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Micro Irrigation System Market Worth USD 23.4 billion in 2026, growing at a CAGR of 12.2%

03-13-2020 11:16 AM CET | Industry, Real Estate & Construction

Press release from: GMI Research

Micro Irrigation System Market Worth USD 23.4 billion in 2026, growing at a CAGR of 12.2%

Micro Irrigation System Market Worth USD 23.4 billion in 2026, growing at a CAGR of 12.2%

New analysis from GMI Research, expects the revenue for the Micro Irrigation System market to reach USD 23.4 billion in 2026, growing at a CAGR of 12.2% during 2019-2026. The primary factor fueling the demand for the Global Micro Irrigation System market includes the rapid increase in the demand for food and water driven by the growing population rate across the globe.

The significant shift in the farmer's preference from traditional system of irrigation to micro irrigation systems is driven by the remarkable benefits offered by micro irrigation systems such as less water consumption and higher productivity of crop yields. The efficient use of fertilisers, reduced labour costs and enhanced farms productivity are some of the key factors which will accelerate the demand of the Global Micro Irrigation System market over the coming years. Various governments are launching initiatives to promote the usage of micro irrigation systems, which in turn, will encourage farmers to opt for these systems for improved crop yields. In addition to this, the micro irrigation system offers higher flexibility and control over the production timing of the crops.

According to World Bank, the agriculture sector is one of the major economic activity across the globe and makes a significant contribution to the world economy. The agricultural sector consumes 70% of freshwater throughout the world. The drastic environmental changes followed by the growing water scarcity around the world will promote the usage of micro irrigation systems to reduce overall water consumption in the crop cultivation process.

Request Sample Report of Global Micro Irrigation System Market: https://www.gmiresearch.com/report/global-micro-irrigation-system-market/sample-request

Based on Type, the Sprinkler system is anticipated to lead the market during the forecast period owing to its uniform distribution of water and wide-spread coverage area feature along with its lower cost as compared to the drip system.

Know more about the Global Micro Irrigation System Market: https://www.gmiresearch.com/report/global-micro-irrigation-system-market/

Based on Crops, the Orchard and Vineyard crops is expected to grow at a higher CAGR during the forecast period due to the increasing necessity of proper application of water to the plants and the high-density production of these crops. These crops require efficient irrigation method and involves huge investment and high risk.

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Based on the region, Asia-Pacific is anticipated to lead the market during the forecast period owing to the rising government subsidies to promote the adoption of micro irrigation system across the Asian countries. The agricultural sectors play a significant role in the developing economies such as India, which in turn, will drive the demand for micro irrigation systems in this country. Moreover, the growing scarcity of water will encourage the farmers to opt for micro irrigation systems to lower their water consumption level and increase the productivity of the crop yields at the same time.

The Global Micro Irrigation System market has been segmented based on type, crops, application and key geographies. Based on the type, the Global Micro Irrigation System market has been segmented into Sprinkler System and Drip System. Based on sprinkler system components, the market is segmented into Pipes, Fittings & Nozzles, Pressure Regulators and Others. Based on drip system components, the market is segmented into Tubing, Filters & Valves, Pressure Regulators, and Others. Based on crops, the market has been segmented into Orchard and Vineyard crops, Plantation crops, Field crops, Forage & Grass, and Others. On the basis of end user, the market is segmented into Family Farms, Corporate Farming, and Others.

Various notable players operating in the market include Jain Irrigation Systems Ltd., Netafim, The Toro Company, T-L Irrigation Co., Lindsay Corporation, Rain Bird Corporation, Mahindra EPC Irrigation Ltd., Valmont Industries Inc., Hunter Industries, and Rivulis Irrigation Ltd., among others.

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About GMI Research:

GMI Research leverages its industry expertise and experience to identify the industry trends, big opportunities and potential growth areas across industries. Our Syndicated reports provide actionable insights and covers industry trends, market drivers & restraints, macroeconomic factors, market estimates & forecasts, competitive landscape etc. which helps our clients to strengthen its market position by deploying specific strategies and actions that will lead to higher growth.

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