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According to GMI Research Latest Analysis, Micro Irrigation System Market to reach USD 23.4 Billion in 2026, growing at a compound annual growth rate (CAGR) of 12.2% percent during the forecast period 2019-2026.
Micro Irrigation system is a technique that is widely accepted and implemented across numerous nations in the world. In the micro-irrigation system, water is supplied to below and above surface of soil through discrete drops, continuous drops or tiny streams using emitters which are connected to the water supply. The micro irrigation technique is categorized into two types: drip irrigation and sprinkler irrigation.
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The key factors propelling the growth of the Global Micro Irrigation System Market include the increasing requirement for food and water driven by the rapid rise in the population rate at the global level, efficient use of fertilizers, reduced labor costs, and enhanced farms productivity. Various government initiatives focusing on promoting the adoption of micro-irrigation systems will further have a positive impact on the market in the coming years. The micro irrigation system offers flexibility as per the required necessity and control over the production timing, which will further attract new customers into the market.
According to World Bank, the agriculture sector is one of the major economic activity across the globe and contributes a significant proportion to the world economy and the sector uses 70% of freshwater consumption throughout the world. The drastic increase in world’s population and rapid environmental changes is leading to water scarcity. Thus, the rising need for efficient irrigation techniques to conserve water is paving the way for micro irrigation system in the market.
Based on Type, the Sprinkler System segment is anticipated to lead the market during 2019-202the forecast period owing to its ability to uniformly distribute water, covers a wider area of the field, and has lower cost as compared to the drip system.
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On the basis of End-User, the corporate farming segment is expected to grow at a higher CAGR during the forecast period attributed to the growing adoption of corporate farming, especially in the North America and Europe. Moreover, the increasing investment for technological development to increase crop quality will further strengthen the demand of the segment.
Based on Crops, the Orchard and Vineyard crops is expected to dominate the market in the forecast period owing to the growing necessity of proper application of water to the plants and the accelerated production volume of these crops. The orchard and Vineyard crops require an efficient irrigation method as the production of such crops involves a huge amount of investment and a higher level of risk.
Based on region, Asia-pacific is expected to grow at the highest CAGR during the forecast period owing to the increasing number of government subsidies supporting the implementation of micro irrigation systems and shrinking available water for agriculture purposes across the major countries. The agriculture sector plays a major role across regional economies and the growing scarcity of water is further propelling the demand for micro irrigation system in the region.
Various notable players operating in the market include Jain Irrigation Systems Ltd., Netafim, The Toro Company, T-L Irrigation Co., Lindsay Corporation, Rain Bird Corporation, Mahindra EPC Irrigation Ltd., Valmont Industries Inc., Hunter Industries, and Rivulis Irrigation Ltd. among others.
Global Micro Irrigation System Market by Type
Global Micro Irrigation System Market by Sprinkler System Components
Global Micro Irrigation System Market by Drip System Components
Global Micro Irrigation System Market by Crops
Global Micro Irrigation System Market by End-User
Global Micro Irrigation System Market by Region
Global Micro Irrigation System Leading Market Players
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