Micro Irrigation Systems Market Growth, Trends, Competitive Landscape and Regional Outlook by 2027
The global micro irrigation systems market size is expected to register 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 Systems 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.
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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.
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.
Merger and Acquisition by the Private Players to Promote Growth
According to the micro irrigation systems 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.
- February 2020: Lindsay Corporation, a pioneer in irrigation market, announced its launch of new product, Zimmatic poly pipe. According to the company, the product is favourable for farms wherein the water environment is most corrosive. This launch is anticipated to boost the strategic position of the Company in the marketplace.
List of the Companies Operating in the Market:
- Lindsay Corporation (U.S.)
- Jain Irrigation Systems Ltd. (India)
- Valmont Industries (U.S.)
- Rain Bird Corporation (U.S.)
- Reinke Manufacturing Co. Inc. (U.S.)
- Netafim Limited (Israel)
- The Toro Company (U.S.)
- Hunter Industries (U.S.)
- Nelson Irrigation Corporation (U.S.)
- Rivulis Irrigation Ltd. (Israel)
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