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Micro Irrigation System Market to surpass $12bn by
2024: Global Market Insights, Inc.
Rising concern for depleting water resources will drive micro irrigation system
market. As per United Nations report, water availability is projected to decrease in
various regions with global agriculture water consumption estimated to increase by
over 19% by 2050.
Growing environmental awareness and increase in income levels, along with shift in
customer’s focus for eco-friendly products in developing economies is anticipated to
drive micro irrigation system demand. Unpredictable precipitation in rainfall
dependent nations has further supported the industry growth as this is forcing
farmers to install the product for reducing seeds and crops wastage.
Enhanced support from governments for the wastewater treatment particularly in
India and China has incentivized the industry. For instance, Indian government
launched Pradhan Mantri Krishi Sinchayee Yojna in July 2015, for enhancing the
effective water usage & management, creating & strengthening water distribution
Increasing demand for agricultural products is excepted to propel micro irrigation
system market. As per analysis, food industry is likely to reach at USD 3 trillion by
2020, growing at the rate of over 4% from 2015 to 2020.
However, the high cost associated with maintenance and installation of these system
may restrain the industry growth during forecast time frame. In addition, lack of
proficiency in managing these systems may prove to be a significant hindrance to
the micro irrigation system market growth.
Sprinkler will be valued over USD 7.5 billion in 2024. Elimination of water
conveyance channels, evenly distribution of water, and enhanced crop yields are the
factors supporting the product demand. Further, suitability of product for various
topographies, high irrigation efficiency and ease in operation are expected to propel
this segment’s growth. However, a lot of water is wasted due to spray droplets
evaporation as they fly through air which may hamper the industry demand.
Orchard crops & vineyards will grow over 12% up to 2024. Lower labor requirement
and efficient control over nutrients and water has boosted the product’s demand in
this segment. Effective application of water to tree lines of orchard compared to other
irrigation methods including, flood & furrow and conventional sprinkler has further
fueled the industry growth.
Farmers end-use segment will witness gains over 10% up to 2024. Participation of
the government regulatory body due to environmental concerns coupled with
reduction in water and fertilizers usage is projected to drive this segment’s growth.
Increase in the number of subsidies provided by government to the farmers will
support product scope.
U.S. Microirrigation System Market, By Application, 2013-2024, (USD Million)
Browse key industry insights spread across 300 pages with 239 market data tables &
11 figures & charts from the report, “Micro Irrigation System Market Size By
Product (Sprinkler, Drip), By Application (Orchard Crops & Vineyards,
Plantation Crops, Field Crops), By End-Use (Farmers, Industrial) Industry
Analysis Report, Regional Outlook (U.S, Canada, Mexico, Spain, Russia,
France, Italy, Turkey, Germany, Ukraine, UK, China, India, Australia, Japan,
South Korea, Malaysia, Brazil, Chile, Iran, South Africa, Saudi Arabia, Egypt,
Israel), Growth Potential, Price Trends, Competitive Market Share & Forecast,
2017 – 2024” in detail along with the table of contents:
Asia Pacific, led by China, India and Japan was worth around USD 1.6 billion in
2016. Increase in adoption of the product for conserving water and reduction in labor
cost in the agriculture-eccentric economies of the region is anticipated to augment
the industry growth over forecast period.
North America micro irrigation system market is likely to reach USD 3.5 billion by
2024. Growing awareness among the farmers about benefits of using the product
has resulted in increased industry demand. Countries including the U.S., Mexico and
Canada are prominent users of the product for achieving better quality and higher
yield crops for export markets which has driven the regional growth.
Latin America micro irrigation system market will surpass 5 million hectares of land
covered in 2016. Changing lifestyle, improved technological innovation and
increasing disposable income will favor this segment’s growth. Reduction in arable
land due to industrialization, soil erosion and deforestation along with water scarcity
are key drivers of the industry.
Global micro irrigation system market is fragmented due to presence of few industry
players. Some of the key players are EPC Industries, Jain Irrigation, Rain Bird
Corporation, Netafim, Valmont Industries, Lindsay, Toro Company, Bhumi Polymers.
About Global Market Insights
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