Micro Irrigation System Market Share, Trends, Revenue, Growth Drivers, CAGR Status, Challenges and Future Investment Strategies Till 2033


Micro Irrigation System Market Share, Trends, Revenue, Growth Drivers, CAGR Status, Challenges and Future Investment Strategies Till 2033: SPER Market Research

 Category : Agriculture

 Published: Jan-2024
 Author: SPER Analyst

Micro Irrigation System Market is projected to be worth USD 28.41 billion by 2033 with a CAGR of 9.8%.

Surprisingly, despite the early challenges brought on by the virus, the COVID-19 pandemic accelerated the long-term growth of the solar-biogas business. Because of the crisis, people are now more aware of this renewable energy source and how reliant we are on stable, sustainable energy. Governments responded by announcing green stimulus plans and accelerating their efforts to phase out fossil fuels, which set off an international energy revolution. As a result, after a temporary decline, the market is currently flourishing due to the increased focus on renewables, favorable policies, and a widespread trend towards cleaner energy. 

Global Micro Irrigation System Market Driving Factors and Challenges
The micro irrigation scene is booming due to certain key factors. First off, prominent food companies are adopting branding strategies that are centred on sustainability and effective water management using micro irrigation systems, both of which are essential for creating environmentally friendly foods. This creates a huge market opportunity for micro irrigation products that serve these enormous companies. Second, drip irrigation systems are becoming quite popular throughout the world due to their ability to save water and improve the health of the soil. This broad adoption encourages market expansion even further.  Global market expansion is also being stimulated by government initiatives that support micro irrigation, like the US government's technical and financial assistance programs and India's Pradhan Mantri Krishi Sinchai Yojana. The market for micro irrigation systems is expected to grow and be sustainable due to these factors.

Challenges to the expansion of micro irrigation system market include its high cost, which discourages low-value crop producers from using it and reduces return on investment. One significant obstacle is the expensive cost of emitters, tubing, and pumps, particularly for large farms. Another major obstacle to market expansion in less developed nations is small-scale farmers' ignorance of the advantages of the system, such as less water loss from evaporation, runoff, and seepage.

Impact of COVID-19 on Global Micro Irrigation System Market
The rapid spread of the COVID-19 pandemic caused numerous countries to impose strict lockdown laws, which in turn caused a decrease in a number of agricultural methods and a direct impact on the worldwide market for micro irrigation systems. The micro irrigation system sector has experienced varied effects from the COVID-19 outbreak. On the one hand, it has brought attention to how crucial sustainable agriculture and effective water management are. However, the industry has faced difficulties because of diminished investment capacity and disruptions in the supply chain. Movement limitations have also reduced farmers' access to on-the-ground assistance and training opportunities. As the market is recovering from the loss caused by the pandemic, the global micro irrigation market is supposed to grow at exponential rate during the projected time period. 

Global Micro Irrigation System Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Hunter Industries, Jain Irrigation Systems Ltd., Lindsay Corporation, Mahindra EPC Irrigation Ltd., Netafim Ltd., Rain Bird Corporation, Rivulis Irrigation Ltd., T-L Irrigation Co, The Toro Company, Valmont Industries Inc., and others.

Global Micro Irrigation System Market Segmentation:

By Mechanism: Based on the Mechanism, Global Micro Irrigation System Market is segmented as; Drip Irrigation Systems, Sprinkler Irrigation Systems, Other Micro-irrigation Systems.

By Component: Based on the Component, Global Micro Irrigation System Market is segmented as; Drip Irrigation Components, Sprinkler Irrigation Components.

By End User: Based on the End User, Global Micro Irrigation System Market is segmented as; Farmers, Industrial users, Others.

By Cultivation Technology: Based on the Cultivation Technology, Global Micro Irrigation System Market is segmented as; Open Field, Protected Cultivation.

By Application: Based on the Application, Global Micro Irrigation System Market is segmented as; Field Crops, Orchards and Vineyards, Vegetables, Plantation Crops, Other Applications.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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