The growth of the Drip Irrigation market is primarily driven by the increasing crop yield and Government Programs and Subsidies to farmers. The global Drip Irrigation market was valued at USD 5.1 billion in 2018 and is expected to reach USD 8.9 billion in 2026, growing at a CAGR of 9.7% during the forecast period.
According to the World Bank 2017 report, agriculture accounted for about 70% of global water withdrawal and roughly 90 % of its consumption. With the need to boost the productivity while saving water, micro-irrigation technologies like drip irrigation plays an important role in agriculture. Growth in the drip irrigation industry is driven mainly by increased crop yields, and government programs and subsidies to conserve natural resources are main factors driving the growth of this market. Also, government spending drives the market, in particular, and is anticipated to have a powerful market impact over the forecast period. However, a lack of technical skills and an elevated level of capital investment hinder the development of the Drip Irrigation sector. This technology has gained significant attention from policymakers and governments for its perceived capacity to make a significant contribution to agricultural productivity and financial growth.
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Most companies are looking for strategies such as mergers and acquisitions, alliances, contracts, contracts, new product launches, in order to gain a competitive edge over other companies. Companies such as Rain Bird, for instance, introduced Alexa-enabled controllers for their irrigation systems in March 2018. Consumer will be able to control irrigation patterns using a Rain Bird App voice-activated personal assistant on an Android or iOS smartphone or tablet. In January 2017, the Toro Company completed the acquisition of Regnerbau CALW GmbH, a privately held manufacturer of professional irrigation equipment.