San Francisco, Dec. 01, 2015 (GLOBE NEWSWIRE) -- The global micro irrigation systems market is expected to reach USD 9.10billion by 2022, according to a new report by Grand View Research, Inc.Increasing food demand and on account of growing population, particularly in emerging marketsof Asia Pacific and Latin America is expected to remain a key driving factor for global micro irrigation systems market. Advantages such as high crop yield, low cost, better efficiency and low soil erosion are presumed to play a key role in prompting such micro irrigation systems usage. Favorable regulatory framework and government policies encouraging are projected to further assist the market.Large initial investment is expected to remain a key challenge for market participants. The industry is characterized by negligible regulatory framework regarding product manufacturing resulting in duplication and lower quality products. Such negative trends are expected to hamper market growth and development.
Sprinkler irrigation was the leading product segment and accounted for more than one-third of the total revenue in 2014. Drip irrigation systems are expected to witness fastest growth of 19% over the forecast period owing to its numerous advantages over micro irrigation systems.
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Further key findings from the report suggest:
- Global micro irrigation systems market was USD 2,479.89million in 2014 and is expected to reach USD 9,109.17million in 2022, growing at a CAGR of 17.6% from 2015 to 2022.
- Micro irrigation systems were most prevalent in orchard crop cultivation and accounted for nearly one-third of the global market. Field crops cultivation is expected to witness the highest CAGR of 18.2% from 2015 to 2022.
- North America was the leading regional market and accounted for over 30% total revenue in 2014. Asia Pacific is expected to witness the highest growth of 19.8% over the forecast period. Growing food demand coupled with government support in China, India, Indonesia and Vietnam is expected to drive the regional growth over the forecast period.
- The global micro irrigation systems industry is fragmented and has presence of small, medium and large corporations. Top three companies accounted for more than half of the global market. Leading industry participants have beenheavily investing in R&D initiatives to develop superior products with an aim to cater to the growing market demand. Companies have been forging partnerships to gain competitive advantages and a strong foothold in the market.
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Grand View Research has segmented the micro irrigation systems market on the basis of product, crop typeand region:
Global Micro Irrigation Systems Product Outlook (Revenue, USD Million, 2012 - 2022)
- Center Pivot
- Lateral Move
Global Micro Irrigation Systems Crop Type Outlook (Revenue, USD Million, 2012 - 2022)
- Plantation crops
- Orchard crops
- Field crops
- Forage & grasses
Global Micro Irrigation Systems Regional Outlook (Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research