The global mechanized irrigation systems market has been envisaged in a report by Transparency Market Research (TMR) to bear a highly fragmented nature until the end of the forecast tenure 2016-2024. Several leading players could look to acquire new companies entering the industry. However, other business tactics involving new product launch, expansion, and agreement have been foreseen to be used in the market to gain a strong position in the coming years. Some of the prominent names operating in the industry are Lindsay Corporation, Jain Irrigation Systems Limited, Hunter Industries, EPC Industries Limited, and Driptech India Pvt. Ltd.
TMR has envisioned the global mechanized irrigation systems market to register a 14.9% CAGR during the aforementioned forecast tenure. By the final forecast year, the market could be valued at a US$35.0 bn. On the basis of type, center pivot irrigation systems have been projected to continue their lead in the market from the recent past. By region, North America could account for a lion’s share of the market in the near future.
Remedying of Low Agricultural Production Raises Demand
The need to rectify inefficient irrigation systems and low agricultural production to improve crop productivity has been prophesied to be one of the crucial factors enhancing the demand in the world mechanized irrigation systems market. Agriculture could play a significant role in positively impacting the economic development of a nation. A number of mechanized irrigation systems are used in agriculture for applications such as watering crops. Impact sprinklers, moving water nozzles, lateral move systems, central pivot systems, and sprinklers are some of the common watering systems engaged in agricultural activities.
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The demand for mechanized irrigation systems has been foretold to gain momentum because of the decrease in resource costs. As a result, mechanized irrigation systems could be highly adopted for a range of applications including plantation and cultivation, besides agriculture. Low cost of irrigation followed by improved productivity, government investments and promotions, and rising awareness about the benefits of using mechanized irrigation systems in farming could be among strong growth factors of the market.
Consistent Maintenance Requirement Throws Wrench in Works
TMR analysts have identified two leading growth restraints of the international mechanized irrigation systems market: constant need for equipment maintenance and expensive initial investment. Although these restraining factors have been expected to hamper the demand for mechanized irrigation systems, there could be other factors creating robust growth opportunities in the coming years.