ALBANY, New York, March 17, 2016 /PRNewswire/ --
According to a new market report published by Transparency Market Research entitled, "Micro Irrigation Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023," the global micro irrigation systems market was worth US$ 2,594.7 Mn in 2014 and is expected to reach US$ 9,140.2 Mn by 2023, expanding at a CAGR of 15.1% from 2015 to 2023. Europe was the largest market for micro irrigation systems in 2014. Growth in this region is expected to be driven by increasing need for micro irrigation systems for efficient water distribution and the development of sports grounds, stadiums, and public parks in countries such as the U.K, Germany, France, Italy, and Spain.
Full Research Report on Global Micro Irrigation Systems Market with detailed figures and segmentation at: http://www.transparencymarketresearch.com/micro-irrigation-systems-market.html
Micro irrigation systems offer high agricultural productivity with minimum water wastage. These systems require less water than traditional flood and furrow irrigation methods. This is expected to be the most important factor for the high adoption of micro irrigation systems in coming years. Micro irrigation systems apply water directly to plants and limited to a specific area rather than watering the whole field as in flood irrigation. This has encouraged people worldwide to use micro irrigation systems in different applications, thereby saving water. Furthermore, government encouragement for the use of micro irrigation systems is expected to substantially drive the market. The governments of U.S., India, China, and other countries offer subsidies on the purchase of micro irrigation systems.
On the basis of product type, the global micro irrigation systems market is segmented into sprinkler and drip irrigation systems. In 2014, among these, sprinkler irrigation systems was the most preferred, and accounted for around 83% of the revenue of the overall micro irrigation systems market. Moreover, this segment is expected to expand at a CAGR of 14.5% from 2015 to 2023. The most significant driver of the market for sprinkler irrigation systems is their high adoption in landscaping, turf grass, and fields.
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In terms of its components, the sprinkler irrigation system is segmented into tubing, pumping unit, fittings and sprinkler heads, couplers, and others. In 2014, the pumping unit segment held the largest revenue share of around 39% of the overall sprinkler irrigation system market. However, fittings and sprinkler head segments are expected to expand at the highest CAGR in terms of revenue during the forecast period from 2015 to 2023. In terms of components, the drip irrigation system is classified into drippers, tubing, backflow preventers, valves, filters, pressure regulators, and fittings. In 2014, filters held the largest revenue share of around 34% of the overall drip irrigation system market. Moreover, filters are expected to remain dominant throughout the forecast period in terms of revenue share.
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Geographically, Europe is the largest market for micro irrigation systems, globally. In 2014, Europe accounted for around 32% of the overall micro irrigation market revenue share. Furthermore, Asia Pacific is expected to witness the fastest growth during the forecast period. China, India, Japan, Australia, and South Korea are among the major markets for micro irrigation in this region.
Key players of the global micro irrigation systems market include Netafim Ltd., Jain Irrigation Systems Ltd., The Toro Company, Rain Bird Corporation, Hunter Industries, Inc., Eurodrip SA, Elgo Irrigation Ltd., Reinke Manufacturing Company, Inc., Valmont Industries, Inc., T-L Irrigation Company, Lindsay Corporation, Sistema Azud SA, and Rivulis Plastro Ltd.
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SOURCE Transparency Market Research