Sellbyville, DE -- (SBWIRE) -- 10/05/2018 -- 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 segments growth. Reduction in arable land due to industrialization, soil erosion and deforestation along with water scarcity are key drivers of the industry.

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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.

Micro Irrigation System Market is estimated to exceed USD 12 billion by 2024. Rising concern for depleting water resources will drive micro irrigation system market. As per United Nations report, water availability is projected to decrease in various regions with global agriculture water consumption estimated to increase by over 19% by 2050.

Growing environmental awareness and increase in income levels, along with shift in customers focus for eco-friendly products in developing economies is anticipated to drive micro irrigation system demand. Unpredictable precipitation in rainfall dependent nations has further supported the industry growth as this is forcing farmers to install the product for reducing seeds and crops wastage.

Increasing demand for agricultural products is excepted to propel micro irrigation system market. As per analysis, food industry is likely to reach at USD 3 trillion by 2020, growing at the rate of over 4% from 2015 to 2020.

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However, the high cost associated with maintenance and installation of these system may restrain the industry growth during forecast time frame. In addition, lack of proficiency in managing these systems may prove to be a significant hindrance to the micro irrigation system market growth.

Sprinkler will be valued over USD 7.5 billion in 2024. Elimination of water conveyance channels, evenly distribution of water, and enhanced crop yields are the factors supporting the product demand. Further, suitability of product for various topographies, high irrigation efficiency and ease in operation are expected to propel this segment?s growth. However, a lot of water is wasted due to spray droplets evaporation as they fly through air which may hamper the industry demand.

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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