Micro Irrigation Systems Market to Exhibit 13% CAGR by the End of 2031 Due to Surging Need for Water Conservation - Future Market Insights, Inc.
NEWARK, Del., Aug. 16, 2022 /PRNewswire/ -- The micro irrigation systems market is anticipated to showcase an opulent growth rate of more than 13% CAGR through the end of 2031. Owing to the growing need for food all around the world is generating demand for advanced irrigation technologies. In addition to that, the surging demand for water conservation, that too in arid geographical regions is anticipated to create a positive environment for growth in the industry.
The surging environmental need to conserve water, cut down the erosion of soil, increasing crop yields without needing excess water is driving the micro irrigation systems demand. Along with it, the technological advancements regarding water flow and high performance data analytics are expected to bolster the adoption of micro irrigation systems among small-scale farmers and larger corporate farming endeavors.
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ESOMAR-certified market analysis and consulting company Future Market Insights (FMI) delivers insights into key factors providing impetus to the micro irrigation systems market in its latest report. Furthermore, an evaluation of the effect of the COVID-19 pandemic on the micro irrigation systems market, and an analysis of sales in 20+ high-growth markets and end-use applications have been provided in the report.
Key Takeaways
- According to the analysis by Future Market Insights, the micro irrigation systems market is expected to see an exponential rise during the forecast period with growing concerns about water scarcity and food security around the globe. The food & beverage industry is also expected to spur throughout the projection period.
- International Commission conducted a census on Irrigation and Drainage, according to which the acreage of micro irrigation has grown by 25 times in the past 3 decades. Major gains have been witnessed with drip irrigation systems, especially in developing countries owing to relatively low costs of purchase and installation.
- By the end of 2031, the micro irrigation systems market will reflect strong recovery and growth with a CAGR of over 13%. Advances in analytics and water flow mechanics are likely to ensure positive growth prospects in the near future.
- Furthermore, micro irrigation is gaining traction from the use of water flow meters, which can help to reduce costs by preventing overwatering. As water resources continue to deplete, accuracy in terms of data on irrigation water use with innovations in soil sensors will prove to be a vital factor.
- In order to analyze vast amounts of data that provide farming with critical information, the introduction of new software products is set to spur market growth. Such advanced software provides data on local weather and equipment functionality allowing for better comprehension of water requirements to optimize production while minimizing wastage.
This research report categorizes the micro irrigation systems market based on type, end user, crop type, and region.
By Type:
- Drip
- Micro sprinkler
By End User:
- Farmers
- Industrial users
- Other end users (usage by government authority, community parks, and sports ground)
By Crop type:
- Orchard crops & vineyards
- Plantation crops
- Field crops
- Other crop types (turf & ornamentals, and silage & forage crops)
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Competitive Landscape
Netafim Ltd., Jain Irrigation Systems Ltd., The Toro Company, Rain Bird Corporation, Hunter Industries, Valmont Industries, Rivulis Irrigation Ltd., Lindsay Corporation, Reinke Manufacturing Company Inc., EPC Industries Ltd., T-L Irrigation, Elgo irrigation, Sistema Azud SA, Nelson Irrigation Corporation, Chinadrip Irrigation Equipment Co. Ltd., Kisan Irrigation Ltd., Finolex Plasson Industries Pvt. Ltd., Ripple Aquaplast, Irritrol, Eurodrip SA. (Indicative list) are some of the key companies profiled in the full version of the report.
Major players in the moderately fragmented micro irrigation systems market are focused on strategies involving portfolio expansions with investments into research and development efforts in addition to tapping into unexplored opportunities in emerging markets. Collaborations with regional players are also likely to find the interest of market leaders.
More Insights into Micro Irrigation Systems Market
According to the United States Geographical Survey, water scarcity is massively growing due to which agricultural demands for water in the country have been ever expanding. As a result, the use of groundwater for irrigation has gone up and accounts for close to 50% of the overall agriculture water use in the country.
The United States comprises of the key players in Micro Irrigation Systems Market because of easy access to technology and meticulous research and development on irrigation technologies is expected to drive demand for the foreseeable future.
According to the China Institute of Water Resources and Hydropower Research, micro irrigation has been widely used for commercial purposes in China since the late 90s. The acreage under micro irrigation in China has risen at an annual rate of approximately 27% in the past decade covering more than 5.2 million hectares, accounting for 8% of the irrigated area in the country.
The Indian micro irrigation systems market is competitive with the presence of more than 200 companies of both large and small scale manufacturers and distributors in the country. According to the Indian Council of Food and Agriculture, the growth of micro irrigation in India has risen strongly with a CAGR of 9.6%, accounting for an acreage of 7.73 million hectares.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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