Overview:
Irrigation involves the supply of water to arid lands for cultivation. The micro-irrigation process provides water at frequent intervals above and below the surface of the earth. Micro-irrigation systems are usually low- or medium-pressure systems that provide water in the form of splash, dew, mist, dripping and spraying. Because of growing concerns about water scarcity, micro-irrigation systems are proving to be an innovative and effective solution compared to conventional irrigation practices.
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In the year 2018, the Global Micro Irrigation systems market was valued at USD 5.33 Billion, by the year 2023 it is expected to reach USD 12.09 Billion with 17.8% CAGR.
Drivers and Restraints:
Increasing demand for food and agricultural products. Technological advancements in farming, rising population, increase in investments by companies and government initiatives in new irrigation techniques. However high initial investment and high upkeep costs of the micro irrigation systems are hindering the market growth.
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Geographic Segmentation
Geographically, the Micro Irrigation systems market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East Asia. North America leads the global Micro Irrigation Systems market followed by Asia Pacific and Europe. Developing countries in the Asia Pacific and Latin America regions are expected to experience severe water shortage in the near future due to mounting water demand for household, trade and industrial uses. These regions are expected to observe sharp demand for such technologies and are anticipated to be the key demand centers.
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Major companies in the market are Jain Irrigation Systems Ltd., Lindsay Corporation, Nelson Irrigation Corporation, The Toro Company, EPC Industries Limited, Valmont Industries Inc., and T-L Irrigation.
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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