The global Drip Irrigation market size was UD$ 5.3 billion in 2020. The global drip irrigation market is forecast to reach US$ 15.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 11.1% during the forecast period from 2021-2030.
Water and fertilizers are supplied throughout the field in 'dripperlines' made up of smaller units. Drip irrigation is the most efficient way to fulfill the water and nutrients needs of the crops. It provides water and nutrients straight to the root zone of the plant in precise amounts.
COVID-19 Impact Analysis
The COVID-19 pandemic proceeds to have a complex influence on the overall water, energy, ecosystem, and food industry. Despite the difficult circumstances, drip irrigation firms all around the world have continued to operate. On the contrary, various hurdles have impacted service delivery, such as labor shortage, fiscal limit, and supply chain disruptions. As a result, the impact of the COVID-19 pandemic on the global drip irrigation market is unpredictable.
Factors Influencing
Drip irrigation is an essential practice to control soil moisture, mostly in the case of specialized greenhouse vegetables. The drip irrigation system is a precise and simple method for controlling soil moisture by determining water application. As it eliminates the chances of human errors, the process is considered more effective than traditional methods. Thus, such beneficial applications would fuel the growth of the global drip irrigation market during the analysis period.
The growing concerns over water scarcity are expected to surge the growth of the global drip irrigation market during the analysis period. Decreasing water reserves and increasing population is necessitating the use of drip irrigation to save water. Thus, the market players may witness promising opportunities in the coming years.
The growing population has increased the demand for food and food production. To curb this issue, the demand for farming land has been rising. As a result, it would increase the demand for advanced agriculture systems during the forecast period. Thus, will fuel the global drip irrigation market.
The high cost associated with the drip irrigations systems may slow down the growth of the overall market during the projected period.
Regional Analysis
The Asia Pacific region is expected to hold a major share in the global drip irrigation market. Emerging countries like India and China have observed a wide adoption of drip irrigation systems, owing to the growing population and government initiatives to expand agricultural activities. The favorable government programs, such as India's Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), are likely to extend micro-irrigation activities throughout the country. Moreover, other state-sponsored projects in the countries would also raise the regional contribution in the global drip irrigation market.
Competitors in the Market
Market Segmentation
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