According to a new market research report by Meticulous Research the global irrigation equipment market is slated to register a CAGR of 9.7% during the forecast period to reach $10.01 billion by 2029.
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Based on type, in 2022, the drip irrigation segment is expected to account for the largest share of the global irrigation equipment market.
The large market share of this segment is attributed to its rising innovation and automation in drip irrigation systems, adoption of new agriculture technologies, and low cost and water consumption ability.
However, the sprinkler irrigation segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to its capability to eliminate water conveyance channels, increase production yield, and reduce soil compaction.
Based on product, in 2022, the tubing segment is expected to account for the largest share of the global irrigation equipment market. The large market share of this segment is attributed to its easy installation and low cost. Moreover, the increasing adoption of drip tapes and lines with recycled materials is expected to drive the demand for this segment.
Based on application, the non-agricultural segment is slated to register the highest CAGR during the forecast period.
The rapid growth of this segment is attributed to factors such as the growing demand for improved sports grounds, rising use of irrigation systems for indoor and outdoor landscapes, increasing implementation of irrigation systems by commercial property management companies, educational institutes, and public sector buildings and public offices management companies to keep a check on water consumption.
Based on geography, in 2022, North America is expected to account for the largest share of the irrigation equipment market.
The large market share of this region is attributed to the high presence of key irrigation equipment manufacturers, well-established economies, and increased investment in research & development of irrigation equipment.
Moreover, the availability of loans and subsidies propels the demand for irrigation equipment in the region.
However, Asia-Pacific is slated to register the highest CAGR during the forecast period. ■