Characterized with the presence of a large pool of players, the global micro irrigation systems market is marked with intense competition and high fragmentation, reveals Transparency Market Research (TMR) in a new report. Despite this, Netafim Ltd., The Toro Company, and Jain Irrigations Systems Ltd. held majority share of the market in 2014 on account of their broad product portfolio. Strong R&D capabilities and technological expertise are expected to present higher growth opportunities for these companies in the future thereby paving way to surge ahead in the competition.
Development of cost effective and efficient micro irrigation systems is also on the growth chart of companies in the micro irrigation systems market.
According to the TMR report, the global micro irrigation systems market is projected to clock a CAGR of 15.3% between 2017 and 2023, for the market to be worth US$9140.6 mn by 2023-end. The demand in the market translated into opportunities worth US$3886.3 mn in 2017. Sprinkler irrigation, among key product types, holds prominence in the micro irrigation systems market; the growth of this segment is attributed to its extensive use in landscaping and agriculture. In particular, sprinkler irrigation is viable in regions with low water availability that require highly efficient mechanized irrigation systems. Application-wise, large private and corporate farming segment holds the leading share vis-à-vis revenue in the global micro irrigation systems market. Large private and corporate farming segment is anticipated to hold 52.4% of the overall market by 2023.
Government Subsidies for Sustainable Irrigation Methods Boosts Uptake in Asia Pacific
Government encouragement for adoption of micro irrigation systems is a key factor behind the growth of micro irrigation systems market. The declining level of ground water has necessitated an urgent resolution for the problem such as adoption of micro irrigation. Micro irrigation is viable as it helps save 50-60% water than what is used in flow irrigation and other traditional methods of irrigation. Due to this, several governments are encouraging the use of micro irrigation and offering subsidy on the installation cost of micro irrigation systems. Several governments such as those of India, Norway, and Switzerland are also providing subsidies for micro irrigation systems. For example, in India, the state government of Tamil Nadu has announced 100% subsidy for small farmers adopting micro irrigation and 75% subsidy for other farmers.
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