According to a research study by Transparency Market Research, in 2014, micro irrigation systems market was valued at US$2,594.7 mn and is predicted to reach a valuation of US$9,140.2 mn by the end of 2023. The market is projected to register a 15.10% CAGR between 2015 and 2023.
Sprinklers Irrigation Systems Segment to Register 14.50% CAGR from 2015 to 2023
The global market for micro irrigation systems can be categorized on the basis of product type into drip and sprinkler irrigation systems. The sprinklers segment is further sub-categorized into traditional sprinklers, center pivot sprinklers, and lateral move sprinklers. In 2014, the sprinklers segment led the market, holding a share of 83% in the overall micro irrigation systems market. The increasing adoption of micro irrigation systems for maintaining turf grass, landscaping, and fields is estimated to fuel the growth of the market in the near future. As a result, this segment is projected to register a 14.50% CAGR between 2015 and 2023.
The growing water scarcity issue is one of the key factors boosting the demand for micro irrigation systems across the globe. On the flip side, the high cost of installation and lack of expertise in managing the systems are expected to hamper the growth of the market in the coming years.
Asia Pacific to Witness Rapid Growth due to Increasing Adoption of Micro Irrigation Systems
Among the major geographical segments, in 2014, Europe dominated the market, accounting for a share of 32% in the global market for micro irrigation systems in terms of revenue. The rapid growth of this region can be attributed to the increasing need for micro irrigation systems for well-organized water distribution and development of stadiums, sports grounds, and public parks in several countries in Europe, including Germany, Spain, the U.K., Italy, and France. On the other hand, the Asia Pacific micro irrigation systems market is anticipated to grow rapidly in the next few years, thanks to the favorable government initiatives for adopting micro irrigation systems. Japan, China, India, South Korea, and Australia are expected to be the major contributors towards the growth of the market in this region.
Some of the prominent players operating in the global market for micro irrigation systems are Rain Bird Corporation, Eurodrip SA, Hunter Industries, Inc., Rivulis Plastro Ltd., Lindsay Corporation, Sistema Azud SA, Elgo Irrigation Ltd., T-L Irrigation Company, Jain Irrigation Systems Ltd., Valmont Industries, Inc., Reinke Manufacturing Company, Inc., Netafim Ltd., and The Toro Company.