Micro Irrigation System Market Forecast Up to $3414.7 Million by 2016
Dallas, TX — (SBWIRE) -11/25/2013
72% ofthetotalmicroirrigationsystemdemandin2010.Theglobaldripirrigationsystems market is expected to reach $996.7 million by2016,growingataCAGRof19.0%.
Accordingtothenewmarketresearchreport“MicroIrrigation SystemMarketTrendsandGlobal Forecasts (2011 – 2016)” published by MarketsandMarkets (http://www.marketsandmarkets.com), global microirrigationsystemmarketexpectedtoreachover$1,290millionbytheendofyear2010is expectedtoreach $3,414.7 million by2016, growing ataCAGRof17.9% from2011 to2016.
Theglobal micro irrigation systemmarketisone ofthefastestgrowingsegmentsofglobal agriculture industry. This growth is fueled byGovernmentencouragement for adoption of micro irrigation system as regularpracticeforfuturesafetyduetowaterscarcity,inordertoconservenaturalwaterresources. This growth is particularly higherin geography such as Africa and Asia-Pacific due to increased water scarcityandfarmersawarenessregarding improvementinyield qualityandquantityusing micro irrigation.
Crop protection expense is thesecond highest expense after fertilizer in farming expenses, boththe 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 bioticandabioticstresses.
Sprinklermicroirrigation systems, which includes micro sprinkler irrigation and micro jet irrigation systems are the biggest market segmentsason2010,owingtotheirwide-spreaduseinsprinkler irrigation. Sprinkler micro irrigation systems currently controls over 72%of the global micro irrigation system market.
Drip micro irrigation systems are a smallermarketsegment,butexpected togrowatafasterpacethan any other segment, due to Government encouragement for optimum water usage to secure future water demands especially inwaterscarcegeography.
The North American micro irrigation system market is expected to hold around 24% of the global market share by 2016, at an estimated CAGRof 15.7%. Asia-Pacific is the fastest growing segment due to the constantpush byGovernment bodies foradoption ofmicroirrigation systems.Themarket share of Asia- Pacific is expected toboost 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,economicand socialbenefitswithwatersavings,and increasingdemandoffoodfromgrowingpopulation,andwaterscarcitywhilemajorrestraintishigh initialandmaintenancecost
Browsemorethan150marketdatatables/figuresspreadthroughmorethan370pagesandin-depth TOC on “Micro Irrigation System Market Trends and Global Forecasts (2011 – 2016)”. http://www.marketsandmarkets.com/Market-Reports/micro-irrigation-system-market-566.html