Global micro irrigation system market expected to reached over $1,290 million by the end of year 2010 and is expected to reach $3,414.7 million by 2016, growing at a CAGR of 17.9% from 2011 to 2016.
(PRWEB) May 28, 2012
According to the new market research report “Micro Irrigation System Market Trends and Global Forecasts (2011 - 2016)” published by MarketsandMarkets (http://www.marketsandmarkets.com), global micro irrigation system market expected to reached over $1,290 million by the end of year 2010 and is expected to reach $3,414.7 million by 2016, growing at a CAGR of 17.9% from 2011 to 2016.
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The global micro irrigation system market is one of the fastest growing segments of global agriculture industry. This growth is fueled by Government encouragement for adoption of micro irrigation system as regular practice for future safety due to water scarcity, in order to conserve natural water resources. This growth is particularly higher in geography such as Africa and Asia-Pacific due to increased water scarcity and farmers awareness regarding improvement in yield quality and quantity using micro irrigation.
Crop protection expense is the second highest expense after fertilizer in farming expenses, both the major expenses can be reduced with fertigation and chemigation. Hence in areas other than water scarce area, fertigation and chemigation have proven to be the winning imperatives for the global micro irrigation system market. Hence micro irrigation systems are the most cost effective way of protecting crops from both biotic and abiotic stresses.
Sprinkler micro irrigation systems, which includes micro sprinkler irrigation and micro jet irrigation systems are the biggest market segments as on 2010, owing to their wide-spread use in sprinkler irrigation. Sprinkler micro irrigation systems currently controls over 72% of the global micro irrigation system market. Drip micro irrigation systems are a smaller market segment, but expected to grow at a faster pace than any other segment, due to Government encouragement for optimum water usage to secure future water demands especially in water scarce geography.
The North American micro irrigation system market is expected to hold around 24% of the global market share by 2016, at an estimated CAGR of 15.7%. Asia-Pacific is the fastest growing segment due to the constant push by Government bodies for adoption of micro irrigation systems. The market share of Asia-Pacific is expected to boost from $344.5 million in 2010 to $1,062.5 million by 2016, at an estimated CAGR of 21.5% from 2011 to 2016.
Some of the major drivers of the industry identified in this report are cost effectiveness of micro irrigation systems with fertigation and chemigation, economic and social benefits with water savings, and increasing demand of food from growing population, and water scarcity while major restraint is high initial and maintenance cost of micro irrigation systems.
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