IRRIGATION MACHINERY MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Irrigation Machinery Market Analysis:

The Irrigation Machinery Market is projected to experience a substantial increase in size, from USD 16.30 billion in 2023 to USD 23.35 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 7.46% during the forecast period (2023–2028).

The alterations in rainfall patterns due to climate change and the escalation of global warming have made irrigation in agriculture a challenging task. Consequently, the utilization of irrigation machinery has facilitated the irrigation of thousands of acres worldwide. The most commonly used modern irrigation techniques are sprinkler and drip irrigation, which primarily serve to sustain crop growth and moisture.

The market’s growth is being propelled by critical factors such as government subsidies and policies, technological advancements, and increasing concerns over water scarcity. Furthermore, the market for irrigation machinery is expected to expand due to the growing scarcity of natural irrigation systems and the heightened demand for crop productivity.

Sprinkler irrigation machinery is the most extensive segment in the global irrigation machinery market. Several leading market players are investing in Research and Development (R&D) to create innovative products and maintain a robust market presence. The growing adoption of efficient irrigation systems for better yield output and other associated benefits, coupled with the continuous introduction of advanced models by key market players, has made it the largest segment of the market studied.

North America is considered the fastest-growing market. The companies located in the region are launching new products, thereby dominating the studied market with faster innovations and product launches. Government policies are also supplementing the market’s growth by providing various subsidies to farmers.

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