Micro Irrigation System Market Size to exceed $12bn by 2024
Published Date: September 16, 2019 Authors: Kiran Pulidindi, Hemant Pandey
Micro Irrigation System Market size is estimated to exceed USD 12 billion by 2024; according to a new research report by Global Market Insights, Inc.
Growing concerns pertaining to agricultural losses have triggered a paradigm shift towards advanced irrigation system that minimizes water usage and supports sustainable farming measures. Factors such as efficient use of fertilizers and increase productivity in limited water & land resources are anticipated to propel the overall micro irrigation system market share. Also, key aspect of micro irrigation system to support soil health management will further promulgate overall market growth. Increasing necessity to reduce labor cost and minimize production cost will also fuel product penetration rate.
Inadequate rainfall for past few years has accentuated the need for novel techniques that will help agricultural crop growth and support landscape maintenance. As per FAO, world’s population is expected to grow to almost 10 billion by 2050, thus boosting agricultural demand. Higher demand for fruits and vegetables owing to increase in income growth of low and middle level countries will further create positive application outlook for micro irrigation system manufacturers over the projected timeframe.
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Strong technical and economic efficiency of micro irrigation system will provide positive business outlook for industry participants. Extensive support programs by government facilitates technical knowledge in the form of demonstrations, workshops, etc. fueling the micro irrigation system market advancement. Also, technical transformation of the conventional, capital intensive systems into low-cost alternatives greatly improves the accessibility of micro irrigation system to underprivileged farmers.
Drip irrigation system market is anticipated to witness significant gains at over 11% by 2024. Strong demand of novel irrigation system for vine and row crops fueling product sales. Ability of drip irrigation system to be adaptable to any farmable slope will support product penetration over the forecast timeframe. In addition, suitability of drip irrigation system for most of the soils and low wastage will further fuel product application scope.
Browse key industry insights spread across 300 pages with 239 market data tables & 11 charts & figures 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, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Orchard crop and vineyard application registered sales of over USD 1.4 billion in 2016. Rise in disposable income and growing demand for visually appealing gardens are the key factors supporting the growth of micro-irrigation system in orchard and vineyard application. Also, increasing importance of introducing biodiversity in forests plantations will further accentuate the segment growth.
Farmers end use segment is expected to grow at CAGR of 11.5% by 2024. Key benefits such as enhanced agriculture production and economic vitality will support the segment growth for the projected period. Effective agronomic practices including management of soil fertility, pest control and cropping selection supporting product application scope. Increasing necessity to avoid losses owing to pest infestation and unfavorable climatic conditions will also propel micro irrigation system market development.
Europe micro irrigation system market is expected to witness growth more than 9% by 2024. Growing food demand due to increasing population and dependence on imports has triggered necessity of advanced agricultural practices. Factors such as depleting water levels, favorable regulatory outline and government programs will further support the regional market expansion. Growing agriculture and food processing sector will also create lucrative opportunities for new industry participants in coming years.
Jain Irrigation Systems, Rain Bird Corporation, Valmont Industries, Hunter Industries Toro Company, Lindsay Corporation, Rivulis Irrigation, and EPC Industries are among the major micro irrigation system market companies. The market share is fragmented in nature due to the presence of multinational and regional players. Technological innovations, strong R&D investment, new product launch, mergers & acquisitions, and joint ventures, are among the major strategies adopted by the industry participants to gain competitive edge.
The micro irrigation system market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million Hectors and revenue in USD Million from 2013 to 2024, for the following segments:
- Orchard crops & vineyards
- Plantation crops
- Field crops
- Others (Forage & turf grasses)
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia