DUBLIN, Dec. 17, 2015 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/9qck6z/_precision) has announced the addition of the " Precision Irrigation Market - Global Analysis & Forecast, 2015 to 2020 " report to their offering.
North America occupies 515.10 million acres of cultivated land, including 67.39 million acres under irrigation. Since an important prerequisite for adoption of precision irrigation needs financial stability, being a developed region like North America worked in its favor as it held the ability to take command over the market from the initial stages itself. Even though the region makes use of only 0.007 million acres of irrigation area for precision irrigation, it occupies around 74% of the precision irrigation market globally and is the highest revenue earning region of the market. It is expected to generate over $922.57 million of revenue by 2020.
Moreover, the precision irrigation market is getting its major chunk of revenue from the companies majorly based in the U.S., namely: Valmont Industries, Lindsay Corporation, T-L Irrigation, and Reinke Manufacturing among others. Valmont Industries made 58% of its $3.02 billion revenue in 2014 from the U.S. Similar is the case of Lindsay Corporation which earned 61% of its revenue in 2014 from the U.S., which is less than the previous year, but however, still maintains a leading position in the market.
Multiple application areas of precision irrigation, along with several other factors such as a concrete push by the modern technologies & IT, and benefits over traditional methods of irrigation, among others, have led to an increase in the utilization of these systems all over the world.
The report on precision irrigation market primarily identifies the significant drivers and challenges surrounding this market. Further, the report has been targeted at providing quantitative insights into the precision irrigation market based on its systems, application areas, and geographical regions. The precision irrigation industry in the recent years is coming up with numerous new product variants of modern irrigation techniques to attract more number of consumers and companies globally, and as a result, demonstrates the potential of growth at a CAGR of 7.2% by 2020.
The constraints of limited water and land resources for irrigation purposes generate the need for precision irrigation, which, in turn, fulfills these needs by offering improved yields, energy savings and reduced water pumping costs through its hardware, software, & services. The market is estimated to reach $1,238.02 million by 2020 at a CAGR of 7.2% through the forecast period. Even though the precision irrigation techniques are much costlier to their counterparts, and that the time required & difficulty in installing the systems is quite high, factors such as benefits over traditional irrigation, emerging technologies and government support are driving the market towards growth.
Some of the key players in the industry are Valmont Industries, Lindsay Corporation, Reinke Manufacturing, T-L Irrigation, and Trimble Navigation among others. These companies are aiming for more mergers & acquisitions and product launches to expand their market and stop the new entrants from entering.
Key Topics Covered:
1 Executive Summary
2 Scope And Research Methodology
3 Market Dynamics
4 Industry Trends
5 Competitive Landscape
6 Precision Irrigation Market, By Systems
7 Precision Irrigation Market, By Application
9 Company Profiles
- Crop Metrics
- Lindsay Corporation
- Nelson Irrigation
- Reinke Manufacturing
- Rivulis Irrigation
- T-L Irrigation
- The Toro Company
- Trimble Navigation Limited
- Valmont Industries
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SOURCE Research and Markets