Drip Irrigation Systems Market to Receive Overwhelming Hike in Revenues by 2025
The global drip irrigation systems market consists of a few global and local players. The market is considerably fragmented, says Transparency Market Research (TMR) in a report. The global drip irrigation systems market share is evenly categorized among a few major companies. There are some noteworthy players heading the global drip irrigation systems market to deliver quality products to end-users. The most important enterprises operating in the global drip irrigation systems market are Netafim Ltd., The Toro Company, Jain Irrigation Systems Ltd., Rain Bird Corporation, and Hunter Industries, Inc.
As said in the report of TMR, the global drip irrigation systems market was valued at US$98.3 mn in 2013. It is projected to achieve US$317.4 mn by 2020 by stretching out at a CAGR of 18.30% for the duration of 2014 to 2020. Based on applications, the global drip irrigation systems market is categorized into agriculture, landscape, and greenhouse. Among these, agriculture segment will lead the drip irrigation systems market share and account for the highest growth in the market owing to the growing government initiatives to support the installation of drip irrigation systems.
Developing economies such as Asia Pacific and Latin America are projected to fuel the demand for these products. This is due to favorable government policies like subsidies for farming and low-interest loans. Such favorable policies are made to energize the industry growth prospects. Europe market for drip irrigation system is expected to expand in the forthcoming years. This is due to reduced suitable lands for growing crops owing to increase of industrialization in the region. Government of European countries is taking part to endorse drip irrigation system in farms to drive the crop yield.
Growth in Demand of the Agricultural Product is driving the Market
The rise in population has led to the growth in request for the agricultural product. This grown demand has pushed the requirement for cultivation of agricultural crops with in the short supply of resources. The ability of this system to provide better yield with limited water supply be projected to boost the demand for global drip irrigation system market. Additionally, governments are taking part by providing subsidies in several area to promote the use of drip irrigation system globally.
Water is depleting to a greater extent and needs to be utilized optimally. Among the personal use, agricultural, and industrial sectors, the agricultural sector is the prime consumer of water, across the globe. Drip irrigation benefits to avoid wastage of water, by using water in the form of water droplets. Thus, drip irrigation systems decrease virtual water necessity and improve productivity in the agricultural sector. Therefore, the impact of scarcity of water is remarkable at present, but it is expected to increase due to the depleting resources, environmental conditions, and increasing population.
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High Initial Investment Cost is Installing Hampers the Market
Initially the investment cost is on the higher side in establishing drip irrigation system is expected hinder the market. Moreover, it is projected to hamper the growth of global drip irrigation system market in the coming years. Nevertheless, growing agricultural activities in developing economies is expected to drive the demand for drip irrigation systems market in the forthcoming years.
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