The commendable initiatives undertaken by regional governments to combat global water scarcity are pivotal drivers of micro irrigation system market. The agricultural sector has perpetually been affected due to the depletion of natural water sources worldwide, on the grounds of which regulatory bodies have mandated the deployment of highly efficient water systems to improve crop yield. Statistically, the Earth’s available freshwater is largely deployed for agriculture – as per estimates, around 70% of withdrawals from the groundwater and freshwater sources are utilized by the agricultural sector. This figure is approximately three times more than the estimate made over five decades ago. Owing to increasing irrigation needs, the global water demand for agriculture and by extension, food requirement, is anticipated to rise by a further 19% by 2050. This has led to an urgent demand for specialized irrigation processes, the commercialization of which would subsequently augment the revenue graph of micro irrigation systems industry.
U.S. Microirrigation System Market, By Application, 2013-2024, (USD Million)
It is integral to mention that extensive research projects have made it possible for highly innovative micro irrigation methodologies to be conceived and marketed in the last few years. Currently for instance, micro irrigation systems market primarily encompass the sprinkler and drip irrigation products, though the utilization of mist, spray, and jet irrigation products are also on a rise. However, the robust demand for these products has prompted micro irrigation system industry players to go the whole hog and come up innovative technologies that can be deployed in these products to further ramp up their efficiency. Consequently, the sales and popularity of these products would help propel the profitability landscape of micro irrigation systems market, which was worth USD 5 billion in 2016.
The competitive spectrum of micro irrigation systems industry comprises top-notch players such as Rain Bird Corporation, Lindsay Corporation, Toro Company, EPC Industries, Jain Irrigation, Valmont Industries, and Netafim. While these companies are renown to be vying with one another for coming up with innovative product concepts, Jain irrigation, in recent times, has been overtly active in micro irrigation system market. A synopsis of the company’s latest accomplishments that are certain to benefit micro irrigation systems industry share is enlisted below:
India has been projected to emerge as one of the most lucrative avenues for APAC micro irrigation system market, driven by the numerous developments prevalent in the region. The efforts undertaken by companies notwithstanding, there exists another major reason why India and China would both be the key revenue pockets for APAC micro irrigation systems market. As per estimates, India and China have only 10% and 18% of their arable land that thrives on micro irrigation, which affirms that there is an unbelievably immense potential for micro irrigation system industry to gain ground in these geographies. In consequence this would also impact the revenue scale of APAC micro irrigation systems market, which was valued for more than USD 1.5 billion in 2016. As drip and sprinkler irrigation methodologies garner rave reviews across both these economies, the profitability graph of Asia Pacific micro irrigation systems industry would eventually rise several notches higher in the ensuing years.
Another pivotal driving force that may impact Asia Pacific micro irrigation system market trends is the innovation brought forth by the regional players. In India for instance, The Command Area Development Authority (CADA) recently signed an MoU with the Niti Aayog for the pan-India promotion of a state-of-the-art, sophisticated solar-based micro irrigation project. With this scheme, farmers are expected to get fresh canal water for micro irrigating their fields without water scarcity issues. Apparently, the power generated through installed solar panels in identified fields would be linked to a power grid via separate feeder lines, and the power supply so obtained would be used to energize micro irrigation systems. The project is anticipated to be deployed in 5 villages of 13 districts, and would considerably propel the regional micro irrigation system market size. This precedence further goes to prove that India would be a technologically advanced hub that may transform the dynamics of APAC micro irrigation systems industry in the years ahead.
With the world traversing along the path of reduced energy consumption and optimum resource utilization, it goes without saying that micro irrigation system market stands to gain massive proceeds in the years ahead. Touted to effectively reduce labor and irrigation costs, these systems have effortlessly made their presence felt across global agricultural sector. Moreover, regional governments, water system manufacturing companies, and regulatory bodies have been striving to innovate technologically advanced products and generate awareness regarding the importance of safe, optimized irrigation, which will prove highly beneficial for micro irrigation systems market in terms of sales volume and revenue. With these systems finding deployment across numerous applications, viz., plantation crops, field crops, vineyards, and orchards, micro irrigation system industry size is likely to soar high over 2017-2024. As per estimates in fact, micro irrigation systems market share is slated to cross a valuation of USD 12 billion by 2024, with an estimated volume projection of more than 150 million hectares.