Global Smart Irrigation Market Expected to Reach XX Million by 2025
According to new report published by Reports Monitor titled, “Smart Irrigation Market by Irrigation Controllers, Handwork and Network Component, Application: Global Opportunity Analysis and Industry Forecast,2017-2025,” smart irrigation market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at CAGR of XX% from2017 to 2025.
From the last few decades, the agriculture industry has changed dramatically and overcame from the traditional agriculture shortcomings. Smart irrigation facilitates wireless communication technology and wide range of sensors which helps in checking weather condition and soil moisture. Smart irrigation has changed the perception of farmers that agriculture is merely dependent on favourable weather conditions. International Finance Corporation, the investment arm of World Bank has proposed capital investment of an equivalent of up to $40 million in Indian smart irrigation industry.
On the basis of irrigation controllers, the market is segmented into weather-based controller and sensor-based controller. On the basis of hardware and network components, the market is segmented into sensors, water/ flow meter, smart detection system. Further, sensors are sub-segmented into soil moisture sensor, temperature sensor, wind sensor, flow sensor, fertigation sensor. On the basis of Application , the market is segmented into greenhouse, open Field, residential, golf courses, turf & landscape, others Factors Affecting the Growth of the Market
Rising awareness for water conservation, high demand for food production, reduction in wastage of resources are the major factors that are driving the growth of the market. In addition high adoption of technology in irrigation industry and government initiatives in the field of agriculture are the important factors that are fuelling the demand in the market. However, high installation cost of smart irrigation equipment is the factor that may restrict the growth of the market. On the other hand, advancement in communication technology is the important factor that is providing the opportunity of market growth.
Regional Overview Regionally, the market is segmented into North America, Europe, Asia-Pacific and LAMEA. Rising importance of advanced irrigation system using internet of things and artificial intelligence and increasing concern for water conservation, high adoption of technology in farming industry are the major reason that are fuelling the demand in the North America and Asia-Pacific region.
Competitive Landscape Being a nascent market, global smart irrigation market is expecting a significant growth in near future. Key market players have adopted various strategies such as partnership, merger or collaboration along with new product launch to sustain and maintain their position in the market. Prominent players in the market are Hunter Industries, Rain Bird Corporation, Netafim, HydroPoint Data Systems, Inc., Rachio Inc., The Toro Company, Calsense, Galcon, Blossom and Green Electronics LLC (RainMachine)
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