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The global micro irrigation systems market is expected to grow at a CAGR of 13% from 2021 to 2031, according to a study by Future Market Insights
The growing population size and increasing food demand across the globe are the primary drivers of the market.
According to a census conducted by the International Commission on Irrigation and Drainage, the acres of micro-irrigation have increased by 25 times over the past three decades.
Increasing adoption of micro irrigation systems in developing economies on the back of relatively low costs of purchase and installations is likely to create positive growth prospects in the assessment period.
Despite exhibiting steady growth in the last few years, the unprecedented novel coronavirus outbreak has affected the market drastically. The pandemic has disrupted the supply chain of raw materials and components amid the implementation of lockdown. Nonetheless, favourable policies and financial incentives undertaken by the government are expected to energise industry growth.
China is anticipated to lead the micro irrigation system market owing to its 118.9 thousand hectares of arable land, providing the largest area for the application of micro-irrigation. According to International Commission on Irrigation and Drainage (ICID), China is the number one ranking country in terms of micro-irrigation across the globe making it the most lucrative market for global growth.
“Leading players in the relatively fragmented micro irrigation systems market are investing in research and development (R&D) initiatives for developing innovative products such for enhancing their product portfolio and to capitalise on unexplored opportunities in emerging markets,” said the FMI analyst.