Micro-irrigation Systems Market Outlook 2017 – Growth Drivers, Opportunities and Forecast Analysis to 2024
Category: #business  By Rahul Varpe  Date: 2021-08-09
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Micro-irrigation Systems Market Outlook 2017 – Growth Drivers, Opportunities and Forecast Analysis to 2024

What are the factors that will stimulate global micro-irrigation system market growth?

The irrigation system is being widely used across the world to deliver water for the agriculture landscape. In recent years, numerous environmental issues like soil erosion, urbanization, deforestation, and industrialization have resulted in considerable land depletion. Micro-irrigation is considered as an effective tool for water conservation.  Global water scarcity coupled with government initiatives is driving the global micro-irrigation systems market.

Globally around 70% of the water sources are used for agriculture and irrigation purpose while 10 % of water sources are used for domestic purposes. Depleting water resources across the world have highlighted the importance of the micro-irrigation system.

According to UN estimation, the population of the world would likely surpass 11 billion by 2100. Increasing global population and rising concerns for regular water supply have further aided the micro irrigation system demand.

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The micro-irrigation system eliminates the need for the extra workforce. Rising emphasis on reducing labor costs and improved efficiency would further drive product penetration. The migration of a large population from villages into cities has created labor deficiency for the agriculture sector. Thus, rising labor costs and resource scarcity would stimulate the growth of the global micro-irrigation sector.

However, high initial investment, continues maintenance and high equipment cost are restraining the market growth.

What are the key segments that would drive the growth of global micro-irrigation system market revenue share?

Based on the product, the Sprinkler segment valued more than USD 3 billion in 2016. Improved yield at an affordable price, better water usage efficiency, and enhanced cultivation in barren land are propelling the industry growth. Moreover, increasing pollution concerns and enhanced soil fertility and increased crop quality are also contributing to the growth of the industry.

Based on application, Orchard crops & vineyards would witness considerable growth of more than 10 % over 2024. Increased awareness among farmers has influenced industry demand over the forecast period. Proper water supply helps to maintain desired soil moisture in the root zone which would ultimately result in the optimum development of Vineyards, tree orchards, and row crops.

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How end-user segment fare in the micro-irrigation System market landscape over the forecast period?

Based on end-user, Farmers held more than 75% market share in 2016. Increased crop productivity, reduced water wastage, and improved crop quality are some of the key factors that are driving product demand. Major corporate & private farms are also contributing to the market growth.

What aspects will drive the APAC market size by 2024?

APAC micro irrigation system market would be valued more than USD 3 billion by 2024. Favorable socioeconomic conditions in India, China, and Australia have influenced product demand. For instance, China is accounted for 10% of agriculture land under the micro-irrigation system, thus the local market would provide lucrative opportunities for manufacturers. Increasing awareness among the farmers about product usage has further contributed to the growth of the industry.

On a global scale, the micro irrigation system market is highly fragmented because of the presence of numerous small and medium-scale product manufactures. Some of the prominent market players operating in the global micro-irrigation system market include Finolex Plasson, Rain Bird Corporation, Bhumi Polymers, Lindsay Corporation, Ecoflo Irrigation, Automat Industries, Valmont Industries, Jain Irrigation, Signet Group, Toro Company, EPC Industries, and Netafim.

 

 

 


 

 

 

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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