Albany, New York, Jan. 26, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Micro Irrigation Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020." the market was valued at US$ 2,852.1 Mn in 2013 and is expected to reach US$ 8,130.0 Mn by 2020, growing at a CAGR of 16.2% from 2014 to 2020. North America was the largest contributor to the global micro irrigation systems market in 2013 and is expected to dominate the market during the forecast period at a CAGR of 15.6% from 2014 to 2020. The high acceptance of micro irrigation systems in irrigating different crop types is the most significant factor for this growth. However, with rising water scarcity, Asia Pacific is expected to be the fastest growing market for micro irrigation systems.
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Micro irrigation systems offer high agricultural productivity with minimum water wastage. These systems require less amount of water as compared to the traditional irrigation methods such as flood and furrow. This is expected to be the most important factor for high adoption of micro irrigation systems in coming years. Micro irrigation systems apply water directly to the plants and limited to specific area rather than watering the whole field as in flood irrigation method. This has encouraged people across the world to use micro irrigation systems in different applications thereby saving water. Furthermore, government encouragement for use of micro irrigation systems is expected to substantially drive the market. Governments of different nations such as the U.S., India and China offer subsidies on the purchase of micro irrigation systems.
Micro irrigation systems comprise traditional sprinklers, centre pivot sprinklers, lateral move sprinklers and drip irrigation systems. Amongst these, traditional sprinkler irrigation systems are the most common type used for agriculture, sports grounds, lawns and other applications. Traditional sprinkler systems accounted for around 37% of the total micro irrigation systems market in 2013.
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North America led the global micro irrigation systems market in 2013 with the share of 36.5% of the global market. This was mainly due to high adoption of micro irrigation systems such as centre pivot and lateral move sprinkler irrigation systems in countries such as the U.S. and Canada.
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The global market for Micro Irrigation Systems was dominated by leading players such as Netafim Ltd, Jain Irrigation Systems Ltd., Valmont Industries, Inc. and others which collectively accounted for more than 50% share in 2013. Other important players in the market include The Toro Company, Hunter Industries, Lindsay Corporation among others. The irrigation system manufacturing companies focus on enlarging their distribution networks across the world. Companies such as The Toro Company, Netafim, Valmont Industries, Inc. and others have their presence across the globe in North America, Europe, Asia Pacific and other regions. Thus, the competitive rivalry among these companies is high and is expected to remain the same over forecast period.
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The report studies the global Micro Irrigation Systems market, and provides estimates in terms of revenue (US$ Mn) from 2012 to 2020. Market estimates are provided on the basis of product type, components, crop type, applications and geography. The market has been segmented as follows:
Market Segmentation of Global Micro Irrigation Systems Market:
Micro Irrigation Systems Market, by Type
· Sprinkler Irrigation
· Traditional Sprinklers
· Center Pivot Sprinklers
· Lateral Move Sprinklers
· Drip irrigation Systems
Micro Irrigation Systems Market, by Component Type
· Sprinkler Irrigation
· Pumping Units
· Fittings/Sprinkler Heads
· Others (Spans, Towers)
· Drip Irrigation
· Backflow Preventers
· Pressure Regulators
Micro Irrigation Systems Market, by Crop Type
· Plantation Crops
· Orchard Crops
· Field Crops
· Forage and Turf Grasses
· Others (Ornamental Crops and Herbs)
Micro Irrigation Systems Market, by Applications
· Large gardens, Public parks and Household Lawns
· Sport Grounds
· Others (Greenhouses and Nurseries)
Micro Irrigation Systems Market, by Geography
· North America
· Asia -Pacific
· Rest of the World (RoW)
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Source:Transparency Market Research