Microirrigation system market share has been driven by Drip irrigation. Drip irrigation, one of the most popular methodologies of microirrigation in recent times, for the simple reason that the mechanism is overtly efficient and versatile. Drip-based microirrigation system industry has been witnessing numerous developments lately, one of the most noteworthy ones being, the Ramthal Marol Drip Irrigation project in Hungund, Bagalkot. This project has recently been given the green signal by the regional government, post which its second phase is expected to commence. Apparently, the scheme would prove to be a godsend for the farmers in the region, given that they used to be entirely dependent on the rains. Together, the first and second phases would bring forth an area of close to 35,000 hectares of agricultural land under the drip irrigation scheme, thereby making it the largest single drip irrigation project. As per experts, this project, valued at INR 768 crore, would service close to 15,000 farmers in 30 villages, and would mark a major significance in the regional microirrigation system market.
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Microirrigation system market, in recent times, has been witnessing commendable growth, the reason of which can be aptly attributed to the numerous M&As and strategic alliances prevalent across this business sphere. Given the rising shortage of water sources across the globe, optimized deployment of water for myriad purposes, especially for agriculture, has been gaining prominence lately. In this regard, microirrigation methodologies such as drip and sprinkler irrigation have scored an edge over conventional irrigation mechanisms, prompting companies in other business spaces to join forces with microirrigation system industry players. For instance, recently in September, Mexichem, SAB, a Mexico-based piping & chemical company, announced its decision of acquiring Netafim, LTD, the renowned Israel microirrigation system market giant, for a valuation of close to USD 1.5 billion.
Elaborating on the aforementioned, it is prudent to state that this deal has been projected to be mutually beneficial for both the conglomerates. Authentic sources claim that Mexichem will receive an 80% stake in Netafim, as per the agreement, while the founder of the company would be retaining the remaining 20% stake in the company, currently valued at USD 1.89 billion. Furthermore, Mexichem personally believes that the deal would catapult the company to a rather high stance in global microirrigation system industry, while simultaneously enabling the firm to harness smart technology for water management, irrigation, and increased crop yield. In essence, as domain maximization stands to remain a prime goal for allied companies, their alliances with firms partaking in microirrigation system market share are likely to help them garner a significant percentage of the overall revenue of this business space, which would simultaneously help transform microirrigation system market trends. As per Global Market Insights, Inc., microirrigation system industry size was pegged at a modest USD 5 billion in 2016, and is likely to expand further in the years ahead.
APAC microirrigation system market will be valued over USD 3 billion by 2024. Favorable socio-economic conditions in China, India, and Australia has enhanced the product demand. For instance, China accounts for 10% agriculture land under the microirrigation system, thus regional market is expected to provide lucrative opportunity for manufactures. Rising awareness among the farmers about product application has further propelled industry growth.
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Global microirrigation system market share is fragmented in nature with the presence many local and international industry participants. Some of the prominent industry players are Rain Bird Corporation, Bhumi Polymers, Finolex Plasson, Ecoflo Irrigation, Lindsay Corporation, Automat Industries, Signet Group, Valmont Industries, Toro Company, Jain Irrigation, Netafim, EPC Industries. Government support by providing subsidies will further drive microirrigation system industry.
Glimpse of Table of Content (ToC)
Chapter 1. Methodology & Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Definitions & forecast parameters
1.2. Data sources
Chapter 2. Executive Summary
2.1. Microirrigation system industry 3600 synopsis, 2013 –2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. End-use trends
2.1.5. Regional trends
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