Press release
Micro Irrigation Systems Market Growth Analysis 2023-2030
Micro Irrigation Systems Market - DataM Intelligence
Forecasted CAGR of 13.1% Indicates Accelerated Market Expansion. The global micro irrigation system market demonstrated robust growth, achieving a valuation of USD 10,896.9 million in 2022. Forecasts project an impressive trajectory, with the market set to reach USD 28,953.4 million by 2030, reflecting a compelling Compound Annual Growth Rate (CAGR) of 13.1% over the period from 2023 to 2030. This surge is attributed to the system's pivotal role in enhancing crop quality and yield.
Technological Advancements Drive Market Share Expansion:
The escalating demand for micro-irrigation systems is fueled by technological advancements in the sector. Addressing challenges related to agricultural water scarcity, the market is witnessing a surge in adoption. According to findings in the AGU journal Earth's Future, over 80% of the world's croplands are anticipated to face increased water scarcity by 2050, emphasizing the urgency for innovative solutions. The micro irrigation system emerges as a key strategy to overcome water scarcity issues.
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Government Initiatives and Subsidies Propel Market Growth:
Governments worldwide are actively promoting the use of micro-irrigation devices to counter water deficits. Initiatives, such as those by the USDA and various state and regional water conservation programs, contribute significantly to the market's growth. Notably, the MVA government allocated a substantial budget of USD 71.73 million for drip irrigation and sprinkler systems for kharif and rabbi crops in 2021-2022.
Segment Analysis Highlights Innovative Product Launches:
The micro-irrigation system market is segmented based on components, including valves, pressure pumps, emitters/drippers, fitting & accessories, filters & fertilizers injectors, drip mainlines/drip tubes, and others. The valves segment, valued at USD 995.6 million in 2022, is projected to grow at a CAGR of 11.2%, reaching USD 2,331.04 million by 2030. Key players like Netafim and Toro are driving growth through the introduction of advanced products, such as the Toro 900 Series Valve, launched on February 13, 2023, setting a new benchmark in valve performance.
Geographical Share Reflects Asia Pacific Growth:
The Asia Pacific micro-irrigation system market is anticipated to reach approximately USD 1,285.9 million by 2030, growing at a CAGR of 5%. This reflects a substantial increase from its 2022 value of USD 871.3 million. Government initiatives, exemplified by the launch of the micro-irrigation scheme portal in Punjab in October 2021, contribute to heightened regional awareness and adoption.
Key Players Driving Market Momentum:
Major global players influencing the micro-irrigation system market include Jain Irrigation Systems Limited, Netafim Limited, Lindsay Corporation, The Toro Company, Deere & Company, Rivulis, Harvel Agua India Private Limited, Mahindra EPC, Nelson Irrigation Corporation, and Rain Bird Corporation.
Relevant Report:
Micro Irrigation Systems Market: https://www.datamintelligence.com/research-report/micro-irrigation-systems-market
Horticultural Greenhouse Market: https://www.datamintelligence.com/research-report/horticultural-greenhouse-market
Milking Robots Market: https://www.datamintelligence.com/research-report/milking-robots-market
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