New York, US, Feb. 16, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Irrigation Market Analysis by Component, System Type, Application, and Region - Forecast till 2030” valuation is poised to reach USD 6.3 Billion by 2030, registering an 12.8% CAGR throughout the forecast period (2022–2030).
Smart Irrigation Market Overview
The rising investments in sustainable farming methods to maintain adequate soil moisture content especially in regions having erratic rainfall patterns will boost market growth over the forecast period.
Smart Irrigation Market Report Scope:
|Market Size by 2030||USD 6.3 Billion|
|Growyh During 2022 to 2030||14.7% CAGR|
|Segments Covered||Component, System Type and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||The Toro Company (US), Netafim (Israel), Hunter Industries (US), Rain Bird Corporation (US), HydroPoint (US), Rachio (US), Banyan Water (US), Rain Machine (US), ET Water (US), Galcon(US), Weathermatic (US), Skydrop (US), Blossom (Scotts Company) (US), and Delta-T Devices (UK)|
|Key Market Opportunities||Rising Government Initiatives to offer Robust Opportunities|
|Key Market Drivers||Rising Investments in Sustainable Farming Methods to Boost Smart Irrigation Market Growth|
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Rising Government Initiatives to offer Robust Opportunities
Increasing government initiatives, awareness programs about water conservation in the emerging countries, rising development of smart cities in developed countries, as well as the increasing need for effective irrigation systems will offer robust opportunities for the smart irrigation market over the forecast period.
Besides, the integration of smartphones with software applications and irrigation controllers will also fuel market growth. Smartphone applications help to gain accuracy in growing plants in accordance to their needs sans affecting the environment.
Connectivity Issues to act as Market Restraint
The issues related to connectivity for implementation in the rural areas may act as a market restraint over the forecast period.
High Costs to act as Market Challenge
The high costs of smart irrigation and limited skills & technical knowledge amid farmers may act as a market challenge over the forecast period.
Besides, high maintenance costs may also impede market growth.
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Smart Irrigation Market Segments
The global smart irrigation market is bifurcated based on application, system type, and component.
By component, controller will lead the market over the forecast period.
By system type, weather-based controller systems will dominate the market over the forecast period.
By application, agricultural will spearhead the market over the forecast period.
Smart Irrigation Market Regional Analysis
North America to Head Smart Irrigation Market
In 2019, North America had the largest market share of about 40.9 percent. The industrial sector both in the United States and Mexico is increasingly utilizing IoT devices to automate processes. The United States leads the market, while Canada is likely to grow at the fastest rate in the near future. Factors such as the region's ever-growing population and diminishing arable land drive market growth, resulting in greater use of the smart irrigation systems. Furthermore, high disposable income & large investments in agricultural projects have a positive impact on regional market growth. Furthermore, significant technological advancements and the presence of chief smart irrigation system providers boost the region's market share. The United States & Canada are the leading markets for the smart irrigation systems, with significant investments in technology development. Furthermore, the rapid use of these systems especially in the agricultural sector in the US supports market value. Because of the strong presence of top companies like Hunter Industries, Inc., Telsco Industries, Inc. Toro Manufacturing LLC, and Bird Corporation, in the region, North America is expected to account for a larger revenue share during the forecast period. Furthermore, the US government is making huge investments in research and development and encouraging the use of smart irrigation systems.
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Smart irrigation controllers may save about 20% more water over traditional irrigation controllers, according to IA & ICWT tests, allowing for more efficient water conservation in the coming years. The region's dominance can be attributed to technological advancements over the last decade, as well as collaborative efforts by governments & the private sectors to conserve & minimize water waste. Furthermore, North America's extensive farming practices and widespread use of latest irrigation systems & devices like sensors, controllers, and flow meters have positioned the region as the global market's leading consumer.
Europe to Have Admirable Growth in Smart Irrigation Market
Europe is highly lucrative market for the smart irrigation systems. Regulatory laws enacted to boost green zone projects and crop yields in countries such as France and the United Kingdom significantly increase market demand. Furthermore, favourable incentive policies for purchasing smart watering solutions drive regional market revenues. Due to significant technological advances, Germany experienced the maximum smart irrigation growth amid the key European countries. Furthermore, nondestructive agro-product evaluation which provides timely updates both in progress and advances of smart irrigation solutions drives market growth. Europe is also likely to grow in terms of smart irrigation market growth, owing to increasing technological advances in the irrigation field in this region. The European smart irrigation market is expanding rapidly as a result of factors such as the emergence of IoT and the convergence of multiple control functionalities, as well as increased government initiatives for promoting water conservation. In Europe, the industrial and agricultural sectors are attempting in adopting smart irrigation solutions along with developing new solutions for myriad use case scenarios.
The smart irrigation industry, like most others, was severely impacted by the COVID-19 outbreak. Many technology developers and manufacturers faced a variety of challenges, including obtaining raw materials and components needed to develop smart irrigation systems, delivering end products, and attracting workers from quarantines. Smart irrigation system installations have been postponed by major farmers & farming organizations.
Product prices increased and market demand decreased as a result of pandemic-driven lockdown mandates. Besides, there has been a surge in global interest and investment in agriculture. Furthermore, as lockdown restrictions have been relaxed, the market is regaining traction. The market is also likely to see increased demand in the coming years as farming automation increases dramatically.
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Smart Irrigation Market Competitive Analysis
Dominant Key Players on Smart Irrigation Market Covered are:
- The Toro Company (US)
- Netafim (Israel)
- Hunter Industries (US)
- Rain Bird Corporation (US)
- HydroPoint (US)
- Rachio (US)
- Banyan Water (US)
- Rain Machine (US)
- ET Water (US)
- Weathermatic (US)
- Skydrop (US)
- Blossom (Scotts Company) (US)
- Delta-T Devices (UK)
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