Global Micro Irrigation System Market was valued at US$ 8 Bn in 2022, exhibiting a CAGR of 6.2% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 12.94 Billionn by 2030. Micro Irrigation System Market, By Type (Sprinkler Irrigation, Drip Irrigation, Center-Pivot Irrigation, Lateral Move Irrigation), By Crop Type (Plantation Crops, Orchard Crops, Field Crops, Forage and Turf Grasses, Other Crops), By Application (Agriculture, Large Gardens, Lawns (Household), Public Parks, Sports Grounds, Other Applications), and By Region (North America, Europe, Asia Pacific, Latin America, MEA) – Size, Share, Outlook and Opportunity Analysis, 2023 – 2030 Published by: Coherent Market Insights.
Market Drivers
Rise in concern over water scarcity
Micro irrigation systems provide water to the crop at frequent intervals to the surface of the soil. They are basically low- or medium-pressure a system that provides water in the form of spray, drip, and sprinkles. Micro-irrigation systems is an efficient solution as compared to the conventional irrigation system. They are gaining huge demand due to growing concern over water scarcity.
Increase in strategic parternership expansion
New product launches, mergers & acquisitions, strategic partnership expansion, and research & development activities for the micro irrigation systems are key strategies adopted by players in the global micro irrigation systems market. For instance, in May 2021, the Abdul Kalam Technological University situated in Uttar Pradesh announced the development of software in collaboration with the Kerala Irrigation Infrastructure Development Corporation Ltd. for applications in automated community micro irrigation systems to improve crop yield.
Market Opportunities
Major demand seen in Asia-Pacific
Asia-Pacific has proved to be the fastest-growing micro irrigation systems market. China is one of the leading manufacturers of micro-irrigation system components with a market share of US$ 1.5 Billion in 2021. China exports micro-irrigation system components to many countries. Its exports are further expected to grow in the future. India is largely dependent on rain-fed agriculture. The use of a micro-irrigation system may help the Indian agricultural sector reduce its dependence on rain and increase productivity. The most popular technologies used in India are drip irrigation and sprinkler irrigation. Drip irrigation has the highest market share in India. According to the Ministry of Agriculture & Farmers Welfare, India, the Indian government approved micro-irrigation coverage by doubling the Micro Irrigation Fund (MIF), created in collaboration with the National Bank for Agriculture and Rural Development (NABARD), to US$ 1.32 billion in 2021-2022.
Market Restraints
High initial investment
The global adoption of micro irrigation systems is facing a significant restraint. One of the main challenges is the high initial cost associated with installing and implementing these systems. Micro irrigation systems require the installation of specialized equipment, including drip emitters, sprinklers, controllers, and filtration systems, which can be costly for farmers and agricultural businesses. The expenses related to purchasing and maintaining this equipment can deter potential users from investing in micro irrigation systems.
Key Takeaways:
On the basis of Region, growing awareness among farmers and preference for micro irrigation systems as well as the region's growing research and development capabilities, North America is anticipated to experience the fastest growth in the global market for micro irrigation systems during the forecast period of 2023–2030.
On the basis of type, sprinkle segment dominated the global micro irrigation systems market in 2022 with 47% of market share in terms of value, followed by drip and center-pivot respectively.
Market Trends
Governmtnt intiatives for farmers
Governments of various countries are offering subsidies of up to 50% for small farmers on the price of irrigation systems. Moreover, in India, some state governments (Andhra Pradesh) offer subsidies of around 90% on the price of irrigation systems such as Pradhan Mantri Krishi Sinai Yojana (PMKSY). This is one of the growing trends in the industry. Moreover, the growing use of drip irrigation in chemigation and fertigation is further anticipated to foster the market growth of micro irrigation systems.
Continuous development in the technologies
Advancement in technology by key players in the micro irrigation system is a major trend in the market. For instance, in February 2021, Rother Farm started trials for its new N-Drip micro irrigation systems. The company claims that the systems will be able to save water resources by approximately 25%, without being as capital-intensive as lateral irrigation options.
Global Egg Processing Market - Impact of Coronavirus (Covid-19) Pandemic
The coronavirus outbreak is expected to increase the demand for agricultural products across the globe as consumers due to the pandemic and lockdown situations are panic buying essential commodities including agricultural products. Moreover, governments across nations are supporting the farmers with the launch of a number of initiatives to leverage the process of recovery as well as enhanced farmer welfare like Pradhan Mantri Fasal Bima Yojana launched in 2022. The aforesaid said reasons are key factors contributing to the growth of the micro irrigation systems market.
