The global drip irrigation market size is projected toreach USD 9.37 billion by the end of 2026. The increasing number of farmingactivities will bode well for the market in the coming years. According to areport published by Fortune Business Insights, titled “Drip Irrigation MarketSize, Share & Industry Analysis, By Component (Emitters, Drip Tubes/DripLines, Pressure Pumps, Filters, Valves, and Others), Crop Type (Field Crops,Orchard Crops, Landscape & Turf, and Others), Application (Surface andSubsurface), and Regional Forecast, 2019 – 2026,” the market was worthUSD 4.63 billion and will exhibit a CAGR of 9.3% during the forecast period.
Worldwide COVID-19 Impact Analysis:
The emergence ofCOVID-19 has brought the world to a standstill. We understand that this healthcrisis has brought an unprecedented impact on businesses across industries.However, this too shall pass. Rising support from governments and severalcompanies can help in the fight against this highly contagious disease. Someindustries are struggling and some are thriving. Overall, almost every sectoris anticipated to be impacted by the pandemic.
Drip irrigation is used across several agriculturalpractises for water distribution purposes. The ability of a drip irrigationsystem to minimize water wastage as well as maximize the amount of nutrientconsumed by the crops, is a major factor why this concept has gained massivepopularity in recent years. The massive investments in the R&D of newproducts will constitute an increase in the overall drip irrigation market sizein the coming years. The presence of numerous agricultural subsidies willcontribute to the growing adoption of drip irrigation systems across the world.Moreover, the emphasis on adoption of sustainable farming and agriculturalpractises will aid the growth of the market. The growing demand for a highlyefficient agricultural produce will create a subsequent demand for dripirrigation systems across the world.
IncreasingNumber of Product Launches Will Provide Impetus to Market Growth
The report encompasses severalfactors that have contributed to the growth of the market in recent years. Theincreasing number of product launches has emerged in favor of market growth.Due to the constantly rising demand for drip irrigation systems across theworld, several companies are looking to invest hugely in the development ofadvanced concepts.
The adoption of modern technologieshas yielded a few exceptional products in recent years. In August 2019, RivulisIrrigation announced the launch of a new product for drip irrigation system.The company introduced ‘Manna,’ a satellite based software solution which willbe used in drip irrigation systems across the country. The company’s latestproduct will have a massive impact on the growth of the overall market in thecoming years.
Asia Pacific to Emerge Dominant;Increasing Agricultural Activities to Aid Growth
The report analyzes the ongoing dripirrigation market trends across North America, Latin America, Asia Pacific, theMiddle East and Africa, and Europe. Among these regions, the market in AsiaPacific is likely to generate the highest revenue in the coming years. The increasingnumber of farming and agricultural activities in several countries across thisregion will aid the growth of the market. As of 2018, the market in AsiaPacific was worth USD 2.08 billion and this value is likely to increase furtherin the coming years.
Browse Detailed Summary of This ResearchReport with TOC: https://www.fortunebusinessinsights.com/drip-irrigation-market-102684
