The global sprinkler irrigation market size is anticipated to reach USD 2.91 billion by 2027 attributable to the rise in efforts of the government to encourage the use of sprinklers for multiple crop production. Sprinkler irrigation is the method of applying water to crops in a way similar to that of rainfall. The water to be sprayed is distributed through a pipe system and then sprayed into the air through sprinklers so that the water breaks into tiny droplets when falling to the ground. In this way, crops will get the desired amount of water required for their growth without wasting excess water. A recently published report by Fortune Business Insights offers a 360-degree overview of the market and its prime growth trajectories. As per the report titled, “Sprinkler Irrigation Market Size, Share Industry Analysis, By Type (Center Pivot, Lateral Move, Solid Sets, and Others), Mobility (Stationary and Towable), Application (Field Crops, Orchard Crops, Landscape Turf, and Others), and Regional Forecast, 2020 – 2027,” the market value was USD 2.57 billion in 2019 and will rise at a CAGR of 1.67% during the forecast period set between 2020 and 2027.
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Increasing Need to Feed Population Despite Covid19 Outbreak will Propelling Growth
The agricultural industry is negatively impacted by the current pandemic of COVID19 that has propelled all businesses to come at a halt. Crop cultivation and irrigation have however managed to survive in developing nations such as Pakistan, India, South Africa, China, and others. The price of sprinkler systems in the nations mentioned above has witnessed extensive rise due to its low labor association and increasing need for crop irrigation to feed the population even during the coronavirus attack and worldwide declaration of lockdown. However, in the developed nations of Europe and North America, the market is stable owing to the availability of automated sprinkler systems.
Market Drivers:
Increasing Awareness about New Irrigation Techniques will Bolster Growth
The increasing need to cultivate more crops rapidly to feed the growing population is the major sprinkler irrigation market growth, driver. Besides this, the rise in farmer awareness about the latest irrigation techniques with the help of government-supported initiatives is also adding impetus to the market. Furthermore, the rising acceptance of various water-efficient precision agricultural practices is likely to create lucrative growth opportunities for the market in the coming years.
Regional Segmentation:
Asia Pacific will Register Fastest Growth Rate with Government-supported Initiatives
Regionally, North America generated the highest revenue of USD 930.85 million earned in 2019. This is owing to the presence of large area under irrigation across nations such as the U.S. On the other side, the market in Europe will witness significant growth on account of high awareness about modern irrigation system and allotment of huge plots of land under sprinkler irrigation in nations such as Italy, France, Spain, and Russia. Furthermore, Asia Pacific is expected to witness the fastest growth rate on account of the robust rate of the growing population and high support from the government to adopt the use of sprinklers for irrigation.
Competitive Landscape:
Jain Irrigation Systems, Lindsay Corporation and few others enjoying Dominant Position
The market is consolidated in nature due to the presence of a few regional and global vendors. Players functioning in the market are engaging in collaborative efforts such as mergers and acquisitions, contracts and agreements, joint ventures, and partnerships for gaining a competitive edge in the market. Manufacturers such as Jain Irrigation Systems, Inc., Netafim Limited, Lindsay Corporation, and Valmont Industries are holding a prominent position in the market with their collaborative efforts.
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/industry-reports/sprinkler-irrigation-systems-market-101611
