- A new study by Grand View Research, Inc. notes the micro irrigation systems market to collect around USD 9.8 billion by 2022. Burgeoning population is leading to high demand for food. Rising urbanization is keeping workers away from farms. Micro irrigation systems make up for the labor deficit and improve efficiency.
Widespread deforestation and soil erosion in the years gone have reduced arable land. This is resulting in the adoption of micro irrigation technology. Shortage of water across the world also contributes market demand. Micro irrigation systems offer advantages like low weed growth, high crop yield, and minimal soil erosion.
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Governments in drought-prone areas have promoted these systems. Such initiatives will drive demand for the market in the next seven years. However, high capital investments and maintenance costs may prove unfavorable for the market. This may be observed in price-sensitive developing economies. Abundant labor resources in these nations will also discourage market growth.
Furthermore, the current regulatory framework is full of loopholes. It overlooks manufacturing operations, resulting in duplicate products. A proper monitoring agency is also absent. These factors would cast a negative shadow on the micro irrigation systems market. The global market can be fragmented into products, crops, and geographies.
Key products are drip, lateral move, sprinklers, and central pivot. Sprinklers led the market in the recent past. They will dominate with a CAGR of 17% from 2015 to 2022. However, drip would be the fastest-growing product in the forecast period. Main crops include forage & turf grasses, field, plantation, and orchard. Orchard crops accounted for almost 33% of the market in 2014. Field crops would grow at the highest rate, i.e., around 18% CAGR in the future.
Among geographies, North America dominated the micro irrigation systems market. Asia Pacific will experience highest growth in the coming years. This would owe to food requirement and favorable governmental policies in India, China, Vietnam, and Indonesia. The worldwide market is hugely fragmented.
The eminent micro irrigation systems market participants are Valmont Industries, Rivulis Irrigation, Jain Irrigation Systems Ltd., and Rain Bird Corporation. Research & developments and partnerships are the growth strategies used by these participants.
Information Source: Grand View Research
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