Strong R&D investments & technological innovations and increasing water scarcity are the contributing factors for the growth of the market.
According to the current analysis of Introspective Market Research, the global Micro Irrigation System market was valued at USD 2.80 Billion in 2019 and is expected to reach USD 6.62 Billion by the year 2026, at a CAGR of 13.22%.
The rising demand for food and increasing population, especially in developing countries in Asia Pacific and Latin America are expected to be the biggest driver for enhancing the market growth. Also, the increasing urgency for water conservation is further driving the demand for these systems. Micro irrigation systems help decrease the water wastage and enhances yield production, which is a huge factor for the advancement of the market. Small-scale farmers are emphasizing on implementing these systems to decrease the water usage and labor usage. Also, increasing technological advancements in micro irrigation systems are providing easy access and safety to farmers and lawn owners to control and monitor the water flow and intake of plants.
According to the analyst, micro-irrigation systems mechanisms like drip and sprinklers reduce the water consumption of crops and increase the quality of the crops. Governments across the globe are encouraging farmers to use these products, which increases the market growth and encourages various market participants to develop efficient and cost-to-key micro-irrigation products. Developing countries in regions like Asia Pacific and Latin America are anticipated to drive the demand for the market due to flexible government policies such as low-interest loans and subsidies for farming.
The Global Micro irrigation system market is segmented by Packaging Type (Pharmaceutical Packaging and Medical Packaging), by Material Type (Polymer, Paper & Paper Board, Non-Woven Fabric, Glass and Others), by Packing (Primary Packaging, Secondary Packaging and Tertiary Packaging), by End-User (Pharmaceutical, Medical Devices, and In-Vitro Diagnostic Products). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest:
- The drip irrigation system dominated the segment in the year 2017 with the largest market size that valued at USD 3912.21 million.
- In 2019, Mexico was the largest producer and the consumer for the micro irrigation system market as it has the fastest growth.
- Increasing demand for water reduction, good quality yield and less water bills are the growth factors that are propelling the market rate.
- Growing GDP, changing lifestyles of the consumers and increasing economies of the developing countries like China, India, Japan, Australia, and Mexico is enhancing the growth for the micro irrigation system market.
Key Participants include Toro Company, Jain Irrigation Systems, Rain Bird Corporation, Netafim Limited, Valmont Industries, Hunter Industries, Lindsay Corporation, Nelson Irrigation Corporation, EPC Industries, Rivulis Irrigation, NaanDanJain Irrigation, T-L Irrigation, Vishakha Irrigation, Captain Polyplast Ltd.,, Bhumi Polymers Pvt Ltd, Ecoflo Irrigation, Signet Group, Irritec S.p.A., Finolex Plasson, Automat Industries, Premier Irrigation Adritec and Others.
For this report, Introspective Market Research have segmented the Global Micro irrigation system markets market on the basis of Region:
Regional Outlook (Revenue in USD Billion; Volume in Units, 2019-2025)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM