Smart Irrigation Market worth $1,755.1 million by 2023 with a growing CAGR of 16.30%

The smart irrigation market is currently in the introductory growth phase and is expected to witness growth in the future owing to the increasing role of technology in irrigation management. The smart irrigation market was valued at USD 825.0 million in 2018 and is expected to reach USD 1,755.1 million by 2023, at a CAGR of 16.30% during the forecast period. Major factors contributing to the growth of the smart irrigation market include initiatives undertaken by various governments to promote water conservation, increasing adoption of smart irrigation controllers, and growing emphasis on increasing farm productivity and profits using smart irrigation solutions. However, the implementation of smart irrigation technologies in fragmented land and the lack of awareness related to smart irrigation among farmers restrain the smart irrigation market growth.

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The rapid growth of the smart irrigation market can be attributed to various factors, such as the increasing adoption of smart irrigation devices, and sensing and monitoring devices by farmers. It is also expected that the cost of smart irrigation technology will decrease in the next couple of years, mainly because of the declining prices of major hardware components. As a result, the smart irrigation market is expected to witness high growth during the forecast period.

Increasing adoption of ICT-based decision support systems on the farm

ICT-based decision support systems, along with real-time data, can provide information covering all the aspects of farming at a granular level, which was not possible earlier. This enables improved decision-making, reduced water wastage, and increased efficiency at farms. With the help of smart controllers and sensors, farmers can ensure the supply of the right amount of water at right time in the farm. Smart irrigation comprises specialized hardware devices, software, and services used to obtain real-time data to help farmers make effective decisions pertaining to their farms.The combination of the Internet of Things (IoT) and Artificial Intelligence (AI) technologies, such as machine learning, computer vision, and predictive analytics, further allow farmers to analyse real-time data of weather conditions, temperature, soil moisture, and plant health.

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Growth of smart cities and need for efficient irrigation systems

The growing importance of efficient watering practices and irrigation solutions for non-agricultural applications, such as residential, turf and landscape, and golf courses, is a major factor driving the growth of this market.Smart city is the ongoing trend across the major parts of the world. Smart cities focuses on the efficient management of water in commercial as well as residential spaces. The adoption of smart irrigation controllers is expected to increase exponentially in smart cities in coming years. Therefore, the growth of smart cities is expected to generate opportunities for players involved in the smart irrigation controller market. A few countries around the globe are characterized by extreme weather conditions. Irrigation systems in such regions need to be highly efficient. Smart irrigation systems with advanced soil and weather sensors can deliver high efficiency compared with conventional irrigation systems.

Americas to hold largest share of smart irrigation market during forecast period

The Americas is expected to hold the largest share of the smart irrigation market during 2018–2023. Countries such as the US and Canada in the Americas are the early adopters of smart irrigation technologies, which is the major reason for the high market share of this region in the smart irrigation market. The Americas has the highest number of smart irrigation systems installed at farms, residential landscapes, and golf courses. Farmers or growers in this region are increasingly adopting advanced irrigation systems and equipment such as smart controllers, sensors, and water flow meters.

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The report profiles key players such as 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 (Israel), Weathermatic (US), Blossom (US), Skydrop (US), Delta-T Devices (UK), Calsense (US), AquaSpy (US), Soil Scout (Finland), Caipos (Austria), Acclima (US), and Rain Machine (US).

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