FELTON, California, July 15, 2020
FELTON, California, July 15, 2020 /PRNewswire/ -- The global micro irrigation systems market is anticipated to reach USD 41.23 billion by the end 2025, according to a new report released by Million Insights, Inc. It is projected to grow at a CAGR of 17.6% from 2016 to 2025. This growth is attributed to rising population and increasing consumption of food across the developing and developed regions. Moreover, increasing awareness regarding conservation of water is projected to promote the usage of micro irrigation systems for farming and other applications.
These systems are cost-effective and highly efficient. Therefore, majority of small and large scale farmers are adopting micro irrigation systems to increase their crop yield and improve their efficiency. In addition, rising need for sustainable agricultural techniques is influencing many farmers to opt for irrigation system which is projected to boost the product demand over the forecast period.
Furthermore, various governments are providing subsidies and financial assistance to small-scale farmers to promote the implementation of micro-irrigation which is anticipated to proliferate the market growth from 2016 to 2025.
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The drip irrigation product segment held a significant market share in 2015 owing to its affordability and cost-effectiveness. Moreover, this type of irrigation is highly suitable for cultivating food crops which is further anticipated to drive the segment's growth. The segment of sprinklers is also projected to attain a notable growth rate over the forecast period owing to its capacity of displacing water to long distances which thereby enable water conservation.
Asia Pacific is projected to attain the fastest growth from 2016 to 2025 owing to agriculture being the most important pillar of majority of the economies in this region. In addition, governments in this region are encouraging small and large-scale farmers to implement irrigation systems to boost the crop yield and promote sustainable agricultural practices.
Leading players in the micro irrigation system market are focusing on R&D and strategic initiatives such as M&A, Partnerships, and collaboration with the providers of wireless solutions to develop GPS enabled irrigation products.
Further key findings from the report suggest:
Browse 125 page research report with TOC on "Global Micro Irrigation Systems Market" at: https://www.millioninsights.com/industry-reports/global-micro-irrigation-systems-market
Million Insights has segmented the global micro irrigation systems market report based on product, crop, application, and region
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