Press release
Micro Irrigation Systems Market - Water Scarcity Provides Ground!
With water scarcity being a looming concern, micro irrigation can prove beneficial as it is capable of saving 50 to 60% of the ground water compared to other conventional irrigation practices. Consequently, governments in Asian and African countries, where water scarcity is severe, are offering subsidies over the installation costs of micro irrigation systems, prompting farmers to adopt these systems. Besides, farmers are also preferring micro irrigation systems over traditional ones as the former allow them to water plants evenly and when required, optimizing crop yields and improving their quality.
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Considering these factors, the future of the global micro irrigation systems market looks teeming with opportunities. However, the high cost associated with the installation and maintenance of these irrigation systems may limit their application to large-scale and corporate farming in the coming years.
Analysts at TMR estimate the global opportunity in micro irrigation systems, which stood at US$2.6 bn in 2014, to expand at a CAGR of 15.10% during the period from 2015 to 2023 and possibly worth US$9.1 bn by the end of the forecast period.
Currently, sprinklers dominate the market with a majority share and are expected to remain dominant in the near future. However, drip irrigation systems are poised to report their adoption at the fastest rate over the forecast period. While the demand for pumping units is the highest in the sprinkler segment, filters draw the maximum demand in the drip irrigation systems segment.
Regionally, Europe led the global market with a revenue share of 32% in 2014. The region, however, will lose its ground to Asia Pacific in the coming years, thanks to the increasing involvement of technology in agriculture in countries such as Australia, China, India, and Japan.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Micro Irrigation Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
The presence of a large pool of participants characterizes the competitive landscape of the global micro irrigation systems market. As the market faces intense competition, major players are focusing on innovations as well as the integration of latest technologies into their existent offerings in order to retain their position, finds Transparency Market Research.
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In the recent times, a number of leading companies have introduced advanced micro irrigation systems. For instance, Netafim launched its next-generation low-flow drippers and Toro introduced Aqua-Traxx Flow Control drip tape in 0.13 GPH emitter flow rate. However, over the coming years, manufacturers will undertake strategic partnerships to expand their product portfolios as well as to increase their sales, notes TMR.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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