Micro Irrigation Systems Market Expected to Project a Strong CAGR of 15.3% within 2017-2023

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.

Increasing Water Shortage to Bolster Demand in Global Micro Irrigation Systems Market

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.

Micro Irrigation Systems Market - Overview on Future Threats 2023

Characterized with the presence of a large pool of players, the global micro irrigation systems market is marked with intense competition and high fragmentation, reveals Transparency Market Research (TMR) in a new report. Despite this, Netafim Ltd., The Toro Company, and Jain Irrigations Systems Ltd. held majority share of the market in 2014 on account of their broad product portfolio. Strong R&D capabilities and technological expertise are expected to present higher growth opportunities for these companies in the future thereby paving way to surge ahead in the competition.

In this intensely competitive market, product innovation and integration of novel technologies in existing products is the focus of companies which they are attaining by means of strategic alliances and acquisitions. For instance, in August 2014, Netafim Ltd. announced a strategic alliance with T-L Irrigation Company for the development of a precision mobile drip irrigation system.

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Development of cost effective and efficient micro irrigation systems is also on the growth chart of companies in the micro irrigation systems market.

According to the TMR report, the global micro irrigation systems market is projected to clock a CAGR of 15.3% between 2017 and 2023, for the market to be worth US$9140.6 mn by 2023-end. The demand in the market translated into opportunities worth US$3886.3 mn in 2017. Sprinkler irrigation, among key product types, holds prominence in the micro irrigation systems market; the growth of this segment is attributed to its extensive use in landscaping and agriculture. In particular, sprinkler irrigation is viable in regions with low water availability that require highly efficient mechanized irrigation systems. Application-wise, large private and corporate farming segment holds the leading share vis-à-vis revenue in the global micro irrigation systems market. Large private and corporate farming segment is anticipated to hold 52.4% of the overall market by 2023.

global micro irrigation sysrems market

Government Subsidies for Sustainable Irrigation Methods Boosts Uptake in Asia Pacific

Government encouragement for adoption of micro irrigation systems is a key factor behind the growth of micro irrigation systems market. The declining level of ground water has necessitated an urgent resolution for the problem such as adoption of micro irrigation. Micro irrigation is viable as it helps save 50-60% water than what is used in flow irrigation and other traditional methods of irrigation. Due to this, several governments are encouraging the use of micro irrigation and offering subsidy on the installation cost of micro irrigation systems. Several governments such as those of India, Norway, and Switzerland are also providing subsidies for micro irrigation systems. For example, in India, the state government of Tamil Nadu has announced 100% subsidy for small farmers adopting micro irrigation and 75% subsidy for other farmers.

Secondly, rising water scarcity especially in agrarian economies of Asia Pacific and Africa is necessitating sustainable water irrigation systems. Increasing atmospheric temperatures and bout of droughts in recent years have resulted in declining surface and ground water necessitating alternative methods for irrigation of agricultural crop. Adoption of micro irrigation systems not only helps conserve water but also helps optimize overall water consumption for irrigation of large areas.

Lastly, need to increase crop yield to feed the growing population in Asia Pacific and Africa necessitates sustainable irrigation solutions. Drip irrigation helps crop mature earlier than traditional irrigation methods.

High Initial Capital Restrains Growth

However, high initial capital involved for micro irrigation systems makes them less suitable for low-value crops, considering that returns on investment may be low. High cost of micro irrigation systems makes them unaffordable by small and marginal farmers, and make them suitable for cost-intensive agriculture.