The new report by Expert Market Research titled, ‘Global Micro Irrigation Systems Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global micro irrigation systems market, assessing the market based on its segments like product, crop type, cultivation technology, applications and North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028):11.0%
Depleting water supplies, growing population worldwide, reducing per capita arable land, increasing interest among farmers in using micro-irrigation systems, increasing demand from emerging economies are drivers that contribute to market growth. Water is dwindling to a greater degree and needs to be used optimally. In particular, government funding drives the economy, and it is projected to have a robust effect on the market over the forecast period. The need for water conservation, a rising need to reduce the risk of climate-related yields, an increasing number of horticultural, landscaping and other applications alongside the prevalence of automated systems contribute in being the factors for expansion of micro irrigation systems industry.
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Industry Definition and Major Segments
A contemporary irrigation method is the micro-irrigation system. Water is steadily delivered in this phase in the form of discrete droplets, continuous drops, streams, etc. With its low cost and water quality, the micro-irrigation system is famous. This saves water and yields high yields. (All segments, mention the leading or significant (growth-driving) segments)
Based on product, micro irrigation systems can be divided into:
Micro Irrigation Systems can be segmented on the basis of crop type as:
- Field Crops
- Orchard Crops
- Forage ad Grass
- Plantation Crops
- Others
Basis cultivation technology, micro irrigation systems can be segmented into:
- Protected Cultivation
- Open Field
Based on applications, micro irrigation systems can be categorised into:
- Greenhouse
- Agriculture
- Nursery
- Landscape
- Others
The regional markets for global micro irrigations systems can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Market Trends
As the farm sector in North America is well diversified, North America is one of the leading regions for micro-irrigation systems. The environment has been developed by increasing mechanization and government funding, allowing farmers to extend their farm size and boost overall production. Due to the growing demand for food in the region, the growth of the agricultural industry is likely to be moderate during the forecast period. Because of the strict regulations implemented to deal with water loss, North America would dominate the market for micro irrigation systems along with growing demand for orchard crops for the rising food processing industry.
It is expected that the Asia Pacific region will be the fastest growing regional market. The rapid mechanization of agriculture in Asian countries and the increase in government initiatives to minimize irrigation water waste are the drivers of demand in the region for micro-irrigation systems. In the Asia Pacific region, many countries rely mostly on agriculture. Via incentives, subsidies, and new amplified legislation, Asian countries have been supporting the agricultural machinery industry over the last decade to promote the growth and modernisation of the industry. The mechanization of the agricultural process would improve within the region as farm income increases.
Key Market Players
The major players in the market are Lindsay Corporation, The Toro Company, Rain Bird Corporation, Netafim Ltd, Mahindra EPC Irrigation Limited, Jain Irrigation Systems Ltd and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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