Smart Irrigation Market Research Report- Forecast till 2023
Market Highlights
The smart irrigation market 2020 is assessed to exhibit a considerable growth rate. Smart irrigation refers to those techniques of farming that adopt optimum utilization of water resources. Water scarcity is expected to drive demand for this in the years to come. The report provided by Market Research Future (MRFR) observes that the global smart irrigation market is poised to mark 18.6% CAGR over the forecast period 2018 to 2023. The estimated valuation of the market is presumed to reach USD 1.87 Bn by 2023 end.
Depleting ground water resources is expected to generate demand for smart technologies that offer efficient use of facilities. This, in turn, is assumed to drive the growth of the smart irrigation market in the upcoming years. In addition, the integration of smart measurement technologies into farming equipment is anticipated to revolutionize the growth pattern of the market on the global front. These techniques facilitate the smart measurement of resources spent, thus, helping in decision making. All these factors are assessed to work in favor of the smart irrigation market in the foreseeable future.
The food production levels are expected to increase in the years to come. The focus on food security and rising investments for the same by governments are poised to drive the growth of the smart irrigation market in the near future. Also, the technological innovations of smart watering solutions are projected to accelerate revenue creation over the assessment period. However, on the other side, lack of awareness in developing nations can restrict the growth of the market.
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Segmentation:
On the basis of component, the smart irrigation market has been segmented into sensors, controllers, and others (water flow meter and fertilizer meter). The sub-segments of the sensors segment are rain sensor, soil moisture sensor, pressure sensor, temperature sensor, dendrometer sensor, and others (flow sensors, freeze sensors, and wind sensors). The sub-segmentation of the controller segment covers hybrid controllers, residential AC powered controllers, Wi-Fi controllers, battery controllers, and electric controllers.
Based on application, the segments of the smart irrigation market are soil management, water resource management, and ground water management.
The segments of the smart irrigation market, based on type, are sensor-based controller system and weather-based controller system.
By application, the segments of the smart irrigation market are agriculture and non-agriculture. Agriculture segment covers the following sub-segments – greenhouse and open field. The sub-segments of non-agriculture segment are residential, golf course, turf & landscape, and others.
Regional Assessment
The geographical analysis of the smart irrigation market is covered in this assessment for the following region-based segments – North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW). These segments are studied and analyzed on the basis of countries for a comprehensive approach. North America is supposed to dictate the growth pattern of the market due to the consolidation of players such as Toro Company, Rain Bird Corporation, and Banyan Water, among others. Also, the adoption of advancing smart technologies is presumed to lead the expansion of the smart irrigation market across the review period. The U.S. and Canada are prognosticated to contribute to the expansion of the smart irrigation system market in the years to come.
Competitive Dashboard
The Toro Company (US), Hunter Industries (US), Rain Bird Corporation (US), Netafim (Israel), Galocn (Israel), Stevens Water Monitoring System (US), Rachio (US), Banyan Water (US), and Weathersmatic (US) are some of the players of the global smart irrigation market.
Industry News
In January 2020, Orbit Irrigation, manufacturer and supplier of irrigation and watering products, has announced the launch of a smart sprinkler controller, B-hyve XR, which also features a 900MHz radio with extreme range.
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Smart Irrigation Market Research Report, Component (Sensors, Controller), Application (Water Resource Management), Vertical (Agriculture, Non-Agriculture), Type (Weather based controller system, Sensor based controller system)— Forecast till 2023
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