Transparency Market Research (TMR) witnesses that the global mechanized irrigation systems market has a highly fragmented vendor landscape. Presence of a large number of players is increasing the level of fragmentation in the market. Lindsay Corporation, Hunter Industries, Jain Irrigation Systems Limited, Driptech India Pvt. Ltd and EPC Industries Limited are some of the prominent players in the global mechanized irrigation systems market. Additionally, new entrants in the market through new product launches, mergers, and collaborations are making the market competitive.
According
to TMR, the global mechanized irrigation systems market is projected to grab
the revenue of US$35.0 bn in terms of revenue by 2024. The market is expected
to swell with a CAGR of 14.9% over the forecast period from 2016 to 2024.
Based on
the type, the center pivot irrigation systems segment led the market and is
expected to continue its dominance in the market in the coming years. Based on
the region, the market in North America accounted for a lion’s share and is
expected to remain dominant in the market in years to come. This growth is
attributable to high adoption of the newer technologies in the region for
reducing overall cost and increasing profit margin in the region.
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Need
for Reducing Overall Costs of Agriculture Boosts Market Growth
The
need to revise uneconomical irrigation systems and low agricultural creation to
improve crop efficiency has been forecasted to be one of the vital variables
upgrading the mechanized irrigation systems market. Horticulture could assume a
huge job in decidedly affecting the financial advancement of a country. Various
mechanized irrigation systems are utilized in agribusiness for applications such
as watering crops. Effect sprinklers, parallel move systems, moving water
spouts, focal rotate systems, and sprinklers are a portion of the basic
watering systems occupied with horticultural exercises. High adoption of these
systems is driving growth of the global mechanized irrigation systems market.
The
interest in mechanized irrigation systems has been anticipated to pick up force
as a result of the reduction in asset costs. Accordingly, mechanized irrigation
systems could be exceptionally embraced for a scope of utilization including
estate and development, other than farming. Minimal effort of irrigation
pursued by improved profitability, government speculations and advancements,
and rising mindfulness about the advantages of utilizing mechanized irrigation
systems in cultivating could be among solid development components of the
market.
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High
Cost of Installation Restrains Growth of the Market
The
steady requirement for hardware support and costly introductory speculation are
restraining growth of the global mechanized irrigation systems market. In spite
of the fact that these controlling components have been relied upon to hamper
the interest for mechanized irrigation systems, there could be different
elements making hearty development openings in the coming years.
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Water
and sustenance shortage and forceful populace development could reinforce the
development of the global mechanized irrigation systems market. High spotlight
on least wastage and effective utilization of water and water assets in created
economies have been anticipated to set the tone for a profitable development of
the market. The interest for mechanized irrigation systems could be expanded in
light of a few prospects presented with the reusing of the natural issue and
expanding use of wastewater medicines. In addition, so as to decrease work
costs, mechanized irrigation systems are utilized to water most gardens, yards,
and nursery crops.
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