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The global sprinkler irrigation market size is projected to reach USD 2.91 billion by 2027 on account of the growing efforts by the government for encouraging farmers to opt for sprinkler systems for irrigating their lands. Sprinkler irrigation is similar to that of rainfall and it uses just the required amount of water used by crops without wasting water. As per the report by Fortune Business Insights™ titled, “Sprinkler Irrigation Market Size, Share & Industry Analysis, By Type (Center Pivot, Lateral Move, Solid Sets, and Others), Mobility (Stationary and Towable), Application (Field Crops, Orchard Crops, Landscape & Turf, and Others), and Regional Forecast, 2020 – 2027,” the market value stood at USD 2.57 billion in 2019 and will exhibit a CAGR of 1.67% in the forecast duration of 2020 and 2027.
Majority Stake of Torrent Engineering & Equipment Acquired by Valmont
The Indiana-based Torrent Engineering & Equipment was acquired in February 2018 by Valmont Industries Inc., the leading provider of engineered services and products for mechanized irrigation equipment and services and infrastructure development for agriculture. As per this acquisition, Torrent will deliver and design high-pressure compressed and water processed systems throughout the world. The founders of Torrent namely Mark Meadows and Joe Cousins will continue to lead the company as Co-Presidents and continue efficient on-site deployments and turn-key fabrication in their recent facility of 25,000 sq. in Warsaw, Indiana in the coming years.
Meadows says, “We are proud to be a part of the ongoing complex irrigation systems. Our designs include mining, municipal, irrigation, and snowmaking sectors. We also deployed artificial snow for the last three Winter Olympics as a part of our high-profile projects including the 2018 games held in South Korea and some world-famous ski resorts. We are looking forward to collaborative efforts with Torrent.”
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Increasing Need to Feed Growing Population will Augment Growth
The increasing population and the need to feed the growing population is the major factor boosting the sprinkler irrigation market growth. In addition to this, governments of various nations are educating farmers and creating awareness about the importance of water conservation on account of the increasing concern for water depletion levels. This, coupled with the propulsion to use sprinklers with low annual operating costs are likely to aid in the expansion of the market in the coming years. However, the high cost of installation and maintenance of sprinkler systems may cause hindrance to the market in the forecast period. Nevertheless, heavy investments by players on the design, development, and production of innovative irrigation sprinklers are expected to create lucrative growth opportunities for the market in the coming years.
Market led by Lindsay Corporation, Netafim Limited and Jain Irrigation Systems Inc. with Joint Ventures
The market is consolidated in nature with a handful of players holding the dominant position. These include companies such as Netafim Limited, Valmont Industries, Jain Irrigation Systems Ltd., and Lindsay Corporation. This is attributed to their collaborative efforts such as partnerships, contracts and agreements, mergers and acquisitions, joint ventures, and others. Other players are investing in designing and development of new sprinkler systems for attracting more revenue to the market.
Notable Industry Developments of Market include:
List of Significant Market Manufacturers are:
Further Report Findings
The Global Sprinkler Irrigation Market is segmented into:
Value (USD Million)