San Francisco, 07 September 2018 - According to a report by Grand View Research, Inc., global micro irrigation systems market is estimated to value USD 9.10 billion by 2022. It is touted to grow at a 17.6% CAGR from 2015 to 2022. Growing need for efficient and cost-effective irrigation methods among farmers to increase crop yield is anticipated to propel demand for micro irrigation systems. Such advanced systems can eliminate soil erosion and reduce wastage of water during irrigation of agricultural land by farmers.
Growing need for food attributed to increase in population coupled with reduced arable land owing to expansion of cities can stimulate growth of market in the forthcoming years. High demand for micro irrigation systems among small-scale farmers to increase crop yield by utilizing minimum water can influence growth of market. Continuous technological advances in micro irrigation systems to support large scale farmers for monitoring and controlling the water flow can fuel market growth.
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The micro irrigation system market can be segregated on the basis of product type, crop type, application, and region. Based on product type, the market can be classified into drip, sprinkler, central pivot, and lateral move. In 2015, drip segment dominated the market and valued at USD 2878.3 million. Growing adoption of drip systems for cultivation of food crops is likely to impel product demand in the forthcoming years. In addition, low costs and need for less water consumption can further boost their demand.
Based on crop type, the market can be segmented into field crops, orchard crops, plantation crops, forage & grass, and others. In 2016, the orchard crops segment dominated the market and was worth USD 2873.6 million. Growing number of cultivation and export activities of fruits in Asia Pacific region can foster growth of market.
In addition, the plantation crops segment can show substantial growth attributed to increasing consumption of coffee and tea products across the world. However, the field crops segment is likely to observe less sales of micro irrigation systems owing to scarcity of arable land in emerging countries such as China and India. Incentives and subsidies from local governments towards implementation of mechanized and micro irrigation systems can attract owners of small lands.
Based on application, the market can be divided into greenhouse, agriculture, landscape, nursery, and others. In 2016, the agriculture segment dominated the market and accounted for largest market share equivalent to USD 3346.6 million. Agriculture being one of the biggest vocations in most regions can spur product demand. In addition, agrarian practices by emerging economies on a large scale can further stimulate market growth. Moreover, technological advancements in irrigation systems such as pumping units and spraying equipment is expected to propel demand.
On the contrary, the green house segment is predicted to display significant growth during the forecast period owing to high demand for water efficient and cost-effective solutions for agriculture. In addition, shifting preference for micro irrigation systems among greenhouse owners owing to increasing cost of water and electricity can drive market growth in the forthcoming years.
Regional segmentation includes Europe, North America, Asia Pacific, North America, Latin America, and Middle East & Africa (MEA). North America is expected to account for significant market share owing to prevalence of major market players such as Nelson Irrigation Corporation, Rain Bird Corporation, and Lindsay Corporation. All three players can develop reliable micro irrigation systems and influence growth of the market in the region. In addition, supportive initiatives from local governments such as North America Climate Smart Agricultural Initiative can lead to collaboration of market players and local farmers to boost agriculture.
The Asia Pacific market is anticipated to witness maximum growth at a CAGR of 17% from 2016 to 2025. Supportive initiatives from local governments in terms of subsidies for farmers to deploy micro irrigation systems can augur well for market growth in the region.
In MEA, the market is estimated to grow well during the forecast period owing to increasing adoption of mechanized and micro irrigation system in countries such as Israel. Use of advanced irrigation systems can strengthen green revolution in the region. In addition, sufficient availability of arable land can fuel product demand in the region during the forecast period.
Some of the leading companies offering micro irrigation systems are Jain Irrigation Systems Ltd., Lindsay Corporation, Nelson Irrigation Corporation, and Netafim Limited.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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