The global Irrigation Machinery Market is estimated to be valued at US$ 7.54 Billion in 2022 and is expected to exhibit a CAGR of 7.6% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
The irrigation machinery market encompasses various products and equipment used for irrigation purposes. These machines facilitate the efficient distribution of water to crops and improve crop yield. The need for irrigation machinery arises from the growing global population, which demands increased agricultural productivity. Irrigation machinery offers advantages such as improved water efficiency, reduced labor costs, and increased crop growth. This drives the demand for irrigation machinery in the global market.
Market Key Trends:
One key trend in the irrigation machinery market is the adoption of advanced technologies. Farmers and agricultural organizations are increasingly embracing technologies such as sensors, drones, and automation systems to enhance irrigation practices. These technologies enable precise water distribution based on real-time data, improving irrigation efficiency and reducing water wastage. Additionally, automated systems reduce human error and labor requirements. The adoption of advanced technologies in the irrigation machinery market is expected to further drive market growth over the forecast period.
The threat of new entrants:
The threat of new entrants in the irrigation machinery market is relatively low. This is mainly due to the high capital investments required to establish a manufacturing facility and the presence of well-established market players with strong brand recognition. Additionally, the complex technology and expertise required in the production of irrigation machinery act as barriers for new entrants.
Bargaining power of buyers:
The bargaining power of buyers in the irrigation machinery market is moderate. While buyers have the ability to compare prices and quality among different manufacturers, the concentrated nature of the market gives a limited number of choices to buyers. However, buyers can still negotiate discounts and favorable terms with suppliers due to the availability of substitute products.
Bargaining power of suppliers:
The bargaining power of suppliers is moderate in the irrigation machinery market. Suppliers of raw materials such as metals and plastics have a moderate level of power as there are multiple sources available in the market. However, suppliers of specialized components such as sensors and control systems may have higher bargaining power due to their uniqueness and limited availability.
The threat of new substitutes:
The threat of new substitutes in the irrigation machinery market is relatively low. The use of irrigation machinery is essential for efficient water management in agriculture, and there are limited alternatives available. While traditional manual irrigation methods exist, they are less efficient and labor-intensive compared to automated irrigation systems.
The competitive rivalry in the irrigation machinery market is high. The market is dominated by several key players who compete based on factors such as product quality, innovation, distribution network, and pricing. The presence of strong competition drives companies to constantly improve their products and offer competitive prices to gain market share.
The global irrigation machinery market is expected to witness high growth, exhibiting a CAGR of 7.6% over the forecast period. This growth can be attributed to the increasing adoption of automated irrigation systems in the agriculture sector to improve productivity and reduce water wastage. Government initiatives promoting sustainable agriculture and the need for efficient water management further fuel the market growth.
Regionally, North America is projected to be the fastest-growing and dominating region in the irrigation machinery market. This can be attributed to the adoption of advanced irrigation technologies, favorable government regulations, and the presence of major market players in the region.
Key players operating in the irrigation machinery market include Finolex Pipes, Nelson Irrigation Corporation, Rivulis Irrigation Inc., Netafim Limited, Rain Bird Corporation, EPC Industries Limited, Lindsay Corporation, Jain Irrigation Systems Limited, Deere & Company, T-l Irrigation Co., Valmont Industries, and The Toro Company. These players focus on product innovation, strategic partnerships, and acquisitions to strengthen their market position and gain a competitive advantage.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it