Global drip irrigation market is expected to flourish at a significant CAGR of 10.5% over the forecast period. Moreover, drip irrigation market is expected to garner USD 4.3 Billion by the end of 2023. Government initiatives to promote drip irrigation are expected to fuel the growth of the drip irrigation market. Moreover, benefits of using drip irrigation such as higher crop yield and better quality food grains is anticipated to propel the growth of drip irrigation market.
In 2016, highest demand for drip irrigation was seen from Asia-Pacific. Further, Asia-Pacific is projected to dominate the drip irrigation market during the forecast period owing to the rising agricultural activities in China and India. Moreover, rising spending on agricultural activities is expected to strengthen the growth of the drip irrigation market in Asia Pacific. Europe is also projected to make significant contribution in the global drip irrigation market.
Increasing Population in the World
Rising population across the globe has increased the demand for agricultural food grains. Moreover, high demand for agricultural products is pushing farmers to adopt advanced irrigation system to increase agricultural yield. These factors are anticipated to increase the adoption of drip irrigation system during the forecast period.
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Government Initiatives
Government initiatives and subsidy policies to encourage the adoption of advanced irrigation systems are predicted to trigger the growth of the global drip irrigation market. Moreover, government food security programs and focus to save water is expected to positively impact the growth of the global drip irrigation market.
Although, high cost of drip irrigation and lack of awareness about the benefits of drip irrigation system are some of the factors which are expected to hamper the growth of the global drip irrigation market.
The report titled “Drip Irrigation Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the global drip irrigation market in terms of market segmentation by component, by application, by crop types and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global drip irrigation market which includes company profiling of The Toro Company, Jain Irrigation Systems Ltd., Rain Bird Corporation, Hunter Industries, Lindsay Corporation, EPC Industries Limited, Netafim Limited, Nelson Irrigation Corporation, Valmont Industries, Inc. and T-L Irrigation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global drip irrigation market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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