Drip Irrigation Systems Market to Reach US$ 8.17 Bn by 2022
According to a new market research report published by Credence Research “Drip Irrigation Systems (Agriculture, Gardens (Public & Residential) and Others (Greenhouses & Nurseries)) Market – Growth, Share, Opportunities, Competitive Analysis and Forecast 2015 – 2022”, the global drip irrigation systems market stood at US$ 1,070.8 Mn in 2014 and is estimated to expand with a CAGR of 12.5% from 2015 to 2022.
The complete report is available at http://www.credenceresearch.com/report/drip-irrigation-systems-market
Market Insights
Drip irrigation system is among the most efficient irrigation techniques. It includes application of water using drippers placed regularly on the lateral tubing. The water flow can be adjusted from 2-20 liters per hour making drip irrigation suitable for large number of crops. The primary components used in the drip irrigation system include tubing (mains and lateral), drippers, filters, backflow preventers, valves, pressure regulators and other required fittings. The drip irrigation systems market is majorly supported by their superior water efficiency and increasing need for higher agricultural production.
Despite the prolonged existence of drip irrigation systems, the overall penetration of drip irrigation systems is currently low. This is majorly due to dominance of other irrigation methods such as sprinkler systems and traditional irrigation techniques. In addition, drip irrigation systems market is significantly hampered by their high costs and maintenance requirement. Also, less awareness of people and reluctance to change is another important restraint for the market.
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The drip irrigation systems market, as of 2014, is dominated by the agriculture segment. Due to rising population worldwide, there has been a consistent need for increasing agricultural yield. As a result, governments of various countries are offering subsidies on installation of modern irrigation systems. Hence, the segment is expected to retain its dominant position in the market throughout the forecast period. However, the other segment is expected to register the highest CAGR during the forecast period. The other segment comprises greenhouses and nurseries.
Competitive Insights:
The market is highly consolidated in nature with few major players contributing to more than fifty percent of the total market revenue. However, companies face significant competition from the regional players. Some of the major companies operating in the drip irrigation systems market are Netafim Ltd., Jain Irrigation Systems Ltd., The Toro Company, Hunter Industries, Inc., Lindsay Corporation and others. These companies are currently focusing on increasing their sales in markets such as India, China, Brazil and others where drip irrigation penetration is still low.
Key Trends:
Enhancement of the systems using drip chemigation
Promoting sub-surface drip irrigation system
Focus on large untapped markets such as China and India
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