North America microirrigation 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.
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Latin America microirrigation system market will surpass 5 million hectares of land covered in 2016. Changing lifestyle, improved technological innovation and increasing disposable income will favor this segment?s growth. Reduction in arable land due to industrialization, soil erosion and deforestation along with water scarcity are key drivers of the industry.
Global microirrigation 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.
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 market 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 market, 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 market size was pegged at a modest USD 5 billion in 2016, and is likely to expand further in the years ahead.
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Given the popularity of its working methodology, drip irrigation is expected to be widely deployed over the years ahead. The mechanism leads to a reduction in the population of pests and weeds, as the water is directed toward the root of the plant. Additionally, the methodology offers ease of installation, reduced soil erosion, improved fertilizer efficiency, and maximum usage of water, owing to which drip-based microirrigation system market is likely to garner substantial gains over 2017-2024. As per estimates in fact, microirrigation system market size from drip irrigation is slated to cross more than 45 million hectares by 2024, in terms of volume.
Table of content for this research report:
Chapter 4. Microirrigation System Market, By Product
4.1. Global microirrigation system market share by product, 2016 & 2024
4.2.1. Market estimates and forecast, 2013 – 2024
4.2.2. Market estimates and forecast, by region, 2013–2024
4.3.1. Market estimates and forecast, 2013 – 2024
4.3.2. Market estimates and forecast, by region, 2013–2024
Chapter 6. Microirrigation System Market, By End-Use
6.1. Global microirrigation system market share by end-use, 2016 & 2024
6.2.1. Market estimates and forecast, 2013 – 2024
6.2.2. Market estimates and forecast, by region, 2013–2024
6.3.1. Market estimates and forecast, 2013 – 2024
6.3.2. Market estimates and forecast, by region, 2013–2024
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The advent of technological innovations has had a profound impact on microirrigation 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, microirrigation system market size is bound to soar higher than anticipated. As per estimates, microirrigation system market size is forecast to cross a valuation of close to USD 12 billion by 2024.
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