Albany, New York, April 23, 2018 (GLOBE NEWSWIRE) -- Characterized with the presence of a large pool of players, the global micro irrigation systems market is marked with intense competition and high fragmentation, reveals Transparency Market Research (TMR) in a new report. Despite this, Netafim Ltd., The Toro Company, and Jain Irrigations Systems Ltd. held majority share of the market in 2014 on account of their broad product portfolio. Strong R&D capabilities and technological expertise are expected to present higher growth opportunities for these companies in the future thereby paving way to surge ahead in the competition.
In this intensely competitive market, product innovation and integration of novel technologies in existing products is the focus of companies which they are attaining by means of strategic alliances and acquisitions. For instance, in August 2014, Netafim Ltd. announced a strategic alliance with T-L Irrigation Company for the development of a precision mobile drip irrigation system.
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Development of cost effective and efficient micro irrigation systems is also on the growth chart of companies in the micro irrigation systems market.
According to the TMR report, the global micro irrigation systems market is projected to clock a CAGR of 15.3% between 2017 and 2023, for the market to be worth US$9140.6 mn by 2023-end. The demand in the market translated into opportunities worth US$3886.3 mn in 2017. Sprinkler irrigation, among key product types, holds prominence in the micro irrigation systems market; the growth of this segment is attributed to its extensive use in landscaping and agriculture. In particular, sprinkler irrigation is viable in regions with low water availability that require highly efficient mechanized irrigation systems. Application-wise, large private and corporate farming segment holds the leading share vis-à-vis revenue in the global micro irrigation systems market. Large private and corporate farming segment is anticipated to hold 52.4% of the overall market by 2023.
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Government Subsidies for Sustainable Irrigation Methods Boosts Uptake in Asia Pacific
Government encouragement for adoption of micro irrigation systems is a key factor behind the growth of micro irrigation systems market. The declining level of ground water has necessitated an urgent resolution for the problem such as adoption of micro irrigation. Micro irrigation is viable as it helps save 50-60% water than what is used in flow irrigation and other traditional methods of irrigation. Due to this, several governments are encouraging the use of micro irrigation and offering subsidy on the installation cost of micro irrigation systems. Several governments such as those of India, Norway, and Switzerland are also providing subsidies for micro irrigation systems. For example, in India, the state government of Tamil Nadu has announced 100% subsidy for small farmers adopting micro irrigation and 75% subsidy for other farmers.
Secondly, rising water scarcity especially in agrarian economies of Asia Pacific and Africa is necessitating sustainable water irrigation systems. Increasing atmospheric temperatures and bout of droughts in recent years have resulted in declining surface and ground water necessitating alternative methods for irrigation of agricultural crop. Adoption of micro irrigation systems not only helps conserve water but also helps optimize overall water consumption for irrigation of large areas.
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Lastly, need to increase crop yield to feed the growing population in Asia Pacific and Africa necessitates sustainable irrigation solutions. Drip irrigation helps crop mature earlier than traditional irrigation methods.
High Initial Capital Restrains Growth
However, high initial capital involved for micro irrigation systems makes them less suitable for low-value crops, considering that returns on investment may be low. High cost of micro irrigation systems makes them unaffordable by small and marginal farmers, and make them suitable for cost-intensive agriculture.
The review presented here is based on the findings of a TMR report, titled “Micro Irrigation Systems Market (Type - Sprinkler Irrigation (Traditional, Center Pivot, and Lateral Move) and Drip Irrigation; Component - Sprinkler Irrigation Systems (Tubing, Pumping Unit, Fittings & Sprinkler Heads, and Couplers) and Drip Irrigation Systems ( Drippers, Tubing, Backflow Preventers, Valves, Filters, Pressure Regulators, and Fittings) - Application - Small Farmers, Government, and Large Private and Corporate Farming ) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2023.”
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Key Takeaways;
- Need for urgent resolution for declining ground water stokes demand
- Government subsidies on installation cost of micro irrigation systems boosts adoption in Asia Pacific
The global micro irrigation systems market is segmented as follows;
By Product Type
- Sprinkler Irrigation Systems
- Traditional Sprinklers
- Center Pivot Sprinklers
- Lateral Move Sprinklers
- Drip Irrigation Systems
By Component
- Sprinkler Irrigation Systems
- Tubing
- Pumping Unit
- Fittings & Sprinkler Heads
- Couplers
- Others (Span, Towers etc.)
- Drip Irrigation Systems
- Drippers
- Tubing
- Backflow Preventers
- Valves
- Filters
- Pressure Regulators
- Fittings
By Application
- Small Farmers
- Government
- Large Corporate Farming
- Others (Private/Residential Gardens, Commercial (Sports Grounds etc.)
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