Europe is projected to be one of the fastest growing micro irrigation systems markets during the forecast period owing to the establishments of small farming units and crop diversifications.
Micro Irrigation Systems MarketReport, published by Allied Market Research, forecasts that the global market is expected to garner $8,321 million by 2022, registering a CAGR of 16.6% during the forecast period 2016 - 2022. Factors such as scarcity of water, need for crop yield enhancement, and encouragement by the government majorly drive the global market.
Asia-Pacific is expected be the largest market for micro irrigation systems during the forecast period.
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Sprinkler irrigation constitute the highest market share due to easily automated & mechanized systems and ability to irrigate widespread areas.
Nonetheless, drip irrigation system is estimated to portray the fastest growth owing to issues regarding droplet ballistics in sprinkler irrigation systems that results into higher water consumption.
The orchard crops sub-segment portrays the highest revenue contribution during the forecast period. However, plantation crops sub-segment is projected to depict the fastest growth owing to the growth in tea and cotton plantations.
Small farming segment is projected to dominate the market during the forecast period. Moreover, it is also expected to depict the fastest growth in the market due to the recent developments and launch of easily understandable systems in the rural sector.
Construction & Manufacturing AMR. Asia-Pacific accounted for majority of the global market share in 2015, and is expected to maintain its dominance during the forecast period.
This is due to massive irrigated areas and adoption of micro irrigation systems across hilly terrains.
Key findings of Micro Irrigation Systems Market study:
- Drip irrigation systems market is expected to exhibit a remarkable growth during the forecast period, because of water coverage in widespread areas through such systems.
- Orchard crops contribute the highest market share pertaining to increased irrigation efficiency and decreased labor costs.
- Small farming segment depicts the strongest market for micro irrigation systems due to inclusion of substantial irrigated areas under this sub-segment.
- Europe is expected to exhibit a promising growth during the forecast period.
- Industry participants focus to introduce new products with innovations and to improve their market share.
The micro irrigation systems market comprises dominant players such as Valmont Industries, Inc., Hunter Industries, The Toro Company, Jain Irrigation Systems Ltd., and others. These market players primarily focus on R&D, launch of innovative products with exceptional variations, and acquisition as their key strategies to establish their position in the market.
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