Owing to large
number of players in the global micro irrigation systems market, it is
anticipated to witness tough competition, along with being highly fragmented.
However, Netafim Ltd., Jain Irrigations Systems Ltd., and The Toro Company are
the key players that accounted for maximum market share in 2014, with wide
range of product portfolio. The firms are working on having better research and
development capabilities, coupled with technological advancements. This is foreseen to help the growth of the
firms in coming years, with better market position. Sistema Azud SA, Rivulus
Plastro Ltd., Lindsay Corporation, Valmont Industries Inc., T-L Irrigation
Company, are some other key players leading the global micro irrigation systems
market. Companies are indulging into various mergers and acquisitions and
collaborations to sustain their existing position and improve it in the span of
coming years.
According to
Transparency Market Research (TMR), the global micro irrigation systems market,
is expected to project a strong CAGR of 15.3% within the forecast period from
2017 to 2023.
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Application-wise,
the large corporate and private farming segment is foreseen to account as a
leading segment with 52.4% of the entire market by 2023. Geographically, Europe
accounts for major share of the micro irrigation systems market in terms of
revenue.
Government Initiatives to Adopt micro irrigation
systems to Help Market Growth
Support from the
government regarding the adoption of micro irrigation systems is a key factor
behind the development of micro irrigation systems market. The declining level
of ground water has called for some critical goals for the issue, for example,
reception of micro irrigation. Micro irrigation is feasible as it helps spare
50-60% water than what is utilized in stream irrigation and other conventional
irrigation strategies. Because of this, various governments are empowering the
utilization of micro irrigation and offering concession in deployment cost of
micro irrigation systems. A few governments, for example, those of Norway,
India, and Switzerland are additionally encouraging the popularity of micro
irrigation systems. For instance, in India, the state administration of
Tamil Nadu has reported 100% financial support for small agriculturists taking
up micro irrigation and 75% for the other farmers as well.
Furthermore,
rising water shortage particularly in agrarian nations of Africa and Asia
Pacific is requiring manageable water irrigation systems. Rising temperatures
in atmosphere and episode of dry seasons as of late have brought about
declining surface and ground water requiring other strategies for irrigation of
farming land. Reception of micro irrigation systems enables in water
conservation as well as streamlines water utilization for irrigation of
substantial areas.
High Initial Setup Cost to Hinder Market Demand
In any case, high
starting capital required for micro irrigation systems makes them less
reasonable for low-value crops, taking into account that it has low return on
investments. Surging expense of micro irrigation systems makes them
unreasonably expensive by small farmers, and make them appropriate for
cost-concentrated farming.
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