The global micro irrigation systems market revenue is projected to reach USD 16.83 billion by 2032, with a robust CAGR of 6.32% over the forecast period, according to a report by Fortune Business Insights titled, “Micro Irrigation Systems Market Size, Share & Industry Analysis, By Type (Drip Irrigation and Sprinkler Irrigation), Crop Type (Field Crops, Orchard Crops, Landscape & Turf, and Others), Application (Agriculture and Industrial), and Regional Forecast, 2020 – 2032.” The market’s growth is expected to be driven by the increasing adoption of advanced techniques and supportive government policies aimed at enhancing crop quality.
Micro-irrigation is an irrigation method requiring lower water pressure and flow compared to traditional techniques. Known as localized, low-flow, trickle, or low-volume irrigation, this method delivers precise water and nutrients, leading to higher-quality and more abundant crop yields. It is particularly effective in areas with high levels of soil alkalization and salinization, which often impact crop quality. The micro-irrigation market primarily includes two techniques: drip irrigation and sprinkler irrigation.
List of the Companies Operating in the Market:
- Lindsay Corporation (U.S.)
- Jain Irrigation Systems Ltd. (India)
- Valmont Industries (U.S.)
- Rain Bird Corporation (U.S.)
- Reinke Manufacturing Co. Inc. (U.S.)
- Netafim Limited (Israel)
- The Toro Company (U.S.)
- Hunter Industries (U.S.)
- Nelson Irrigation Corporation (U.S.)
- Rivulis Irrigation Ltd. (Israel)
Information Source:- https://www.fortunebusinessinsights.com/micro-irrigation-system-market-102839
What does the Market Report Include?
The market report offers comprehensive insights into growth factors, covering drivers, challenges, opportunities, and restraints anticipated throughout the forecast period. It provides both qualitative and quantitative analysis of regional market demographics. Additionally, the report details the competitive landscape, featuring in-depth profiles of key companies in the market. It highlights strategic moves such as mergers and acquisitions, product launches, and collaborations that these companies are adopting to strengthen their market presence from 2020 to 2032.
Drivers and Restraints:
Large-Scale Adoption of Land under Micro-Irrigation amid COVID-19 Threat to Drive the Market
With diminishing water resources and a rising demand for high-quality crops, growers worldwide are expanding the use of micro-irrigation. Key factors such as ease of mechanization and improved efficiency in cultivating a diverse range of crops are driving the adoption of this technique, particularly among commercial property owners. These advantages are expected to fuel market growth over the forecast period.
For example, even amid the economic challenges brought by the COVID-19 pandemic, Tamil Nadu, India, provided a bright spot in the agriculture sector. In the financial year 2019-2020, Tamil Nadu led the nation in the area covered under micro-irrigation, bringing 206,853.25 hectares under this system through the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY). The expanding use of micro-irrigation due to its numerous benefits for crop production is anticipated to significantly boost market growth in the coming years.
Regional Analysis:
Asia-Pacific to Remain Dominant; Adoption of Smart Farming Techniques to Fuel Growth
Among the regions, Asia-Pacific is expected to lead the micro irrigation systems market during the forecast period. In 2019, the region held a market share of USD 2.97 million, with the adoption of smart farming techniques projected to further drive market growth. Additionally, significant investments by major players aiming to capitalize on lucrative opportunities in the region are likely to boost market revenue.
North America is also anticipated to experience substantial growth over the forecast period, driven by factors such as a high level of awareness and adoption of advanced farming techniques in countries like the U.S. and Mexico.
Competitive Landscape:
Merger and Acquisition by the Private Players to Promote Growth
The micro irrigation systems market report highlights numerous companies competing for substantial market share and aiming to surpass their rivals over the forecast period. Key players are implementing strategies such as facility expansions, partnerships, mergers and acquisitions, and collaborations to fuel market growth in the coming years. For instance, in April 2017, India-based Jain Irrigation Systems acquired two U.S. companies, Irrigation Design & Construction Inc. (IDC) and Agri-Valley Irrigation Inc. (AVI), with an investment of approximately USD 48 million to secure an 80.5% stake in each. Additionally, supportive government policies promoting micro irrigation techniques are expected to further benefit the market throughout the forecast period.
Industrial Development:
- February 2020: Lindsay Corporation, a leader in the irrigation market, recently announced the launch of its new product, Zimmatic poly pipe. Designed specifically for farms facing highly corrosive water environments, this product aims to meet the needs of challenging irrigation conditions. The launch is expected to strengthen Lindsay Corporation’s strategic position in the marketplace.
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