LONDON, July 21, 2015 /PRNewswire/ -- The micro irrigation systems market has grown exponentially in the last few years and this trend is projected to continue. The market was valued at $1,909.88 million in 2013 and is projected to grow at a CAGR of 17.2% from 2014 to 2019. The market is primarily driven by factors, such as increasing water scarcity in most of the regions of the world and improved crop production with the use of micro irrigation systems.
The micro irrigation systems market is led by North America followed by the Asia-Pacific region. The U.S. micro irrigation systems market not only dominates North America but also the global market. Asia-Pacific is projected to be the fastest-growing micro irrigation systems market globally for the period under consideration. The market is projected to grow significantly at a CAGR of 20.6% from 2014 to 2019. India and China are the major and the fastest-growing micro irrigation systems markets in the Asia-Pacific region for the next five years, due to increasing water demand owing to increasing population.
In this report, the micro irrigation systems market has broadly been segmented on the basis of type, crop type, and region. New product launches was the most preferred growth strategy in the micro irrigation systems market. The purpose of adopting this strategy is that it results in increasing geographic presence and clientele. Major players such as Netafim Limited (Israel), The Toro Company (U.S.), Jain Irrigation Systems Ltd. (India), and Rain Bird Corporation (U.S.) collectively accounted for more than half of the global micro irrigation systems market and they are mainly focusing to strengthen their product range. Other players in the market are EPC Industries Limited (India), Nelson Irrigation Corporation (U.S.), Rivulis Irrigation (Israel), Valmont Industries, Inc. (U.S.), and T-L Irrigation Co. (U.S.), which have major presence in the global micro irrigation systems market.
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