Global Micro Irrigation System Market at a 15.73% of CAGR by 2027
KEY
FINDINGS
Global micro irrigation system market is likely to progress with a CAGR of 15.73% to reach a revenue of $14.78
billion by 2027. The base year considered for the market study is 2018 and the projected period is from 2019 to 2027. The growing interest of farmers to use
micro-irrigation systems, decreasing per capita arable land and growing demand
of MIS from emerging economies are responsible for driving growth in this
market.
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MARKET
INSIGHTS
The market, however, is
primarily driven by rising water scarcity. Water is depleting to a greater
extent and needs to be utilized optimally. The increasing reduction in
water-bed levels across the world, which is forcing farmers worldwide to choose
better irrigation systems depending on minimal amounts of water, unlike
traditional micro irrigation systems. Furthermore, government encouragement
drives the market, notably. Wastewater utilization and
freshwater conservation are the new developments that act as opportunities for
the micro irrigation systems market. Over-irrigation, clogging issues and
trouble in discovering issues related to micro irrigation system are some of
the challenges faced by the micro irrigation systems market.
REGIONAL
INSIGHTS
The report sizes all the
submarkets and also gives a detailed geographic split of the four major
regional markets which are North America, Asia Pacific, Europe and the
remaining countries collectively forming the Rest of World segment. North America accounted for
the largest revenue share in 2018. The farm sector in North America, particularly
in the United States is well diversified. Economic contribution and intensity
of agricultural activities vary substantially across the region, which
considerably affects farm income. Increased mechanization and government
support have developed the sector, enabling farmers to increase their farm size
and enhance overall efficiency.
COMPETITIVE
INSIGHTS
The market is majorly
dominated by companies such as Jain Irrigation Systems Ltd., Hunter Industries,
Irrigation & Water Technologies (IWT), Netafim Ltd., Valmont Industries,
Inc., Rain Bird Corporation, Rivulis Irrigation Ltd., Toro Company, Nelson
Irrigation Corporation, Mahindra EPC Irrigation, Lindsay Corporation, and T-L
Irrigation Co.
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