Micro Irrigation Systems Market Insights | Growing Industry Players - Valmont Industries, Inc., Hunter Industries, The Toro Company, Jain Irrigation Systems Ltd., Nelson Irrigation, Netafim Ltd., Lindsay Corporation
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A strong political will to devise innovative technologies to preserve precious water especially in water-scarce regions such as Israel has led to the country becoming a global leader in supplying products in the micro irrigation systems market. Government initiatives are also expected to play a critical role in the fast-growing, dynamic APEJ region. Reducing prices will also benefit price-sensitive countries in the APEJ micro irrigation systems market.
The global population is increasing rapidly, particularly in Asia and Africa and has almost touched 7 billion in 2017. According to the Asian Development Bank, almost 3/4th of all the Asian countries are poised to face a looming water crisis in the coming decade. None of the countries in the region can claim to be truly water sufficient, and they all face moderate to acute water stress. There is an urgent need to address the looming water shortages of the future with the help of the micro irrigation systems market and the regional governments are well-aware of this. Micro irrigation systems have numerous advantages over conventional irrigation systems for the purpose of boosting crop productivity and this should make them more appealing to key stakeholders.
Asia Pacific excluding Japan is predicted to be the most attractive region in the global micro irrigation systems market in terms of absolute and incremental dollar opportunity and all major companies are highly advised to cater to the discerning needs of countries in this volatile region. The two nations to focus the maximum attention on would be the billion people strong behemoths of China and India. China has only 10% of its agricultural land under micro irrigation systems and it represents the single largest opportunity. In neighbouring India, the percentage of agricultural land under micro irrigation is even less, making the region an area of assured growth in the micro irrigation systems market for some time to come. Farmers in the APEJ micro irrigation systems market with decent water and energy supplies could be hesitant to shift away from their conventional, tried-and-tested farming methods. The farmers typically have well-set surface irrigation and may not even be aware of the micro irrigation systems market. There could also be scepticism or distrust towards new technology and this is likely to hamper adoption and revenue growth in the regional market.
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From a market value of over US$ 480 Mn in 2016, the India micro irrigation systems market is projected to be worth almost US$ 2.4 Bn by the end of 2027, registering a 15.4% CAGR. India should show the highest growth rate, making it a market that players in the micro irrigation systems market would be unwise to ignore.
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