published Date SEP 2018

Micro-Irrigation Systems Market Size is expected to reach USD 12 billion by 2023 | CAGR of 9.5%

According to the report published by Mordor Intelligence, the global micro-irrigation systems market is expected to register a CAGR of 9.5% during the forecast period, 2018 to 2023 and is estimated to reach USD 12 billion by 2023. In 2017, the market was valued at USD 6.8 billion. Government subsidies and financial support for implementation of mechanized systems is expected to accelerate the growth of the market, by making the micro-irrigation systems affordable for small land owners. In India, in 2017, at least 35% of the purchase price of micro irrigation system are subsidized by the Indian central and state government to the farmers.

The report elucidates the emerging trends and the leading companies in all regions, considered for the study. The global micro irrigation market is segmented by mechanism, by application, by end users, by component, and by geography. To analyze the competitiveness in the industry, Porter’s five forces analysis is also included.

Micro-Irrigation Systems Market

By Mechanism, the market has been segmented primarily into drip and sprinkler irrigation systems. The drip irrigation system is expected to witness a stronger growth with a CAGR of 10% during the forecast period owing to increase in area under micro irrigation. Based on application, the market is segmented into field crops, plantation crops, orchards and vineyards, turf and ornamentals, and others. Orchards and vineyards is expected to grow and register a CAGR of 12% during the forecast period. Due to low labor requirements and efficient control over nutrients and water, the demand for the product in this segment has been increasing.

To know more about the coverage of the Micro-Irrigation Systems Market report, click the below link:

https://www.mordorintelligence.com/industry-reports/global-micro-irrigation-systems-market-industry

Based on mechanism, drip irrigation is expected to show a strong growth at a CAGR of 11.2% during 2018-2023. Orchards and vineyards is the major application segment in the micro irrigation systems market, followed by plantation crops segment. Asia-Pacific is the fastest growing market for micro-irrigation systems at the global level is expected to witness a CAGR of 12%, during the forecast period. Globally, China is the largest consumer of micro irrigation systems. Rising water scarcity, increasing atmospheric temperatures, and stretch of droughts in recent years have resulted in declining surface and ground water necessitating alternative methods for irrigation of agricultural crops.

Micro-Irrigation Systems Market Dynamics

Rapid growth in greenhouse vegetable production, growing concerns for depleting water resources, and financial support and subsidies from government are the key factors driving the global micro-irrigation market. However, lack of consumer awareness, lack of trained personnel for proper and continuous monitoring and evaluation of the project, and continuously required maintenance of the system are the likely factors constraining the market. Government encouragement and support for adoption of micro-irrigation systems, in various parts of the world, provide an opportunity for growth in the global micro-irrigation systems market.

According to Mordor Intelligence research and analysis, there are a limited number of companies which are active in the micro-irrigation systems market, but the market is still fragmented with many market players having small shares in the market. The prominent players dominating the global micro-irrigation systems market are Jain Irrigation Systems Limited, Netafim, Rivulis, Nelson Irrigation Corporation, and Harvel, among others. Jain Irrigation systems, the second largest micro-irrigation systems company, is the largest supplier of micro-irrigation systems in India, holding 55% of the market share.

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