Global Micro Irrigation Systems Market by 2023
Albany, NY -- (SBWIRE) -- 10/22/2018 -- Micro irrigation systems ensure regularity and frequency of water application, which is a significant factor for the quality and yield of agricultural crop.
The global micro irrigation systems market is teeming with opportunities to provide a sustainable irrigation solution for agricultural crop in water scarce regions. Agrarian economies of Asia Pacific and Africa face challenges of long spell of droughts and climatic uncertainties that require reliable man-made irrigation methods to prevent huge losses of agricultural crop. To address this, governments in these countries are educating farmers for the adoption of sustainable irrigation methods and are also providing subsidies on the installation cost of modern irrigation systems such as drip irrigation. This is boosting the micro irrigation systems market.
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However, on the flip side, high initial capital for micro irrigation systems limits their adoption for cost-intensive agriculture such as orchards and vineyards. Considering a host of favorable factors, the global micro irrigation systems market is poised to rise at an impressive CAGR of 15.3% between 2017 and 2023, as per a market intelligence study by Transparency Market Research (TMR).
Demand for Sprinkler Irrigation Systems to Remain High
The global micro irrigation systems market is studied on the basis of product type, component, application, and region. Depending upon product type, sprinkler irrigation systems and drip irrigation systems are the segments into which the micro irrigation systems market is divided. Sprinkler irrigation systems, of the two, dominates the micro irrigation systems market. The segment is likely to hold the leading 83.4% of the overall market to be worth US$7,296.3 mn by 2023 end; the growth of this segment is mainly because of inexpensiveness of sprinkler systems over drip irrigation systems that account for their widespread use in landscaping and agriculture. Sprinkler irrigation systems segment comprise traditional sprinkler, center pivot sprinkler, and lateral move sprinkler.
On the other hand, drip irrigation systems is likely to surpass in terms of growth rate over the 2017-2023 forecast timeframe.
By component, the elements common to both sprinkler irrigation systems and drip irrigation systems are couplers and tubing. Component specific to sprinkler irrigation systems are pumping unit, and fittings & sprinkler heads. Pumping unit is the most expensive component of sprinkler irrigation systems; pumping unit is anticipated to report a revenue of US$2,922.0 mn by 2023.
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Drippers, backflow preventers, valves, filters, pressure regulators, and fittings are the components specific to drip irrigation systems. Filters, among them, are the most crucial component for the maintenance of drip irrigation systems.
Application-wise, the worldwide micro irrigation systems market is segmented into small farms, large private and corporate farming, government land and projects, and others. Out of these, the segment of large private and corporate farming is anticipated to hold the leading 52.4% of the overall market by 2023.