The
global micro irrigation system
market
size is expected to register a figure of USD 12.40
billion by 2027,
while exhibiting a promising CAGR of 6.92%
during
the forecast period. According to a report by Fortune Business Insights,
titled “Micro Irrigation System Market Size, Share & Industry
Analysis, By Type (Drip Irrigation and Sprinkler Irrigation), Crop Type (Field
Crops, Orchard Crops, Landscape & Turf, and Others), Application
(Agriculture and Industrial), and Regional Forecast, 2020 - 2027
.”
Increasing
use of advanced techniques and supportive government policies to produce good
quality crops will be the driving factors for the growth of market in the
forthcoming years.
COVID-19 Impact Analysis:
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Micro-irrigation
technique is a type of irrigation method that requires less pressure and flow
of water when compared to other traditional irrigation techniques. It is also
known as localized irrigation, low-flow irrigation, trickle irrigation, and low
volume irrigation, among others. In addition to this, a scientific method that
requires sufficient amount of water and nutrients, this type of irrigation
yields better quality and surplus crops. Furthermore, it is most suited to
terrains that suffer from inferior quality of crop owing to high rate of
alkalization ad salinization. Micro-irrigation involves two type of techniques
such as drip irrigation and sprinkle irrigation.
What
does the Market Report Include?
The market report includes detailed information on the growth parameters such
as the drivers, challenges, opportunities, and restraints that the market will
go through during the forecast period. Furthermore, it provides qualitative and
quantitative details about the regional demographics present in the market.
Moreover,
the competitive landscape includes in-depth information of the companies
proliferating in the market and the strategies such as mergers and
acquisitions, product launches, and collaborations adopted by them to gain
market presence between 2020 and 2027.
Drivers and Restraints:
Large-Scale
Adoption of Land under Micro-Irrigation amid COVID-19 Threat to Drive the
Market
With
depleting water sources and increasing demand for good quality crops, the
growers are adding more area under micro-irrigation across the globe. Factors
such as easy mechanization and efficiency in growing wide range of crops is the
driving factor that is propelling the acceptance of the technique by commercial
property owners. This is expected to boost the market during the forecast
period. For instance, in turbulent times where every sector is reeling downward
owing to the global effects of novel coronavirus, COVID-19, farmers in Tamil
Nadu, India brought cheers to the agriculture sector. In the just concluded
financial year 2019-2020, Tamil Nadu topped the all-India level for area under
micro-irrigation. Under the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), the
state covered about 2, 06,853.25 Hectares of land during the aforementioned
financial year. Increasing adoption of land under this technique owing to its
several positive benefits for crops will contribute to the growth of the market
during the forecast period.
Regional
Analysis:
Asia-Pacific
to Remain Dominant; Adoption of Smart Farming Techniques to Fuel Growth
Among the
regions, Asia-Pacific will be at the forefront during the forecast period. With
a market share of USD 2.97 million in 2019, adoption of smart farming
techniques will further propel the market growth during the projected horizon.
Moreover, increasing investment by major players owing to lucrative
opportunities to gain maximum micro irrigation system market revenue will bode
well for the growth of the market during the forecast period. North America, on
the other hand, is anticipated to register exponential growth during the
forecast period. This is attributable to factors such as high awareness among
the people for advanced farming techniques in countries such as the U.S. and
Mexico.
Competitive Landscape:
Merger
and Acquisition by the Private Players to Promote Growth
According to
the micro irrigation system market report, there are several companies striving
to gain major market share and outshine their rivals during the forecast
period. Adoption of strategies such as expansion of facilities, partnership,
merger and acquisition, and collaboration by the key players will drive the
market growth in the forthcoming years.
For
instance, in April 2017, Jain Irrigation Systems, an India-based irrigation
solution provider, announced its acquisition of two U.S. companies- Irrigation
Design, Construction Inc. (IDC), and Agri-Valley Irrigation Inc. (AVI). With an
investment of about USD 48 million, the company plans to acquire 805 stakes in
the two other companies. Moreover, government policies to promote micro-irrigation
technique is expected to bode well for the market during the forecast period.
Browse
Detailed Research Report with Table of Content:
https://www.fortunebusinessinsights.com/micro-irrigation-system-market-102839