drip irrigation Market

The drip irrigation market is projected to reach US$ 23,313.57 million by 2028 from US$ 9,287.67 million in 2021; it is expected to grow at a CAGR of 13.9% from 2022 to 2028.

Micro-irrigation technologies and equipment are expensive for small and marginal farmers, but the Government of India (GOI) has launched awareness campaigns and subsidies to promote the use of drip and sprinkler irrigation methods. In September 2021, the Government of Madhya Pradesh announced subsidies for agricultural irrigation equipment such as Kisan drip systems, micro-sprinkler sets, and portable sprinkler sets. In November 2021, the Government of Maharashtra increased subsidies to encourage the adoption of micro-irrigation schemes. In Europe, large-scale drip irrigation projects have been successful, with German farmers adopting innovative technologies like sprinkler irrigation. IRRITEC SpA in Italy is a global leader in smart irrigation, distributing its products to over 140 countries. The European Union's goal of becoming carbon neutral by 2050 encourages farmers to adopt climate-smart agriculture, while SEIASA in Spain funds irrigation modernization projects. In France, the government is promoting irrigated farming through the removal of direct payments for irrigated crops and the provision of mixed incentives for rural development funds, with projects aimed at improving irrigation efficiency and building compensatory water storage schemes.

Collaborative public-private stakeholder actions address the global challenges to create necessary drip irrigation ecosystems. Thus, various governments are delivering infrastructure, incentives, and innovative policies to provide growth capital, which is driving the drip irrigation market growth.

Despite facing significant challenges due to the COVID-19 pandemic, several manufacturing facilities in the North American drip irrigation market remained operational in fiscal 2021. However, supply chain disruptions caused difficulties for manufacturers to procure certain commodities for production. Despite this, strong demand for drip irrigation systems and equipment in fiscal 2021 compelled companies like The Toro Company to increase maintenance, rearrangement, and capital equipment installation services. As economies recover from the COVID-19 crisis, North American drip irrigation market players are monitoring commodity supply adequacy and using alternative suppliers to meet supply commitments when necessary. To refinance their outstanding borrowings in the global financial and commercial markets, companies in the North American drip irrigation market have entered into loan credit agreements with financial institutions. In the agriculture irrigation category, Tempus Automation System, a Toro Ag business, was recognized as the 2021 New Product Winner by the Irrigation Association. The cloud-based system helps growers to precisely control irrigation valves and monitor field parameters. The strong retail demand for new and enhanced drip irrigation equipment, increased shipments of professional irrigation products, and a favorable industry trend of strong demand for agriculture, horticulture, greenhouse, and landscape equipment are likely to propel the growth of the drip irrigation market during 2022-2028.

To determine the size of the drip irrigation market, a comprehensive analysis has been conducted using primary and secondary sources. The secondary research involved collecting qualitative and quantitative information from internal and external sources, providing an overview and forecast of the market for all segments. Additionally, numerous primary interviews were conducted with various industry experts, including business development managers, drip irrigation market intelligence managers, national sales managers, valuation experts, research analysts, and key opinion leaders. These interviews helped validate the data and gain more analytical insights into the market.