Published Date : Jun 06, 2018
Albany, New York, June 6, 2018: According to a detailed market research report recently added to the comprehensive research report portfolio of MarketResearchReports.biz, the global market for micro irrigation systems is teeming with promising growth opportunities. The report, titled “Micro Irrigation Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2023,” states that the market will exhibit an impressive CAGR of 15.3% over the period between 2017 and 2023. If the number holds true, the market, which valued at US$3886.3 mn in 2017, will rise to a revenue opportunity of US$9140.6 mn by the end of 2023.
The key factors to work favorably for the market include the need for sustainable irrigation solutions for the agriculture industry in regions that face water scarcity often. This issue is drastic in a number of agrarian economies in regions such as Africa and Asia Pacific, wherein climatic uncertainties and long spells of drought have necessitated the uptake of effective man-made irrigation techniques for preventing loss of agricultural productivity.
Governments in these regions have undertaken a large number of awareness programs and continue to invest resources aimed at helping farmers bear expenses of installation of advanced irrigation systems such as drip irrigation. These factors are expected to continue to drive the global market for micro irrigation systems in the next few years as well. However, the high base cost of installing micro irrigation systems hinders their adoption across underdeveloped economies.
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The report includes a thorough account of the global market for micro irrigation systems and the industry concerning it. The report presents a comprehensive overview of the current state of the market and its key segments, furnishes qualitative and quantitative details regarding market’s growth dynamics in the past years, and presents a forecast predicting the future state of the market elements and the growth trajectory of the entire market.
The report also thoroughly examines other crucial demand drivers, challenges, and key trends that are projected to have significant influence on the overall market over the coming years. The impact of these factors on the market’s growth trajectory over the report’s forecast period has also been analyzed in great details in the report.
The report segments the market on the basis of criteria such as type, application, and geography. Based on type, the market is broadly segmented into sprinkler irrigation systems and drip irrigation systems. Based on application, the market has been segmented into government, small farmers, and large and private corporate farming. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Some of the leading companies operating in the global micro irrigation market are Rivulus Plastro Ltd., The Toro Company, Reinke Manufacturing Company Inc., Lindsay Corporation, Sistema Azud SA, Netafim Ltd., Elgo Irrigation Ltd., Valmont Industries Inc., T-L Irrigation Company, Rain Bird Corporation, Eurodrip SA, Hunter Industries Inc., and Jain Irrigation Systems Market.
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