Drip Irrigation Market Size And Forecast
Drip Irrigation Market size was valued at USD 5.20 Billion in 2020 and is projected to reach USD 12.79 Billion by 2028, growing at a CAGR of 12.00% from 2021 to 2028.
The global market for Drip Irrigation systems is going to increase during to forecast period owing to factors such as growing population, increasing global food demand and growing population size, limited arable especially in emerging nations of the Asia Pacific and Latin America region. The Global Drip Irrigation Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Drip Irrigation Market Definition
Drip Irrigation, also known as trickle irrigation, is a type of micro-irrigation procedure that ensures the slow application of water to the soil surface consistently during a longer period of time through small diameter tubes and pipes delivered at the root zone of the plants, drop by drop via drippers. Drip Irrigation ranks among some of the most effective ways of irrigation and this is attributed to factors such as Drip Irrigation allowing water to directly be supplied to the plant’s root.
The Drip Irrigation technique is utilized for almost all types of horticulture crops and vegetables. The main objective of the Drip Irrigation system is to ensure wastewater management. The Drip Irrigation method does not permit water loss due to evaporation, deep percolation, and run-off in sandy soils.
Global Drip Irrigation Market Overview
The global market for Drip Irrigation systems is going to increase during to forecast period owing to factors such as growing population, increasing global food demand and growing population size, limited arable especially in emerging nations of the Asia Pacific and Latin America region. Moreover, the rising need to conserve water, especially in arid areas, would further propel the growth of the market over the forecast period.
However, the Drip Irrigation adoption rate in developing countries is sluggish due to higher initial costs, though there has been some reduction in the cost owing to domestic manufacturing of some items used in Drip Irrigation. This is anticipated to pose a major threat to the growth of the market in the coming years.
Global Drip Irrigation Market: Segmentation Analysis
The Global Drip Irrigation Market is segmented on the basis of Type, Component, And Geography.
Based on Type, the market is segmented into Field Crop, Fruits & Nuts, Vegetable Crops, and Others. Global Drip Irrigation Market for Field Crop segment is anticipated to be the largest over the estimated period. The increasing prices of field crops have also fueled the Drip Irrigation Market growth. However, the market for Vegetable Crops is likely to be growing at the highest CAGR during the forecast period.
Based on Component, the market is segmented into Emitters, Pressure pumps, Drip Tubes, and Others. Global Drip Irrigation Market for the Drip Tubes segment is anticipated to be largest during the forecast period. Drip tubes are made of a special grade of polyethylene material which is costly and hence the market revenue coming from this segment is anticipated to be more.
Drip Irrigation Market, By Geography
Rest of the world
On the basis of Geography, The Global Drip Irrigation Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific dominated the Global Drip Irrigation Market in 2018. China’s market accounted for the majority of the market in this region in 2018, which is expected to continue over the forecast period. Within the Asia Pacific, China and India are seen to hold a dominant portion of the market. China is one of the leading manufacturers of micro-irrigation system components. Apart from China and India, countries such as Korea, Bangladesh, and Pakistan, have a noteworthy market share in the rest of the Asia Pacific region in terms of Drip Irrigation.
The “Global Drip Irrigation Market” is highly fragmented with the presence of a large number of manufacturers globally. Some of the major players include The Toro Company, Lindsay Corporation, Netafim Ltd, Hunter Industries, Rain Bird Corporation, and Shanghai Irrist Corp., Ltd., Elgo Irrigation Ltd., Rivulis.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Partnerships, Collaborations, and Agreements
On September 2019, The Toro Company and Tractor Supply Company announced a new long-term strategic partnership. Under the terms of the partnership, Tractor Supply will be The Toro Company’s exclusive partner in the farm and ranch channel for select models of Toro zero-turn mowers, walk mowers, and portable power equipment in stores nationwide and online beginning in spring of 2020.
Mergers and Acquisitions
On June 2020, Lindsay Corporation announced the acquisition of Net Irrigate, LLC (US), an agriculture Internet of a Things technology company that provides remote monitoring solutions for irrigation customers.
In February 2018, Mexichem (Mexico), a diversified conglomerate with businesses in plastic piping, chemicals, and petrochemicals acquired a majority stake in Netafim in a deal valued at USD 1.895 Billion.
Product Launches and Product Expansions
On May 2020, The Toro Company launched clog-resistant drip tape, Toro Aqua-Traxx Azul drip tape. The drip tape offers a filter inlet design and optimized flow passages that pass through debris to maximize clog resistance and product performance.
On May 2019, The 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.