Global agricultural irrigation system market to record a growth of USD 9.18 billion by 2027

A report published by Fior Markets has indicated that global agricultural irrigation system is expected to record an impressive growth from USD 4.73 billion in 2019 to USD 9.18 billion by 2027, at a CAGR of 8.64% during the forecast period 2020-2027.

It was highlighted that certain driving factors, such as the high use of water for plant cultivation, its less impact in causing soil erosion, rapidly growing demand for food, among others have driven this projection.

“Agricultural sector is considered as one of the major pillar which contributes towards the economic and social development in any country. Globally, agriculture is the largest user of water. Agricultural industry uses near about 60% of the available water resources,” the report indicated.

There are various irrigation systems which would affect the market to reach the expected outcome. The four irrigation systems; namely, surface irrigation systems, sprinkler irrigation systems, micro irrigation systems and subsurface irrigation systems would contribute significantly to recording the boost and growth in the agricultural sector.

Delving into the growing demand for food and rising water scarcity across the world, building dams and water storage facilities are some of the best ways in achieving the agenda of water all year round.

According to the report, “The change in demographics due to rapid urbanization coupled with industrialization has resulted in un-maintainable economic practices followed by over utilization along with the degradation and depletion of natural resources.”

The report enlightened some of the constraints which would hinder the sector from achieving the set target due to a situation like the “Aral Sea shrinkage which have been an immense environmental devastation and this happened because of the construction of irrigation projects.”

However, high investment costs are the main restraint for this market, the report highlighted.