Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Growing need to conserve water and increase crop yield has fueled the global market for micro irrigation systems, according to a report published by Transparency Market Research. The report is titled "Micro Irrigation Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" and is available for sale on the company website.As per figures revealed in the report, the global micro irrigation systems market stands to develop from US$2,852.1 million in 2013 to US$8,130.0 million by 2020, registering a strong CAGR of 16.2% during the forecast period. Factors such as government initiatives, economic and social advantages of micro irrigation systems, and rising adoption in emerging countries have also contributed to the growth of the global market. However, lack of expertise and high cost of managing micro irrigation systems is likely to curb the development of the market to an extent.
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Micro irrigation systems, by type, can be bifurcated into drip irrigation systems and sprinkler irrigation systems. Sprinkler irrigation systems are further segmented into center pivot sprinklers, traditional sprinklers, and lateral move sprinklers. Traditional sprinklers dominated the micro irrigation systems market in 2013 in terms of revenue. This segment was driven by the advantages they present such as easy portability, low initial costs, larger coverage area, and higher water efficiency.On the basis of crop type, the micro irrigation systems market is segmented into orchard crops, forage and turf grasses, plantation crops, field crops, and others such as herbs and ornamental crops.
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Micro irrigation systems find applications in large gardens, household lawns, public parks, agriculture, sports grounds, and others such as nurseries and greenhouses. Agriculture was the largest application segment of the micro irrigation systems market by revenue in 2013. This segment is likely to retain its lead throughout the forecast period owing to increased need for high food productivity and frugal usage of water. Geographically, the global micro irrigation systems market is divided into North America, Asia Pacific, Europe, and Rest of the World. The growing adoption of the lateral move and center pivot sprinkler irrigation systems in Canada and the U.S. has driven North America to be the largest regional segment of the micro irrigation systems market. This region accounted for a 36.5% share of the global market in 2013 and is projected to develop at a strong CAGR of 15.6% from 2014 to 2020.
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The micro irrigation systems market is rather competitive and is presently dominated by large companies who occupy over 50% of the overall market. The prominent players operating in the global micro irrigation systems market include The Toro Company, Valmont Industries, Inc., Rain Bird Corporation, Netafim Ltd., Lindsay Corporation, Hunter Industries, Inc., Reinke Manufacturing Company, Inc., Jain Irrigation Systems Ltd., and T-L Irrigation Company. Each of these companies has been profiled in the research report on the basis of aspects such as company and financial overview, business strategies, and recent developments.
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