Micro Irrigation System Market Outlook
Market Research Future (MRFR) anticipates the micro irrigation system market to procure a 12.8% CAGR between 2020 and 2027. By the end of 2027, it is expected that the market size will touch USD 8.67 billion, believes MRFR.
Covid 19 Analysis
The Micro Irrigation System Market size has been affected because of the arrival of the novel coronavirus pandemic. The markets have been facing a crunch of resources and skilled labor that is hampering the ability of the market to meet the rising needs of the target audience.
Hence, the markets and governments are increasing their investment in the research and development departments that will prevent the misuse of water and promote optimal and judicious use.
Growth Drivers and Deterrents
Although being an essential service, micro-irrigation systems have seen a heavy drop in demand post the COVID-19. Irrigation agencies have been facing challenges related to procuring of inputs, maintenance, and equipment. Fiscal issues are rampant owing to additional costs as well as reduced revenues from state transfers as well as tariffs. Farmers have had to deal with the lesser accessibility to advanced irrigation equipment, thereby curbing the growth of the micro irrigation market to a large extent. However, micro-irrigation systems are still in demand worldwide, owing to the rising awareness about their benefits, such as reduced water wastage and prevention of soil erosion. The demand has remained steady, especially in countries facing water scarcity. Farmers are increasingly focusing on using these systems to bolster crop yields while using the minimum amount of water.
Substantial increase in technological advances in has been a blessing for farmers in the agricultural sector, while also letting household owners with big lands better manage the water flow as well as intake of plants. Micro-irrigation systems are generally available in two forms, namely sprinklers and drips that help bring down the total intake of the crops while boosting the yield. Emerging regions such as Latin America and the Asia Pacific are fueling the sales of these systems backed by supportive government policies including low-interest subsidies and loans for farmers.
Governments worldwide are motivating farmers to make use of micro-irrigation systems, which could also stimulate the market growth rate over the following years. Given the scenario, industry participants are striving to come up with low-cost and more efficient micro-irrigation systems. Several regional government bodies offer free electricity to farmers, which is yet another reason for the strong adoption rate of these systems.
The micro-irrigation system industry can be considered for type, crop type, and end-use.
The micro-irrigation system market, depending on the type, caters to sprinkler irrigation and drip irrigation.
The micro-irrigation system market, with respect to crop type, can be split into the landscape, field crop, plantation crop, and others.
The end-use industries listed in the report are open fields as well as a closed system.
The global industry is spread across certain regions, namely Europe, the Middle East & Africa, North America, along with the Asia Pacific.
Asia Pacific will remain the top market for micro irrigation systems market throughout the analysis period while also attaining the fastest CAGR between 2020 and 2027. The APAC market’s strength lies in the vast population whose livelihood is largely dependent on agriculture. The escalating adoption rate of modern farming practices along with the surge in government funds and subsidies encouraging the use of micro-irrigation systems, especially in India will be favorable for the regional market. India is ranked among some of the top producers of crops, and with the government investing considerably in the farming sector, the adoption of cost-effective and efficient solutions is bound to further increase in the years ahead. The South Korean government has implemented smart farming schemes and policies that foster the use of these systems in the agriculture industry. The government is also planning to build massive smart farm complexes that could help attract the younger population and raise their interest in farming. Apart from this, it intends to grant small-sized farmlands to the professionals to kickstart their business, which should bolster the demand for advanced products such as micro-irrigation systems.
The North American market will presumably take the lead in the coming years, as the adoption of micro-irrigation systems has picked up pace in line with the modernization of the existing farming practices. Significant awareness levels regarding the benefits of these systems and the practices that facilitate them should also be favorable for the regional market. The agriculture sector in the United States happens to be one of the most important ones in the world. The U.S. Department of Agriculture reveals that the country, in 2018, consisted 2,029,200 of total farms that occupied around 899,500,00 acres of land. Most of the farmers are well-trained and make use of the latest technologies while also adopting innovative agricultural practices.
The Row market will also gain traction at a steady pace between 2020 and 2027, thanks to the huge demand for micro-irrigation systems across South American countries like Brazil and Argentina. This could be accredited to the accelerated uptake of sustainable agricultural techniques among the farmers.
The most affluent industry participants listed in the report are Chinadrip Irrigation Equipment Co. Ltd (China), Jain Irrigation Systems Limited (India), Lindsay Corporation (US), Kothari Agritech Private Limited (India), Nelson Irrigation Corporation (US), Netafim Ltd (Israel), Rain Bird Corporation (US), EPC Industrie (India), Irritec S.p.An (Italy), Harvel Agua (India), Antelco Pty Ltd (Australia), Deere & Company (US), The Toro Company (US), Rivulis Irrigation Limited (Israel), Elgo Irrigation Ltd (Israel), and many more
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NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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