Drip Irrigation Market Revenue Growth Predicted by 2018-2025
It is most efficient method of irrigation, as it requires less amount of water and wets only the required area. This system has potential to provide high yield with limited resources, which has propelled its demand for agricultural use. Furthermore, government initiatives of providing subsidies for drip irrigation is major factor boosting growth of the global drip irrigation market. However, the high installation cost of drip irrigation system is expected to be the major restraining factor for growth of the market.
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The transpiration and evaporation effects in a greenhouse lead to excessive water loss, which damage the plants. Among application, the agricultural irrigation segment is the most commonly used application, followed by greenhouse irrigation. Drip irrigation can be used for water retention in a green house. Specially designed products for use in a greenhouse drip irrigation system include overhead spray, greenhouse timers, and container spray.
Drip Irrigation Market Outlook:
Asia Pacific market is anticipated to grow at a substantial rate over the forecast period, owing to incentives and subsidies provided by the government. Moreover, advantages associated with use of drip irrigation such as high yield and low wastage of water are fueling growth of the market in emerging economies such as China and India. Furthermore, the restriction on soil erosion and easy fertilization are major factors driving growth of the drip irrigation market. The Department of Agriculture and Farmers Welfare in India under the Accelerated Irrigation Benefit Programme (AIBP) of Ministry of Water Resources (MOWR) has proposed a scheme of approximately 153 Million US$ for the period of 2015 -2016.
The drip irrigation market in Europe is expected to gain significant traction over the forecast period, owing to reduction in arable land, water scarcity due to industrialization, and increasing population in Europe. Moreover, government is encouraging high crop production with limited resources through drip irrigation. In 2016, EU and Eritrea has signed a deal of US$ 22.24 million for Drip Irrigation Systems Supply and Installation Deal.
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Drip irrigation is also expected to have high demand in the Middle East and North African region (MENA), owing to the need for water management in arid regions. Moreover, increased greenhouse irrigation in Egypt and Qatar has further augmented the growth of drip irrigation market.
Major players are adopting various inorganic growth strategies in order to enhance their footprint in the market. For instance, Rivulis Irrigation Ltd. of Israel merged with Eurodrip S.A. of Greece in 2017. Major players operating in drip irrigation market include Rain Bird Corporation, Netafim limited, Lindsay Corporation, S.A, Driptech Incorporated, Microjet Irrigation System, Rivulus Irrigation, Toro Company, EPC Industries LTD, and Eurodrip.
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