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Increasing need for water conservation mostly in unfertile regions to drive the growth in the market
Prompt upsurge in population results in the growing demand of the agricultural product with limited resources and increasing need for water conservation mostly in unfertile regions are boosting the growth of the drip irrigation market. Additionally, agricultural irrigation segment is expected to hold the largest market share followed by greenhouse irrigation over upcoming years due to increasing water scarcity and growing adoption of irrigation tools in agricultural sector, which in turn, are driving the growth of drip irrigation market. Further, capacity of drip irrigation system for delivering improved yield with limited water supply and Small-scale farmers putting emphasis on applying these systems in order to upsurge crop yields by utilizing minimum water is again driving the growth of the market.
Moreover, government enthusiasm of providing subsidies for drip irrigation and growing technological advancements in micro irrigation systems are some major factors fuelling the market growth. Besides this, the less water consumption ability and rising trend of sustainable irrigation methods is encouraging the adoption of drip systems to a large scale. However on the contrary, high initial investment cost related with installing drip irrigation system is anticipated to act as the restraining factor that affects the growth of the global drip irrigation system market.
Asia Pacific region to contribute to growth in the global Drip Irrigation Market over the next 6 years
Asia Pacific region leads the market growth followed by North America and Europe region. In Asia Pacific region growing consciousness and prominent support from government through incentives and subsidies are driving the market growth. Further, increasing need for food production capacity with the less use of water is also driving the growth of this market in Asia Pacific region. In North America region, factors such as advancement in technology is boosting the growth of drip irrigation market. Europe region have compact cultivable land owing to growing industrialization government of European countries are taking initiatives to encourage drip irrigation system in farms to enhance the crop yield.
Mexichem Completed the Acquisition of Netafim
February 2018, Mexichem, S.A.B. de C.V. announced that it has completed the acquisition of an 80% stake in Netafim, Ltd. from a company backed by the Permira funds after all the governmental authorizations and all the precedent conditions required by the Share Purchase Agreement have been obtained and completed. Netafim is a privately-held Israeli company and a leader in precision irrigation solutions. Kibbutz Hatzerim retains 20% ownership in Netafim, which will maintain its headquarters in Israel. As previously-disclosed, Mexichem financed the acquisition with a combination of cash and debt.
The completion of this transaction has significantly advanced Mexichem’s long-term strategy to position itself as a world leader in specialty products and solutions serving high-growth markets.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global drip irrigation market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and DRO analysis of drip irrigation market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the drip irrigation market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the drip irrigation market to understand the present and future trends in this market and formulate their strategies accordingly.
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