Smart Irrigation Market Research Report- Forecast till 2023
In its recently published research report, Market Research Future (MRFR), asserts that the global smart irrigation market is poised to reach approximately USD 1.87 Billion by 2023 growing at 18.6% CAGR over the forecast period 2018—2023.
Drivers and Restraints
The global smart irrigation market is increasing owing to the growth of IoT-based architecture in irrigation system. Additionally, the IoT based smart irrigation helps farmers to avoid wastage of water resources and enhances the crop growth with the incorporation of various sensors, controllers, and meters to determine the soil moisture level and optimal water utilization for irrigation. Moreover, smart irrigation helps in decreasing the cost of irrigation with ideal utilization of resources.
In addition to this, the adoption of smart irrigation system can remove various glitches by deploying controllers that enables users to analyze and detect the problem with real-time monitoring of irrigation system which supports the farmers to take curative actions. Ad per the MRFR analysis, 35% of the globe’s population is suffering from water scarcity as 70% of the water is misused in irrigation process in conventional irrigation methods. In this regard, the replacement of outdated irrigation methods with modern features of smart irrigation is projected to drive the growth of this market during the assessment period.
The deployment of IoT-based architecture and strict government policies for the water conservation are some of the major factors that increases the demand of smart irrigation market. On the other hand, high installation cost and the major lack of awareness and technical knowledge amongst farmers are some of the factors that may hamper this market over the forecast period.
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The global market smart irrigation systems is segmented on the basis of component, type, application, and vertical.
Based on the component, the smart irrigation market is segmented into controllers, sensors, and others (water flow meter and fertilizer meter).
Sensors are sub-segmented into soil moisture sensor, pressure sensor, rain sensor, temperature sensor, dendrometer sensor, and others (freeze sensors, flow sensors, and wind sensors).
By application, the market is segmented into soil management, water resource management, and ground water management.
Based on the type, the smart irrigtation market is bifurcated into sensor-based controller system and weather-based controller system. The weather-based controller system is the system which deploys weather data to determine the amount of water evaporated from the field. The weather-based controller system automatically adjusts the timeframe of irrigation depending upon the climatic conditions.
Furthermore, based on the vertical, the smart irrigation market is bifurcated into agriculture and non-agriculture. The agriculture segment has been sub-segmented into open field and greenhouse while, the non-agriculture segment is sub-segmented into turf & landscape, residential, golf course, and others.
The geographical analysis of the global market has been conducted in four major regions, covering the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East and Africa). North America is leading the global smart irrigation market during the forecast period due to the presence of major key players of this market such as Banyan Water, The Toro Company, Rain Bird Corporation, Rachio, Stevens Monitoring Systems, Weathersmatic among others in this region. The other major factors that are accountable for the growth in the demand of smart irrigation is the early adoption of technology and high investments in the research and development department of smart irrigation by developed economies such as the US and Canada in this region.
Asia-Pacific is slated to reach the highest CAGR during the forecast period, owing to water preservation concerns and augmented adoption of digital technologies such as smart controllers, meters, and sensors for irrigation in countries such as China, japan, sri lanka, and India.
The notable market players functioning in the global market as identified by MRFR are Rain Bird Corporation(US), The Toro Company(US), Hunter industries (US), Netafim(Israrel), Galocn(Israrel), Stevens Water Monitoring System(US), Rachio(US), Banyan Water(US), Weathersmatic(US), among others.
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Global 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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