Global micro irrigation system market is likely to progress with a CAGR of 15.73% to reach a revenue of $14.78 billion by 2027
NEW YORK, May 8, 2019 /PRNewswire/ -- KEY FINDINGS
Global micro irrigation system market is likely to progress with a CAGR of 15.73% to reach a revenue of $14.78 billion by 2027. The base year considered for the market study is 2018 and the projected period is from 2019 to 2027. The growing interest of farmers to use micro-irrigation systems, decreasing per capita arable land and growing demand of MIS from emerging economies are responsible for driving growth in this market.
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MARKET INSIGHTS
The market, however, is primarily driven by rising water scarcity.Water is depleting to a greater extent and needs to be utilized optimally.
The increasing reduction in water-bed levels across the world, which is forcing farmers worldwide to choose better irrigation systems depending on minimal amounts of water, unlike traditional micro irrigation systems. Furthermore, government encouragement drives the market, notably.
Wastewater utilization and freshwater conservation are the new developments that act as opportunities for the micro irrigation systems market. Over-irrigation, clogging issues and trouble in discovering issues related to micro irrigation system are some of the challenges faced by the micro irrigation systems market.
REGIONAL INSIGHTS
The report sizes all the submarkets and also gives a detailed geographic split of the four major regional markets which are North America, Asia Pacific, Europe and the remaining countries collectively forming the Rest of World segment.
North America accounted for the largest revenue share in 2018.The farm sector in North America, particularly in the United States is well diversified.
Economic contribution and intensity of agricultural activities vary substantially across the region, which considerably affects farm income. Increased mechanization and government support have developed the sector, enabling farmers to increase their farm size and enhance overall efficiency.
COMPETITIVE INSIGHTS
The market is majorly dominated by companies such as Jain Irrigation Systems Ltd., Hunter Industries, Irrigation & Water Technologies (IWT), Netafim Ltd., Valmont Industries, Inc., Rain Bird Corporation, Rivulis Irrigation Ltd., Toro Company, Nelson Irrigation Corporation, Mahindra EPC Irrigation, Lindsay Corporation, and T-L Irrigation Co.
Companies mentioned
1. HUNTER INDUSTRIES
2. IRRIGATION & WATER TECHNOLOGIES (IWT)
3. JAIN IRRIGATION SYSTEMS LTD.
4. LINDSAY CORPORATION
5. MAHINDRA EPC IRRIGATION
6. NELSON IRRIGATION CORPORATION
7. NETAFIM LTD
8. RAIN BIRD CORPORATION
9. RIVULIS IRRIGATION LTD
10. T-L IRRIGATION CO.
11. TORO COMPANY
12. VALMONT INDUSTRIES, INC.
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