North America micro irrigation system market is likely to reach USD 3.5 billion by 2024. Growing awareness among the farmers about benefits of using the product has resulted in increased industry demand. Countries including the U.S., Mexico and Canada are prominent users of the product for achieving better quality and higher yield crops for export markets which has driven the regional growth.
Micro irrigation 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.
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The micro irrigation system market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million Hectors and revenue in USD Million from 2013 to 2024, for the following segments:
- Orchard crops & vineyards
- Plantation crops
- Field crops
- Others (Forage & turf grasses)
In this regard, micro irrigation 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 micro irrigation 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 micro irrigation system market giant, for a valuation of close to USD 1.5 billion.
Orchard crops & vineyards will grow over 12% up to 2024. Lower labor requirement and efficient control over nutrients and water has boosted the product’s demand in this segment. Effective application of water to tree lines of orchard compared to other irrigation methods including, flood & furrow and conventional sprinkler has further fueled the industry growth.
Farmers end-use segment will witness gains over 10% up to 2024. Participation of the government regulatory body due to environmental concerns coupled with reduction in water and fertilizers usage is projected to drive this segment’s growth. Increase in the number of subsidies provided by government to the farmers will support product scope.
Global micro irrigation system market is fragmented due to presence of few industry players. Some of the key players are EPC Industries, Jain Irrigation, Rain Bird Corporation, Netafim, Valmont Industries, Lindsay, Toro Company, Bhumi Polymers.
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The advent of technological innovations has had a profound impact on micro irrigation system market outlook. Recently for instance, Supergeo, the globally renowned GIS software provider, made it to the headlines for having worked alongside two acclaimed organizations in the agro-tech domain, namely, the Taiwan Agricultural Irrigation Association (TAIA) and the Agricultural Engineering Research Center (AERC), in order to develop a smart irrigation GIS solution.
The final module is anticipated to benefit a host of farmers and agro-based workers in terms of generating healthy yield with minimal water supply. As more and more companies begin to bring about high standard technology in manufacturing irrigation devices, micro irrigation system industry size is bound to soar higher than anticipated. As per estimates, micro irrigation system market size is forecast to cross a valuation of close to USD 12 billion by 2024.
Some Points From Table Of Content: –
Chapter 5. Micro irrigation System Market, By Application
5.1. Global micro irrigation system market share by application, 2016 & 2024
5.2. Orchard crops & vineyards
5.2.1. Market estimates and forecast, 2013 – 2024
5.2.2. Market estimates and forecast, by region, 2013–2024
5.3. Plantation crops
5.3.1. Market estimates and forecast, 2013 – 2024
5.3.2. Market estimates and forecast, by region, 2013–2024
5.4. Field crops
5.4.1. Market estimates and forecast, 2013 – 2024
5.4.2. Market estimates and forecast, by region, 2013–2024
5.5. Others (Forage & turf grasses)
5.5.1. Market estimates and forecast, 2013 – 2024
5.5.2. Micro irrigation System Market estimates and forecast, by region, 2013–2024
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