Covina, CA, Jan. 06, 2021 (GLOBE NEWSWIRE) -- The increasing global food demand and growing population size, especially in emerging nations of the Asia Pacific and Latin America region are expected to be the primary driver for propelling the market growth. Also, the rising need for water conservation, primarily in arid regions, is further accelerating the demand for these systems.
The global micro irrigation system market is anticipated to register a CAGR of 18.3%.
The report "Global Micro Irrigation System Market, By Type (Drip and Micro Sprinkler), By Application (Orchard Crops & Vineyards, Field Crops, and Plantation Crops), By End-User (Farmers and Industrial Users), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029".
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Key Highlights:
- In September, 2020, Temasek, has signed an agreement to acquire a majority stake in Rivulis, an Israel-headquartered provider of global micro-irrigation products and solutions.
- In February 2018, Mexichem, a global leader in plastic piping and one of the world’s largest chemical and petrochemical companies completed the acquisition of an 80% stake in Netafim Ltd. for a total enterprise transaction value of US$1.895 billion.
Analyst View:
Water Scarcity
Rising population and decreasing water reserves results in necessity for water conservation driving micro-irrigation systems market. Increasing concern pertaining to water becoming a threatened commodity, farmers and other stakeholders in agricultural sector have been seeking novel techniques for enhancing productivity from the limited amount of water. Ability of micro-irrigation systems to economize water in agriculture sector and bring more arable land under irrigation will support market expansion for the projected period.
Rise in food demand
With the increasing population there is shortage of not only water but also food. This requires more production and more land for the cultivation. However, due to increasing population the cultivation land is reducing day by day. This has increased the need for advance agriculture. Micro irrigation enhances plant growth & yield, uniform & better quality, efficient & economic use of fertilizers and less weed growth. These attributes of Micro irrigation drive the market.
Application in Non-Agriculture sector
The micro-irrigation products in non-agriculture sector such as horticulture for wholesale nurseries, landscaping for commercial, civic & residential sector is further expected to fuel market growth. Increasing water bill has prompted homeowners, renters, and commercial property owners to look for novel irrigation system to support landscaping project. Ability of micro-irrigation systems to improve water efficiency, reduce water bills, and provide automation will further boost overall micro-irrigation systems market share.
Economic Benefits
Strong economic benefits of micro-irrigation systems will influence market growth over the forecast timeframe. Low pumping needs, automation, and flexibility will promulgate overall industry growth as it has positive impact on production costs. Additionally, ability of micro -irrigation system to support all types of land terrain is further anticipated to fuel market growth. High initial investment cost can be one of the factors that may create hindrance for market growth. Also, high maintenance cost and possible damage of system components due to animals can further stagnate market expansion.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Micro irrigation System Market”, By Type (Drip and Micro Sprinkler), By Application (Orchard Crops & Vineyards, Field Crops, and Plantation Crops), By End-User (Farmers and Industrial Users, and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029
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Key Market Insights from the report:
The global micro irrigation system market is anticipated to register a CAGR of 18.3%. The market report has been segmented on the basis of the type, application, end-user, and region.
- Depending upon the type, the drip irrigation systems accounted for the largest market share. Drip irrigation is widely used because, with its application, nutrient loss is reduced, leaching is minimized, growth of weed is reduced, soil erosion is checked and cost of energy is also reduced since it operates in lower pressure
- By application, the global micro irrigation system market is driven by orchard crops due to the rapid growth in the production of greenhouse vegetables and higher yield requirement from limited areas has also led to the growth in its application. Further, changing consumer lifestyle and increase in disposable income has accentuated the demand for orchard fruits. Growing food & beverage industry has further up surged the demand for several orchard fruits including mango, sweet orange, acid lime and sapota for various consumables. Factors such as low labour requirements and continuous ideal moisture conditions for orchard crops root growth will fuel product application scope.
- Among the end users such as farmers, corporates and others, corporates accounted for the highest share, whereas the farmer end user segment is growing with a highest CAGR due to the increased awareness of the advantages of microirrigation for agricultural use. Growing demand for advance irrigation system that will help to eliminate water logging and salinization problems will support the market growth. Also, need for reducing cost of irrigation on unit land will further propel overall industry share. These factors drives the market. Further, involvement of private entities to support irrigation projects will further support overall industry growth. For instance, Agriculture Victoria in association with its project partner Mallee CMA conduct rounds of irrigation incentives programs.
- By region, North America accounted for the largest market share for microirrigation systems, Mexico being the fastest growing in the region. On the other hand, Asia-Pacific is projected to be the fastest-growing market for the period considered for this study, due to the growing demand for water and increasing water scarcity.
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Competitive Landscape:
The prominent player operating in the global micro irrigation system market includes The Toro Company, Jain Irrigation, Rain Bird Corporation, Netafim, Valmont Industries, Hunter Industries, and Lindsay Corporation, Rivulis Irrigation, NaanDanJain Irrigation, T-L Irrigation, Vishakha Irrigation.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
Key Topics Covered
- Introduction
- Study Deliverables
- Study Assumptions
- Scope of the Study
- Research Methodology
- Executive Summary
- Opportunity Map Analysis
- Market at Glance
- Market Share (%) and BPS Analysis, by Region
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Investment Analysis
- Competitive Analysis
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