DUBLIN – (COMMERCIAL THREAD)–The “Global Irrigation Machinery Market – Growth, Trends, COVID-19 Impact, and Forecast (2021-2026)” report was added to ResearchAndMarkets.com offer.
The global irrigation machinery market was valued at USD 3,903.9 million in 2020 and is expected to reach USD 6,603.6 million by 2026, registering a CAGR of 9.5% during the forecast period.
The impact of the COVID-19 pandemic has been felt on various businesses, including the global irrigation systems market. The impact of COVID-19 can be broadly characterized by an unprecedented disruption on the supply side. In addition, transport restrictions have also hampered access to necessary inputs for enterprises in the agricultural sector. Manufacturing industries have been shut down due to restrictions aimed at containing COVID-19, which in turn has affected the availability of farm inputs and operations to hire farm machinery service providers.
Sprinkler irrigation machines are the most important segment of the global irrigation machines market. Several major market players are investing in R&D work to develop innovative products and maintain a strong presence in the market. The increasing use of efficient irrigation systems for their best performance and other associated advantages is associated with the continuous introduction of advanced models by the major market players to make them the largest segment of the studied market.
North America is considered to be the fastest growing market as companies located in the region have launched new products in the studied market, thus dominating the market with innovations and faster product launches. Government policies also complement market growth by providing various subsidies to farmers.
Factors, such as subsidies and government policies, technological innovations, and a growing concern about water scarcity, are driving the market growth. In addition, the irrigation machinery market is expected to grow with the scarcity of natural irrigation systems and increased demand for crop productivity.
Government grants and support from financial institutions
Government organizations are promoting irrigation machines in various countries to encourage farmers to adopt advanced irrigation technologies by offering them various benefits or subsidies. For example, in 2017, in Spain, several water users associations (WUAs) received a 40% subsidy from the Conselleria d’Agricultura, Pesca, Alimentacio i Aigua for the installation of drip irrigation machines. by drop. This has increased the growth of the irrigation market in the country. Additionally, in the United States, increasing water conservation subsidies for drip irrigation are expected to increase water use and crop yields. This is expected to increase the demand for drip irrigation machines.
The Indian government approved the initial aggregation of USD 702.3 million for the establishment of a micro-irrigation fund (MIF) in May 2018, with the National Bank for Agriculture and Rural Development (NABARD) . This fund is registered under the Pradhan Mantri Krishi Sinchayee Yojna (PMKSY), which was formulated on July 1, 2015. The main objective of the program is to promote micro-irrigation technologies, mainly among consuming crops, like cotton and sugar cane. In addition, it focuses on expanding the coverage of field crops under micro-irrigation technologies.
In addition, the central government has offered a 35-45% subsidy for drip irrigation systems. This should strengthen the market. Due to the favorable government policies regarding low interest loans and subsidies for the implementation of modern and advanced irrigation systems, the irrigation machinery market is expected to experience significant growth especially in the countries developing, such as Latin America and Asia-Pacific.
North America dominates the market
Federal, state, and local water development programs and improvements in groundwater pumping technology have contributed to the expansion of the irrigated area in North America. Farmers in the region have been able to benefit from timely subsidies in the form of farm equipment loans at flexible interest rates and repayment schedules. This has helped even small farmers to invest in agricultural irrigation equipment, thus expanding the market for irrigation systems.
For example, the US government provides loans on farm equipment through USDA Direct Operating Loans, USDA Operating Microloans, and USDA Secured Operating Loans. The 2018 Farm Bill further increased the limit on agricultural loans for U.S. farmers to better access credit for the high capital costs associated with farming systems, including irrigation systems. The availability of loans and grants stimulates the demand for agricultural irrigation machinery, leading to the growth of the studied market in the country.
As reported by Statistics Canada, the total irrigated area of the country increased from 688,780 ha in 2016 to 691,108 ha in 2018. Field crops contribute most of the irrigation, which is 386,500 ha in 2016 and of 401,700 ha in 2018. With the increase in the production of field crops such as maize and sorghum, the use of irrigation machines is booming, subsequently dragging the market to the region.
The global irrigation machinery market is consolidated with major players occupying only a significant share of the studied market and others representing a lower share. The main players in the market are Orbia (Netafim Limited), Jain Irrigation Systems Limited, The Toro Company, Vamont Industries and Rain Bird Corporation. These major players invest in new product launches, extensions and acquisitions for the expansion of their activities.
Key topics covered
1.1 Study deliverables
1.2 Study hypotheses
1.3 Scope of the study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market overview
4.2 Market drivers
4.3 Market restrictions
4.4 Porters Five Forces Analysis
4.4.1 Bargaining power of suppliers
4.4.2 Bargaining power of buyers
4.4.3 Threat of Substitute Products
4.4.4 Threat of new entrants
4.4.5 Competitive Rivalry
5 MARKET SEGMENTATION
5.1.1 Sprinkler irrigation
126.96.36.199 Pumping unit
188.8.131.52 Spray heads / sprinklers
184.108.40.206 Fittings and accessories
5.1.2 Drip irrigation
220.127.116.11 Backflow prevention devices
18.104.22.168 Pressure regulators
22.214.171.124 Other drip irrigation
5.1.3 Pivot irrigation
5.1.4 Other types of irrigation
5.2.1 Cereals and cereals
5.2.2 Legumes and oilseeds
5.2.3 Fruits and vegetables
5.2.4 Other applications
5.3.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Saudi Arabia
22.214.171.124 Rest of Asia-Pacific
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Market share analysis
6.2 Most adopted strategies
6.3 Company profiles
6.3.1 Nelson Irrigation Company
6.3.2 Orbia (Netafim Limited)
6.3.3 EPC Industries Limited
6.3.4 Jain Irrigation Systems Limited
6.3.5 Tl Irrigation Co.
6.3.6 The Toro Company
6.3.7 Valmont Industries
6.3.8 Deere & Company
6.3.9 Lindsay Company
6.3.10 Rain Bird Company
6.3.11 Irrigation by Rivulus
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 AN ASSESSMENT OF THE IMPACT OF COVID-19 ON THE MARKET
For more information on this report, visit https://www.researchandmarkets.com/r/e7xpag