Sellbyville, DE -- (SBWIRE) -- 01/19/2019 -- Global Microirrigation System Market was worth over USD 5 billion in 2016 and will surpass 150 million hectares by 2024. Microirrigation system market, in recent times, has been witnessing commendable growth, the reason of which can be aptly attributed to the numerous M&As and strategic alliances prevalent across this business sphere. Given the rising shortage of water sources across the globe, optimized deployment of water for myriad purposes, especially for agriculture, has been gaining prominence lately. In this regard, microirrigation methodologies such as drip and sprinkler irrigation have scored an edge over conventional irrigation mechanisms, prompting companies in other business spaces to join forces with microirrigation system industry players. For instance, recently in September, Mexichem, SAB, a Mexico-based piping & chemical company, announced its decision of acquiring Netafim, LTD, the renowned Israel microirrigation system market giant, for a valuation of close to USD 1.5 billion.

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Drip irrigation, one of the most popular methodologies of microirrigation, has been driving microirrigation system market share in recent times, for the simple reason that the mechanism is overtly efficient and versatile. Drip-based microirrigation system industry has been witnessing numerous developments lately, one of the most noteworthy ones being, the Ramthal Marol Drip Irrigation project in Hungund, Bagalkot. This project has recently been given the green signal by the regional government, post which its second phase is expected to commence.

Apparently, the scheme would prove to be a godsend for the farmers in the region, given that they used to be entirely dependent on the rains. Together, the first and second phases would bring forth an area of close to 35,000 hectares of agricultural land under the drip irrigation scheme, thereby making it the largest single drip irrigation project. As per experts, this project, valued at INR 768 crore, would service close to 15,000 farmers in 30 villages, and would mark a major significance in the regional microirrigation system market.
Asia Pacific, led by China, India and Japan was worth around USD 1.6 billion in 2016. Increase in adoption of the product for conserving water and reduction in labor cost in the agriculture-eccentric economies of the region is anticipated to augment the industry growth over forecast period.

North America micro irrigation system market is likely to reach USD 3.5 billion by 2024. Growing awareness among the farmers about benefits of using the product has resulted in increased industry demand. Countries including the U.S., Mexico and Canada are prominent users of the product for achieving better quality and higher yield crops for export markets which has driven the regional growth.

Latin America micro irrigation system market will surpass 5 million hectares of land covered in 2016. Changing lifestyle, improved technological innovation and increasing disposable income will favor this segment's growth. Reduction in arable land due to industrialization, soil erosion and deforestation along with water scarcity are key drivers of the industry.

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:

In October 2017, Jain Irrigation declared that NaanDaan Jain, its Mexican subsidiary has secured an order comprising two projects valued at USD 24 million from the agricultural ministry of Honduras. Apparently, the India micro irrigation systems market player would be responsible for the design, supply, and installation of plastic pipe networks in the command areas of two reservoirs in the region for the next 30 months. This conveyance is slated to provide irrigation water from the reservoirs to at least 6,000 farmers in the area, which would ultimately impel micro irrigation system market outlook.

In November 2017, Jain Irrigation, once again bagged a contract worth more than INR 125 crores, in order to improve the efficiency of water usage by more than 50% to 55% by utilizing the Pressurised Piped Distribution Network (PDN) and on-farm micro irrigation systems. The project is slated to be implemented with pressurized PVC pipe distribution in a command area of more than 16,500 acres in Jalgaon, and will considerably strengthen the company's presence further in India micro irrigation system industry.

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Global micro irrigation system market is fragmented due to presence of few industry players. Some of the key players are EPC Industries, Jain Irrigation, Rain Bird Corporation, Netafim, Valmont Industries, Lindsay, Toro Company, Bhumi Polymers.

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