The global micro irrigation systems market size is expected to register figure of USD 12.40 billion by 2027, while exhibiting a promising CAGR of 6.92% during the forecast period. According to a report by Fortune Business Insights, titled “Micro Irrigation Systems Market Size, Share & Industry Analysis, By Type (Drip Irrigation and Sprinkler Irrigation), Crop Type (Field Crops, Orchard Crops, Landscape & Turf, and Others), Application (Agriculture and Industrial), and Regional Forecast, 2023 - 2028.” Increasing use of advanced techniques and supportive government policies to produce good quality crops will be the driving factors for the growth of market in the forthcoming years.
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Micro-irrigation technique is a type of irrigation method that requires less pressure and flow of water when compared to other traditional irrigation techniques. It is also known as localized irrigation, low-flow irrigation, trickle irrigation, and low volume irrigation, among others. In addition to this, a scientific method that requires sufficient amount of water and nutrients, this type of irrigation yields better quality and surplus crops. Furthermore, it is most suited to terrains that suffer from inferior quality of crop owing to high rate of alkalization ad salinization. Micro-irrigation involves two type of techniques such as drip irrigation and sprinkle irrigation.
What does the Market Report Include?
The market report includes detailed information on the growth parameters such as the drivers, challenges, opportunities, and restraints that the market will go through during the forecast period. Furthermore, it provides qualitative and quantitative details about the regional demographics present in the market. Moreover, the competitive landscape includes in-depth information of the companies proliferating in the market and the strategies such as mergers and acquisitions, product launches, and collaborations adopted by them to gain market presence between 2020 and 2027.
Drivers and Restraints:
Large-Scale Adoption of Land under Micro-Irrigation amid COVID-19 Threat to Drive the Market
With depleting water sources and increasing demand for good quality crops, the growers are adding more area under micro-irrigation across the globe. Factors such as easy mechanization and efficiency in growing wide range of crops is the driving factor that is propelling the acceptance of the technique by commercial property owners. This is expected to boost the market during the forecast period. For instance, in turbulent times where every sector is reeling downward owing to the global effects of novel coronavirus, COVID-19, farmers in Tamil Nadu, India brought cheers to the agriculture sector. In the just concluded financial year 2019-2020, Tamil Nadu topped the all-India level for area under micro-irrigation. Under the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), the state covered about 2, 06,853.25 Hectares of land during the aforementioned financial year. Increasing adoption of land under this technique owing to its several positive benefits for crops will contribute to the growth of the market during the forecast period.
Regional Analysis:
Asia-Pacific to Remain Dominant; Adoption of Smart Farming Techniques to Fuel Growth
Among the regions, Asia-Pacific will be at the forefront during the forecast period. With a market share of USD 2.97 million in 2019, adoption of smart farming techniques will further propel the market growth during the projected horizon. Moreover, increasing investment by major players owing to lucrative opportunities to gain maximum micro irrigation systems market revenue will bode well for the growth of the market during the forecast period. North America, on the other hand, is anticipated to register exponential growth during the forecast period. This is attributable to factors such as high awareness among the people for advanced farming techniques in countries such as the U.S. and Mexico.
Competitive Landscape:
Merger and Acquisition by the Private Players to Promote Growth
According to the micro irrigation systems market report, there are several companies striving to gain major market share and outshine their rivals during the forecast period. Adoption of strategies such as expansion of facilities, partnership, merger and acquisition, and collaboration by the key players will drive the market growth in the forthcoming years. For instance, in April 2017, Jain Irrigation Systems, an India-based irrigation solution provider, announced its acquisition of two U.S. companies- Irrigation Design, Construction Inc. (IDC), and Agri-Valley Irrigation Inc. (AVI). With an investment of about USD 48 million, the company plans to acquire 805 stakes in the two other companies. Moreover, government policies to promote micro irrigation technique is expected to bode well for the market during the forecast period.
Browse Summary
https://www.fortunebusinessinsights.com/micro-irrigation-system-market-102839