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.
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