|01-12-2019 11:45 AM CET - Energy & Environment||
Rivulis Irrigation, Toro Company profiled in Microirrigation System Market will be valued USD 12 billion by 2024|By Key Vendors: Netafim Limited, Valmont Industries, Hunter Industries, Lindsay Corporation, Jain Irrigation Systems, Rain Bird Corporation
Press release from: Global Market Insights, Inc
APAC microirrigation system market will be valued over USD 3 billion by 2024. Favorable socio-economic conditions in China, India, and Australia has enhanced the product demand. For instance, China accounts for 10% agriculture land under the microirrigation system, thus regional market is expected to provide lucrative opportunity for manufactures. Rising awareness among the farmers about product application has further propelled industry growth.
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Increasing necessity to overcome water scarcity will drive microirrigation system market. Globally 70% of the water sources are used for irrigation and agricultural purposes whereas 10% accounts for domestic purposes.
In recent years, deforestation, urbanization, soil erosion and industrialization led to significant arable land depletion. Increasing concern for sustainable water resource management will drive microirrigation system market growth. Depleting water resources in many parts of world are the key drivers supporting industry growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Toro Company
• Jain Irrigation Systems
• Rain Bird Corporation
• Netafim Limited
• Valmont Industries
• Hunter Industries
• Lindsay Corporation
• Nelson Irrigation Corporation
• EPC Industries
• Rivulis Irrigation
• NaanDanJain Irrigation
• T-L Irrigation
• Vishakha Irrigation
• Captain Polyplast Ltd.,
• Ecoflo Irrigation
• Signet Group
• Irritec S.p.A.
• Finolex Plasson
• Automat Industries
• Premier Irrigation Adritec
Government initiatives to ensure more equitable distribution by minimizing wastage will drive product demand as an effective tool for water conservation. As per UN estimation, global population has reached over 6.5 billion in September 2017 and likely to surpass 11 billion by 2100. Rising population level and growing concern for regular water supplies will propel microirrigation system demand.
Increasing necessity to reduce labor cost and improve efficiency will drive product penetration. Changing demographics led to population migration from villages to cities, which resulted in low workforce for agricultural sector. Thus, resource scarcity and rising labor cost will propel microirrigation system market.
High maintenance & equipment cost, and initial investment of micro-irrigation system may hinder industry growth. However, increase in government support through subsidies is likely to reduce the impact of above restraints.
Sprinkler was valued over USD 3 billion in 2016. Increased yield at affordable price, water usage efficiency, and improved cultivation in barren land are key factors driving industry growth. Rising environmental pollution concern and improved soil fertility & crop quality are other factors enhancing product scope.
Orchard crops & vineyards will foresee gains over 10% up to 2024.
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Rise in awareness among farmers about product benefits is projected to drive industry demand. Proper water application maintains the desired soil moisture in the root zone, thus results in optimum development of row crops, vineyards and tree orchards.
Farmers end-use segment accounted more than 75% market share in 2016. High crop productivity, improving crop quality and reducing water wastage are the key driving factors stimulating product demand. Large corporate & private farms are probable end-users of the industry.
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Some of the prominent industry players are Rain Bird Corporation, Bhumi Polymers, Finolex Plasson, Ecoflo Irrigation, Lindsay Corporation, Automat Industries, Signet Group, Valmont Industries, Toro Company, Jain Irrigation, Netafim, EPC Industries. Government support by providing subsidies will further drive microirrigation system market.
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