IRRIGATION MACHINERY MARKET ANALYSIS

Irrigation Machinery MarketSize and Trends

The global irrigation machinery market size was valued at US$ 7.54 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.6% from 2022 to 2030. A wide range of factors contribute to the growth of the Irrigation Machinery market, including the increase in food demand and concerns over water scarcity. Moreover, the rise in awareness about precision agriculture techniques and the increasing adoption of irrigation equipment have also contributed to the market growth. 

Global Irrigation Machinery Market Trends:

Growing shift from conventional to technologically developed irrigation system is a recent trend

The growing knowledge regarding the benefits of irrigation in farmers is leading to a rapid shift traditional methods of irrigation toward use of technologically advanced systems of irrigation. Furthermore, the development of technologically developed irrigation system is being determined by this shift from conventional approach of irrigation. This in turn is likely to boost the demand for irrigation machinery around the world. Thus, the trend is anticipated to continue in the market over the forecast future.

Increasing innovation by market players is a growing trend in the market

Many of the market players are increasingly investing in research and development work for creating innovative products and maintaining a strong market position. Still, the increasing use of effective irrigation systems for their better yield output and other benefits along with the launch of novel systems by market players is expected to drive the demand for irrigation machinery. This trend is likely to augment growth of the global irrigation machinery market during the forecast period.