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 equipment and technologies are unaffordable for many small and marginal farmers.
New York, July 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Drip Irrigation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Emitter Type, Application, and Type" - https://www.reportlinker.com/p06295662/?utm_source=GNW
With the goal to provide financial assistance to farmers, the Government of India (GOI) initiated an awareness campaign to encourage a maximum number of farmers to switch to drip and sprinkler irrigation methods.
In September 2021, the Government of Madhya Pradesh, India, announced to offer agricultural irrigation equipment to the farmers on a subsidized basis under the Pradhan Mantri Krishi Sinchai Yojana.Subsidies were made available for the Kisan drip system mini, micro-sprinkler set, and portable sprinkler set under the plan.
In November 2021, the Government of Maharashtra, India, decided to increase subsidies to promote the use of micro-irrigation schemes.Netafim, an irrigation equipment manufacturer, offers micro-irrigation subsidy support to farmers through Netafim Agricultural Financing Agency (NAFA); a non-banking finance company offering customized financial solutions to boost the micro-irrigation ecosystem in India.
In Europe, large-scale drip irrigation projects propel the agricultural sector. The agricultural sector in Germany has gradually shifted from conventional irrigation techniques to advanced methods, supported by rising favorable prices and trade policies. Farmers are adopting innovative technologies such as sprinkler irrigation, which significantly drives adoption of the micro-irrigation systems across the country. IRRITEC SpA, Italy, is a world leader in smart irrigation and distributes its products in over 140 countries. The European Union’s ambition to become carbon neutral by 2050 encourages European crop growers to adopt climate-smart agriculture by 2030. It is likely to reduce annual agricultural carbon emissions by 6% and improve soil health by 14%. The State Society for Agricultural Infrastructure (Sociedad Estatal de Infraestructuras Agrarias, SEIASA) is an agency that funds irrigation modernization projects across Spain. In the last two decades, SEIASA has facilitated the investment of over ~US$ 2.37 billion in irrigation modernization in the country. The French government is encouraging the deployment of irrigated farming through the progressive removal of direct payments for irrigated crops and rural development funds offering mixed incentives. Most projects in France are focused on 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.
Many manufacturing facilities in the North American drip irrigation market remained operational during fiscal 2021 after witnessing a severe impact of the COVID-19 pandemic.Supply chain disruptions limited manufacture’s ability to procure certain commodities for production.
Continued strong demand for drip irrigation systems and equipment during fiscal 2021 forced companies, such as The Toro Company, to increase maintenance, rearrangement, and capital equipment installation services.As economies recover from the COVID-19 crisis, the drip irrigation market players in North America are monitoring the adequacy of commodities supply and are using alternative suppliers when necessary to meet supply commitments.
Companies in the drip irrigation market in North America have entered into loan credit agreements with financial institutions for refinancing their outstanding borrowings in the global financial and commercial markets.Tempus Automation System, a Toro Ag business, was recognized as the 2021 New Product Winner by the Irrigation Association in the agriculture irrigation category.
The cloud-based system helps growers precisely control irrigation valves and monitor field parameters. Strong retail demand for new and enhanced drip irrigation equipment; increased shipments of professional irrigation products; and strong demand for agriculture, horticulture, greenhouse, and landscape equipment due to favorable industry trends would propel the drip irrigation market growth during 2022–2028.
The overall drip irrigation market size has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the drip irrigation market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.
The participants of this process include VPs, business development managers, drip irrigation market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the drip irrigation market.
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