April 13, 2024
Irrigation Machinery Market

The Irrigation Machinery Market Is Poised To Experience Growth Through Increasing Focus On Water Conservation By 2030

The irrigation machinery market consists of various products such as sprinkler irrigation systems, drip irrigation systems, and center pivot irrigation systems that are used for efficient watering of agricultural crops and lawns. These products offer advantages such as even water distribution, minimized water wastage, and optimized irrigation that helps improve crop yields. With rising global population and growing demand for food, efficient irrigation techniques have become indispensable for enhancing farm output. Moreover, issues of water scarcity and the need for conservation have propelled the adoption of modern irrigation solutions across farms.

The Global Irrigation Machinery Market is estimated to be valued at US$ 9.35 Bn in 2024 and is expected to exhibit a CAGR of 16.% over the forecast period 2024 to 2030. Key players operating in the irrigation machinery market are TomTom International BV, Zonar Systems Inc., Harman International Industries Inc., Bridgestone Europe NV/SA, Trackunit A/S, ORBCOMM Inc., Omnitracs LLC, Topcon Corporation, Navman Wireless, Wacker Neuson SE, and MiX Telematics Limited, Stoneridge, Inc., Trackunit.

Key Takeaways

Key players: Key players operating in the irrigation machinery market include TomTom International BV, Zonar Systems Inc., Harman International Industries Inc., Bridgestone Europe NV/SA, Trackunit A/S, ORBCOMM Inc., Omnitracs LLC, Topcon Corporation, Navman Wireless, Wacker Neuson SE, and MiX Telematics Limited, Stoneridge, Inc., Trackunit. These players are focusing on new product launches and strategic collaborations to strengthen their market position.

Growing demand: With the growing global population and rising food demand, agricultural output needs to increase substantially. This is driving the adoption of advanced irrigation solutions across farms to optimize crop yields through efficient water management.

Global expansion: Leading manufacturers are expanding their geographic footprint through acquisitions and partnerships. They are also diversifying their product offerings with the development of innovative irrigation technologies tailored for different climatic and crop conditions.

Market key trends

The Global irrigation machinery market size is witnessing increasing focus on water conservation and sustainability. Products are being developed with advanced controls and automated features that minimize water wastage while delivering optimal doses for crops. Technologies such as soil moisture sensors and weather-based controllers are being integrated for precise irrigation based on plantation requirements. Moreover, the use of renewable energy for powering irrigation pumps and machinery is gaining traction in view of rising energy costs and need to promote green farming practices.

Porter’s Analysis

Threat of new entrants: The irrigation machinery market requires high initial investments in technology and R&D which acts as a entry barrier for new players. Bargaining power of buyers: Large buyers have significant influence over irrigation machinery producers due to their high demand and large orders. However, availability of alternatives balances the power. Bargaining power of suppliers: Major suppliers for components like pumps and motors have some influence over machinery producers but suppliers are many to avoid dependence. Threat of new substitutes: though some new irrigation techniques are emerging, pipeline infrastructure and sunk machinery costs makesubstitutes less attractive for large areas in short term. Competitive rivalry: The market has many global and regional players competing on technology, pricing and service leading to improvement in quality of products.

Geographical Regions

North America dominates the global irrigation machinery market in terms of value owing to vast agricultural lands and adoption of advanced irrigation methods for high value crops. The USA accounts for the major share.

Asia Pacific is the fastest growing region for irrigation machinery market driven by government schemes and initiatives for modern agriculture in populous countries like China and India. Development in infrastructure and cash crops is boosting adoption of machinery for irrigation in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it