Global Greenhouse Irrigation Systems Market Set For 11.7% Growth, Reaching $1.94 Billion By 2028
Greenhouse Irrigation Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What is the greenhouse irrigation systems market size and its growth rate?
The greenhouse irrigation systems market size has grown rapidly in recent years. It will grow from $1.12 billion in 2023 to $1.24 billion in 2024 at a compound annual growth rate CAGR of 11.6%. The growth in this historic period can be attributed to factors such as the increasing need for water-efficient irrigation, government regulations and policies, the development of drip irrigation technology, the use of controlled irrigation, and unpredictable weather conditions.
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What can we expect from the future of the greenhouse irrigation systems market?
Looking ahead, the greenhouse irrigation systems market size is expected to see rapid growth. It is projected to grow to $1.94 billion in 2028 at a compound annual growth rate CAGR of 11.7%. The growth in the forecast period can be attributed to the expansion of greenhouse farming, increasing preference for controlled-environment agriculture, decreasing costs of advanced irrigation technologies, availability of financing options and credit facilities, as well as a growing emphasis on sustainable agriculture.
Emerging trends in the industry encompass smart irrigation technologies, hydroponic and aquaponic systems, water recycling and reuse, integration with climate control systems, and remote monitoring and control.
What are the main factors driving this growth?
The rise in food consumption is another critical factor expected to propel the growth of the greenhouse irrigation systems market going forward. Consumption of food is rising due to population growth and increasing urbanization, which drives a higher demand for convenient and diverse food options. Greenhouse irrigation systems optimize water usage, enhancing crop yields and supporting year-round production, which is crucial to meet the rising demand for food consumption.
For instance, in April 2024, according to data published by the National Association of Convenience Stores NACS, a US-based trade association, total industry foodservice sales, including prepared food, commissary items, and dispensed beverages, represented 26.9% of in-store sales in 2023 up from 25.6% in 2022. Prepared food sales showed a growth of 12.2% per store per month, signifying the high demand for convenience foods. Therefore, the rise in food consumption is driving the growth of the greenhouse irrigation systems market.
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Who are the key industry players in the greenhouse irrigation systems market?
Major companies operating in the greenhouse irrigation systems market are Mahindra & Mahindra Limited, The Toro Company, Netafim Ltd., Rivulis Irrigation Ltd., Automat Industries, AvidWater, Nelson Irrigation Corporation, Novedades Agrícolas, Farm Tek, Prospiant, Irritec Inc., DripWorks, Crane Garden Buildings, Easy Garden Irrigation, Two Wests & Elliott Ltd, AdeptAg, Greenhouse Emporium, GrowSpan Greenhouse Structures, Irrigatia Limited, Microgrow systems, Mundoriego, and Niche Agriculture Limited< /b>.
How are companies shaping the future of the greenhouse irrigation systems market?
Major companies operating in greenhouse irrigation systems are focusing on strategic partnership approaches to enhance their technological capabilities, expand their market reach, and optimize their resource utilization. These strategic partnerships encompass collaborations between companies, organizations, or stakeholders to leverage each other's strengths and resources for mutual benefit.
For instance, in July 2023, IRIGREEN, a US-based sprinkler system provider, partnered with BIC Farms, a Nigerian-based agricultural company, to introduce innovative irrigation systems in Nigeria. This partnership focused on subsurface irrigation technology with BIC Farms adopting Irigreen's technology specifically for use in their hydroponic greenhouses. This innovative irrigation system is designed to deliver water directly to the roots of plants, thus being highly effective in greenhouse settings where controlled environments are crucial for maximizing crop yields and minimizing water usage.
How is the greenhouse irrigation systems market segmented and what are the regional insights?
The market is segmented by type into Drip Irrigation, Sprinkler Irrigation, Boom Irrigation; by farm size into Small Farms, Medium Farms, and Large Farms; and by application into Vegetables, Flowers And Ornamentals, Fruit Plants, and Nursery Crops.
On a regional level, Asia-Pacific was the largest region of the greenhouse irrigation systems market in 2023. However, North America is expected to witness the fastest growth in the forecast period.
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