Smart Irrigation Market Size, Historical Analysis, Recent Trends | Industry expected to reach approximately USD 1.87 Billion by 2023 growing at ~18.6% CAGR

Market Highlights:

The global smart irrigation market is expected to reach approximately USD 1.87 Billion by 2023 growing at ~18.6% CAGR over the forecast period 2018—2023. Smart irrigation technology monitors weather, soil, and water conditions by automating the irrigation system with the use of controllers, sensors, and meters, and are efficient, data-driven, and cost-effective. The market of global smart irrigation is rapidly increasing due to the proliferation of IoT-based architecture in irrigation system. The IoT based smart irrigation helps farmers to avoid wastage of water resources and improves the crop growth with the integration of various controllers, sensors, and meters to determine the soil moisture level and optimum water utilization for irrigation.

Furthermore, smart irrigation helps in minimizing the cost of irrigation with optimum utilization of resources.
In addition, the adoption of smart irrigation method can eliminate various glitches by using controllers that helps to analyze and detect the problem with real-time monitoring of irrigation system which helps the farmers to take corrective actions. According to the MRFR analysis, 35% of the world’s population is suffering from water scarcity as 70% of the water is wasted in irrigation process in traditional irrigation methods. In this regard, the replacement of traditional irrigation methods with advanced features of smart irrigation is expected to increase the growth of this market during the assessment period (2018–2023).

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Major Key Players

• Rain Bird Corporation (U.S.),
• Libelium (Spain),
• HydroPoint (U.S.),
• The Toro Company (U.S.),
• AquaSpy (U.S.),
• Aquacell Systems (Australia),
• Baseline Inc. (U.S.),
• Hortau (U.S.),
• Hunter Industries (U.S.)
According to MRFR, The global Smart irrigation market is expected to grow at USD ~1561 Million by 2022, at ~17% of CAGR between 2016 and 2022.

Competitive Analysis

The leadership inclinations in the market are strengthening the level of development that can be achieved in the existing market scenario. The changes seen in terms of strategy execution and creation are altering the expansion pace of the market. The plan formulation process in the market has become extensively easier in which deviations are well accounted for; this approach raises the comprehensive success of these plans in the market. The evolution patterns are revised in tandem to the customer likings to realize the highest growth, and in the long run, viability. The framework for growth tactics also has stimulated the market for possible new entrants. The market is also well fortified to meet the challenges and keep up with the active growth trends effectively. The market contenders are making considerable adjustments to minimize the incidence of competitive shortcomings.

Market Segmentation

The worldwide market for smart irrigation has been segmented into three main parts. Each of these has a sub-division respectively and they have been mentioned below:
Application – Non-agriculture and agriculture. On the basis of application, the non-agriculture market takes the lead and holds the largest market share.
By components – Smart detection system/network elements, sensors and water/flow meter. On account of components, sensors govern the market and account for the largest share of the market. The main reason for this is that sensors help in improving productivity and viability of the soil as well the crop.
By types – Soil moisture-based irrigation systems and weather-based irrigation systems. Weather-based irrigation systems have an edge over the others.

Regional Analysis:

North America is expected to dominate the global smart irrigation market with the largest market share in the region. The U.S and Canada are the leading countries in the North America region. This is attributed to increase in adoption of smart water system to conserve and minimise the water wastage. Asia Pacific is expected to be the fastest growing region in smart irrigation market. Currently, India is expected to be the brightest spot due to increased investment in irrigation system and undergoing project such as Namami Ganga are expected to drive the major demand in the country. Additionally, Europe is expected to have substantial growth of the smart irrigation market owing to surging investment in research and development to evolve new techniques in the irrigation system.

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Intended Audience:

• Technology developers
• Irrigation consultants
• Sensor manufacturers
• Irrigation contractors
• Water purveyors
• Irrigation designers
• Government Organizations
• Research/Consultancy firms
• Water Management Committee
• End users

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This release was published on openPR.