Micro Irrigation Systems Market - Opportunity Rising at a CAGR of 15.10% - 2023

The increasing water scarcity has amplified the need to adopt micro irrigation systems in farming practices, worldwide. Various governments across the world are encouraging the usage of these systems for irrigation by offering lucrative deals such as subsidy on the installation costs. Farmers are also preferring these systems over traditional ones as they ensure accurate distribution of water to plants, boosting the overall crop yield.

On the other hand, the high cost associated with the installation and maintenance of these systems may hamper the increase in their adoption rate in the near future. The lack of expertise in managing these systems can also prove to be a substantial hindrance to the growth of this market.

As estimated by Transparency Market Research (TMR), the opportunity for micro irrigation systems across the world reached US$2.5 bn. The growth in the global market looks undying in the near future with opportunity rising at a CAGR of 15.10% from 2015 to 2023 and attaining a value of US$9.1 bn by the end of 2023.

Sprinklers Irrigation Systems Segment to Register 14.50% CAGR from 2015 to 2023

Drip irrigation systems and sprinklers are two major types of micro irrigation systems available in the global market. In 2014, sprinklers reported the highest demand among the two, accounting for a share of 83% in the overall market.

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The increasing need to maintain turf grass, fields, sports grounds, and stadiums is likely to boost the demand for sprinklers in the near future. As a result, this segment is expected to retain its lead, reporting a CAGR of 14.50% between 2015 and 2023. Traditional sprinklers, lateral move sprinklers, and center pivot sprinklers are some of the most-applied sprinklers across the world.

Asia Pacific to Surpass Europe on Account of Rapid Adoption of Micro Irrigation Systems

Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa are the key regional markets for micro irrigation systems. In 2014, Europe acquired the leading position in the overall market with a share of 32%. The development of infrastructures, such as the establishment of sports grounds, stadiums, and public parks in various European countries, including the U.K., Spain, Germany, and France, has increased the need for well-organized water distribution, boosting the demand for micro irrigation systems in this region over the past few years.

Asia Pacific, however, is likely to emerge the new market leader on account of various government initiatives, promoting rapid adoption of micro irrigation systems among farmers and agriculturists.

Additionally, South Korea, Japan, India, China, and Australia are likely to report significant contributions in the increasing demand for these irrigation systems over the next few years in this region.

About TMR

TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend 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.

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This release was published on openPR.