leon. The factory is expected to become the largest drip irrigation factory in the Americas and started manufacturing operations in early February.
• In February 2018, Mexichem (Mexico), a diversified firm with businesses in plastic piping, chemicals, and petrochemicals acquired 80% stake in Netafim in a deal valued at USD 1.895 Billion.

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Release ID: 88921719