Global micro irrigation system market to reach $4,213.4 million by 2018

Date:02-27-2014

The report “Micro Irrigation System Market” shows that the global micro irrigation systems market was valued at $1,650 million in 2012 and is projected to reach $4,213.4 million by 2018, with an impressive CAGR of 17.5%.

The micro irrigation systems market has grown significantly in the last decade, and this growth is expected to continue. Factors such as increasing demand for agricultural products, growing concerns about depleting ground water-levels as well as rising cost of pesticides and fertilizers are driving the demand for micro irrigation systems. Local government subsidies for such systems as well as low cost of operations in emerging economies are creating better conditions for micro irrigation system manufacturers to undertake expansion strategies.

R&D activities are carried out across all regions, especially in North America, to develop efficient low-maintenance irrigation systems. High degree of portability, low maintenance costs and optimized performance are becoming new trends in the micro irrigation system industry.

The trend in micro irrigation system industry is shifting towards adopting the latest efficient technologies to save maintenance and operational costs. This has caused maximum product innovations in 2013.The leading market players are Deere & Company (U.S.), Netafim Ltd. (Israel) and Valmont Industries Inc. (U.S.).