Micro Irrigation System Market to surpass $12bn by 2024

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Micro Irrigation System Market to surpass 12bn
by 2024 Global Market Insights Inc.
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Industry Overview

• Rising concern for depleting water resources will
  drive micro irrigation system market. As per
  United Nations report, water availability is
  projected to decrease in various regions with
  global agriculture water consumption estimated to
  increase by over 19 by 2050.
• Growing environmental awareness and increase in
  income levels, along with shift in customers
  focus for eco-friendly products in developing
  economies is anticipated to drive micro
  irrigation system demand. Unpredictable
  precipitation in rainfall dependent nations has
  further supported the industry growth as this is
  forcing farmers to install the product for
  reducing seeds and crops wastage.
• Enhanced support from governments for the
  wastewater treatment particularly in India and
  China has incentivized the industry. For
  instance, Indian government launched Pradhan
  Mantri Krishi Sinchayee Yojna in July 2015, for
  enhancing the effective water usage management,
  creating strengthening water distribution
  network.

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• Increasing demand for agricultural products is
  excepted to propel micro irrigation system
  market. As per analysis, food industry is likely
  to reach at USD 3 trillion by 2020, growing at
  the rate of over 4 from 2015 to 2020.
• Sprinkler will be valued over USD 7.5 billion in
  2024. Elimination of water conveyance channels,
  evenly distribution of water, and enhanced crop
  yields are the factors supporting the product
  demand. Further, suitability of product for
  various topographies, high irrigation efficiency
  and ease in operation are expected to propel this
  segments growth. However, a lot of water is
  wasted due to spray droplets evaporation as they
  fly through air which may hamper the industry
  demand.
• Orchard crops vineyards will grow over 12 up
  to 2024. Lower labor requirement and efficient
  control over nutrients and water has boosted the
  products 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 segments
  growth. Increase in the number of subsidies
  provided by government to the farmers will
  support product scope.

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U.S. Microirrigation System Market, By
Application, 2013-2024, (USD Million)

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Industry Coverage
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• Asia Pacific, led by China, India and Japan was
  worth around USD 1.6 billion in 2016. Increase in
  adoption of the product for conserving water and
  reduction in labor cost in the agriculture-eccentr
  ic economies of the region is anticipated to
  augment the industry growth over forecast period.
• 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.
• Latin America micro irrigation system market will
  surpass 5 million hectares of land covered in
  2016. Changing lifestyle, improved technological
  innovation and increasing disposable income will
  favor this segments growth. Reduction in arable
  land due to industrialization, soil erosion and
  deforestation along with water scarcity are key
  drivers of the industry.
• 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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