The global micro-irrigation systems market was valued at USD 4,443.9 million in 2017, and it is projected to reach USD 10134.6 million by 2024, witnessing a CAGR of 13.1%
NEW YORK, Jan. 22, 2020 /PRNewswire/ --
Market Overview
The global micro-irrigation systems market was valued at USD 4,443.9 million in 2017, and it is projected to reach USD 10134.6 million by 2024, witnessing a CAGR of 13.1% over the forecast period.
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Global water scarcity for agriculture, coupled with rapid technological innovations and increasing area under greenhouse vegetable cultivation are driving the global micro-irrigation systems market, while the lack of consumer awareness and the need for high initial investments and continuous maintenance are factors that are restraining the market
Scope of the Report
The report defines the micro-irrigation systems market in terms of end-users. Irrigation equipment which is used in agricultural practices is only considered. Industrial applications are not a part of this report. The component segment of the report does not include the after-sales market.
Key Market Trends
Agricultural Water Scarcity Pushing Farmers towards Adoption of Micro Irrigation
The micro-irrigation systems market is primarily driven by factors, such as the need for increasing crop productivity while addressing the issues of water scarcity. Thus, governments are focusing on formulating initiatives, to increase the usage of micro-irrigation systems, while limiting water shortage. With water increasingly becoming a scarce commodity, farmers have been seeking novel ideas to grow more crops with the same quantity of water. Micro-irrigation systems, including sprinklers, and drippers, are witnessing high demand. This is expected to augment the growth of the market studied.
The Indian Agricultural Research Institute (IARI) established design of micro-irrigation system (DOMIS), a web-based application system that helps in designing customized micro-irrigation systems for efficient water utilization, under several agro-climatic conditions. Furthermore, the institute is planning to develop devices that utilize low amounts of water, in order to help farms.
The global population has been increasing significantly over the past few years, along with the demand for food.
Sprinkler and drip irrigation systems provide limited quantities of water to farms, with minimal wastage, as compared to conventional gravity flow irrigation.
Asia Pacific dominating the global market
China is one of the leading manufacturers of micro-irrigation system components. China exports micro-irrigation system components to many nations and its exports are further expected to grow in the future. The exports of equipment grew to 21.7% from the year 2004-2015. The Asian Development Bank is encouraging small farmers in China to use micro-irrigation.
India is largely dependent on rainfed agriculture and the use of micro irrigation system will help the Indian agriculture sector in reducing the dependence on rain and also can help in increasing productivity. The most popular technologies being used in India are drip irrigation and sprinkler irrigation. Drip irrigation has the highest market share in India. Adoption rates of micro-irrigation
Apart from China and India, countries such as Vietnam, Korea, Bangladesh, and Pakistan, continue to have a large market share.
Competitive Landscape
Nelson Irrigation Corporation, Chinadrip Irrigation Equipment Co. Ltd, Deere & Company, Lindsay Corporation, Jain Irrigation Systems Limited, and Netafim Ltd are the most active players in the global micro irrigation systems market. The market share analysis indicates that the market studied is consolidated, with major companies accounting for about 60.4% of the market share. With the governments' thrust on augmenting the penetration of water conservation and efficiency driven by micro-irrigation system, the market is expected to witness a double-digit growth in the near future. This is expected to benefit companies, such as Jain Irrigation Systems Limited, EPC Industries Ltd, and Netafim Ltd, among others.
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