Only 4% of irrigated farms use micro irrigation systems
Approximately 18% of the world’s irrigated farms produce 40% of the food supply, but only 4% use micro irrigation technology. Thus, there is limitless scope for growth in the micro irrigation systems market. In the year 2010, the global water needed for irrigation was 1500 km3 while the water withdrawn for irrigation was 2700 km3; i.e., an efficiency of only 56%. This can be vastly improved with the help of technologies available in the micro irrigation systems market. For e.g. – In Africa, around 6% of the total cultivable area is under irrigation. It is estimated that irrigation alone can increase the agricultural output of Africa by a massive 50%, helping alleviate the pervasive food crises that hit the continent from time to time. In the last two decades alone, the area under micro irrigation systems has risen by approximately 6.4X from 1.6 million hectares to more than 10 million hectares.
Government initiatives and rising awareness to boost the micro irrigation systems market
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A strong political will to devise innovative technologies to preserve precious water especially in water-scarce regions such as Israel has led to the country becoming a global leader in supplying products in the micro irrigation systems market. Government initiatives are also expected to play a critical role in the fast-growing, dynamic APEJ region. Reducing prices will also benefit price-sensitive countries in the APEJ micro irrigation systems market.
Population explosion with water stress can lead to a deadly cocktail mix
The global population is increasing rapidly, particularly in Asia and Africa and has almost touched 7 billion in 2017. According to the Asian Development Bank, almost 3/4th of all the Asian countries are poised to face a looming water crisis in the coming decade. None of the countries in the region can claim to be truly water sufficient, and they all face moderate to acute water stress. There is an urgent need to address the looming water shortages of the future with the help of the micro irrigation systems market and the regional governments are well-aware of this. Micro irrigation systems have numerous advantages over conventional irrigation systems for the purpose of boosting crop productivity and this should make them more appealing to key stakeholders.
APEJ is the most attractive micro irrigation systems market for growth
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Asia Pacific excluding Japan is predicted to be the most attractive region in the global micro irrigation systems market in terms of absolute and incremental dollar opportunity and all major companies are highly advised to cater to the discerning needs of countries in this volatile region. The two nations to focus the maximum attention on would be the billion people strong behemoths of China and India. China has only 10% of its agricultural land under micro irrigation systems and it represents the single largest opportunity. In neighbouring India, the percentage of agricultural land under micro irrigation is even less, making the region an area of assured growth in the micro irrigation systems market for some time to come.
Resistance to change a barrier in the APEJ micro irrigation systems market
Farmers in the APEJ micro irrigation systems market with decent water and energy supplies could be hesitant to shift away from their conventional, tried-and-tested farming methods. The farmers typically have well-set surface irrigation and may not even be aware of the micro irrigation systems market. There could also be scepticism or distrust towards new technology and this is likely to hamper adoption and revenue growth in the regional market.
India the most important country in the APEJ micro irrigation systems market
From a market value of over US$ 480 Mn in 2016, the India micro irrigation systems market is projected to be worth almost US$ 2.4 Bn by the end of 2027, registering a 15.4% CAGR. India should show the highest growth rate, making it a market that players in the micro irrigation systems market would be unwise to ignore.
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This post was originally published on Trading Examiner