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Micro Irrigation Systems Market as a Leading Segment with 52.4% of the Entire market by 2023
In addition, micro irrigation systems ensure regularity and frequency of water application, which is a significant factor for the quality and yield of agricultural crop.
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However, on the flip side, high initial capital for micro irrigation systems limits their adoption for cost-intensive agriculture such as orchards and vineyards. Considering a host of favorable factors, the global micro irrigation systems market is poised to rise at an impressive CAGR of 15.3% between 2017 and 2023, as per a market intelligence study by Transparency Market Research (TMR).
Demand for Sprinkler Irrigation Systems to Remain High
The global micro irrigation systems market is studied on the basis of product type, component, application, and region. Depending upon product type, sprinkler irrigation systems and drip irrigation systems are the segments into which the micro irrigation systems market is divided. Sprinkler irrigation systems, of the two, dominates the micro irrigation systems market. The segment is likely to hold the leading 83.4% of the overall market to be worth US$7,296.3 mn by 2023 end; the growth of this segment is mainly because of inexpensiveness of sprinkler systems over drip irrigation systems that account for their widespread use in landscaping and agriculture. Sprinkler irrigation systems segment comprise traditional sprinkler, center pivot sprinkler, and lateral move sprinkler.
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On the other hand, drip irrigation systems is likely to surpass in terms of growth rate over the 2017-2023 forecast timeframe.
By component, the elements common to both sprinkler irrigation systems and drip irrigation systems are couplers and tubing. Component specific to sprinkler irrigation systems are pumping unit, and fittings & sprinkler heads. Pumping unit is the most expensive component of sprinkler irrigation systems; pumping unit is anticipated to report a revenue of US$2,922.0 mn by 2023.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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