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Irrigation Equipment Market Set to Surge to $10.01 Billion by 2029: Meticulous Research® Unveils Exclusive Insights
[Redding, California, March 20, 2024] - In a comprehensive market analysis titled "Irrigation Equipment Market by Type (Drip Irrigation, Sprinkler Irrigation, Pivot Irrigation), Product (Drip Emitter/Drippers, Tubing, Irrigation Valve, Filters, Sprinklers, Controllers), Application (Agricultural, Non-agricultural)-Forecast to 2029," Meticulous Research® projects a robust CAGR of 9.7% during the forecast period, propelling the global irrigation equipment market to an impressive valuation of $10.01 billion by 2029.Download Free Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=5378
The surge in the irrigation equipment market is underpinned by a confluence of factors, including proactive government initiatives aimed at water conservation, escalating demand for irrigation solutions in residential and commercial landscaping, and the widespread adoption of cutting-edge agricultural methodologies. However, persistent challenges such as the high upfront installation costs and dwindling farm incomes pose potential impediments to market growth.
COVID-19's Impact on the Global Irrigation Equipment Market
The COVID-19 pandemic wreaked havoc across industries and economies worldwide, precipitating disruptions in agricultural activities and exacerbating logistical challenges within the agricultural equipment supply chain. Stringent lockdown measures, coupled with labor shortages and logistical bottlenecks, precipitated a significant downturn in agricultural equipment procurement in 2020. However, the market witnessed a gradual resurgence in 2021, buoyed by a burgeoning adoption of automated irrigation solutions and an uptick in investments in advanced farming equipment.
Farmers in developed economies have increasingly gravitated towards automated irrigation solutions, a trend underscored by a scarcity of labor resources amidst the pandemic. This paradigm shift towards automation has engendered a surge in demand for advanced irrigation equipment among large-scale commercial farms, auguring well for market expansion in the forecast period.
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Segmentation and Projections:
The global irrigation equipment market segments into various categories, encompassing irrigation types such as drip irrigation, sprinkler irrigation, pivot irrigation, as well as a diverse range of products and applications. Notably, the sprinkler irrigation segment is poised to witness the highest CAGR during the forecast period, driven by its ability to enhance production yields and mitigate soil compaction.
In terms of product segmentation, the tubing segment is anticipated to command the largest market share in 2022, attributed to its ease of installation and cost-effectiveness. Additionally, the burgeoning adoption of drip tapes and lines incorporating recycled materials is anticipated to further propel segmental growth.
The non-agricultural application segment is expected to register the highest CAGR during the forecast period, fueled by burgeoning demand for enhanced sports grounds and the increasing adoption of irrigation systems for landscaping in residential, commercial, and public sectors.
Key Market Players:
A landscape characterized by moderate competition characterizes the global irrigation equipment market, with a blend of large-scale global players and regional contenders vying for market supremacy. Key players shaping the market landscape include Netafim Ltd., Nelson Irrigation Corporation, Jain Irrigation Systems Ltd., among others.
Quick Buy - Irrigation Equipment Market - Global Opportunity Analysis and Industry Forecast (2022-2029), Research Report: https://www.meticulousresearch.com/Checkout/62557225
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