MICRO IRRIGATION SYSTEMS MARKET ANALYSIS

The Global Micro Irrigation System Market is projected to reach around US$ 12.94 Billions by the end of 2030, in terms of revenue, growing at CAGR of 6.2% during the forecast period (2023-2030).

Global Micro Irrigation System Market: Growth Drivers

Rising awareness regarding the benefits of micro irrigation system

Growing awareness regarding the benefits of micro irrigation systems among farmers is predominantly fueling market growth. These systems are gaining momentum in the market due to the growing concern about water scarcity and the rising need for improving crop yield. 

Government intiatives for promoting micro irrigation system

Growing government initiatives for promoting the use of micro-irrigation systems among farmers due to rising concern over water scarcity is expected to propel the market growth. According to United Nations, world's population is expected to increase by 2 billion persons in the next 30 years, from 7.7 billion currently to 9.7 billion in 2050, due to this there will be great demand for water and food. Thus, micro irrigation system has become an important tool in the agriculture industry for increasing crop production at the same time reducing water consumption on the field. 

Global Micro Irrigation System Market: Restraints

Lack of knowledge among consumers

Lack of technical experts for managing and controlling the micro irrigation system equipment is expected to hinder the market growth. Micro irrigation systems are automated, hence requiring skilled labor for their operation.

High intial cost of investment

High investment and continuous maintenance cost associated with micro irrigation systems is restricting the adoption of this system. Due to increasing in petrol prices and in turn rise in prices of the rest of the market the cost of micro irrigation systems is much beyond the purchasing capacity of the small farmers across developing regions. This is expected to hamper the market growth of the micro irrigation systems.

 Global Micro Irrigation System Market: Market Opportunity

Growing acceptance of advanced farming technology

Increasing adoption of advanced farming technology is a growing trend in the market and this is expected to augment the market growth of micro irrigation systems. Growing demand for sprinklers as it helps in displacing water over a large distance in the field is also expected to propel the market growth of micro irrigation systems.

 Global Micro Irrigation System Market: Market Trends

Increasing demand from residential sector

Shifting trend towards micro farming of plantations across the residential sector is significantly driving the market growth of micro irrigation systems. Growing cultivation crops such as maize, cotton, corn, and wheat on the field that require water conservation over a large area are further escalating the demand for center-pivot irrigation systems which is again augmenting the market growth of the micro irrigation systems over the forecast timeframe.

Global Micro Irrigation System Market: Recent Developments

In January 2023, Valmont Industries, Inc., a leader in advancing agricultural productivity and providing essential infrastructure, recently announced that it has entered into a supply agreement to provide mechanized irrigation equipment and cutting-edge technology for a number of agricultural development projects in Africa.

In May 2023, The company Netafim, which offers irrigation solutions and services, recently announced that it has joined the Educational Water Pact Forum, a global initiative that promotes universal access to clean water.

In May 2023, EPC announced the release of the EPC9186, a 3-phase BLDC motor drive inverter utilizing the EPC2302 eGaN® FET. The EPC9186's high-power capability enables applications such as electric scooters, small electric vehicles, agricultural machinery, forklifts, and high-power drones.

In April 2022, the partnership between Rain Bird Corporation and Flume will deliver a new generation of whole-home water management solutions, giving homeowners and water agencies better tools to achieve significant water savings.

Global Micro Irrigation System Market: Market Segmentation

Figure 1.  Micro Irrigation System Market Share (%) in terms of Value, By Region, in 2022

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Regionally, Asia Pacific dominates the global micro irrigation system market with 34% market share in terms of revenue, followed by North America and Europe, respectively. A high pace of population expansion and growing worries about water shortages are some other factors that are driving the Asia Pacific market.

Global Micro Irrigation System Market: By Type

Based on type, the micro irrigation system market is segmented into Sprinkler, drip, central pivot, and lateral move. In 2022, sprinkler segment accounted for 47% of the revenue share followed by drip and central pivot.

Global Micro Irrigation System Market: Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 pandemic has had a mixed impact on the micro irrigation system industry. On one hand, it has highlighted the importance of efficient water management and sustainable agriculture. On the other hand, supply chain disruptions and reduced investment capacity have posed challenges for the industry. Additionally, restrictions on movement have limited on-site support and training opportunities for farmers.

Figure 2. Micro Irrigation System Market Share (%) in terms of Value, By Type, in 2022

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Global Micro Irrigation System Market: Key Companies

Key Companies operating in Global Micro Irrigation System Market are Netafim, Jain Irrigation System Limited, John Deere & Company, EPC Industries, ELGO Irrigation Ltd., Hunter Industries, Inc., Lindsay Corporation, Valmont Industries, Inc. and Rain Bird

*Definition: Micro-irrigation systems are advanced irrigation system that provides water to the cultivated land in the form of sprinkles and spray. This system can be classified into sprinkler irrigation, lateral, move irrigation, drip irrigation, and center-pivot irrigation. Micro-irrigation systems are highly efficient solutions in terms of optimizing water consumption for crops and safeguarding crops from abiotic and biotic stresses.