Smart Irrigation Market to Exhibit 18.6% CAGR by 2023 | Key Market Players are Toro Company(US), Rain Bird Corporation(US), Hunter industries (US), Netafim(Israrel), Stevens Water Monitoring System(US), Galocn(Israrel) and Rachio(US)

Smart Irrigation Market Research Report- Forecast to 2023

Market Highlights

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 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.

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 In this regard, the replacement of outdated irrigation methods with modern features of smart irrigation is projected to drive the growth of this market during the assessment period.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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Key Players

Some notable players in the smart irrigation market include The Toro Company(US), Rain Bird Corporation(US), Hunter industries (US), Netafim(Israrel), Stevens Water Monitoring System(US), Galocn (Israrel), Rachio (US), Weathersmatic (US), Banyan Water(US).

Detailed Regional Analysis

The smart irrigation market is segmented into the regions of North America, Europe, Asia-Pacific, and the rest of the world. North America is accounting for the dominant share of the market during the forecast period owing to the presence of several key market vendors in the region. Moreover, presence of early technology adopters in the region and upscaling investments in the research and development of smart irrigation by the US and Canada are other factors supplementing market growth for smart irrigation.

Asia Pacific is expected to garner the fastest growth in the smart irrigation market during the review period of 2018-2023. This can be owed to the water preservation concerns rising in the region. Further, ascending adoption of digital technologies such as meters, smart controllers, and sensors for irrigation in countries such as India and China are also fostering market growth.

Segmentation:

The smart irrigation market is segmented by type, vertical, component, application, and region to gain a better understanding of the landscape. By type, the market is segmented into sensor-based controller system and weather-based controller system. The weather-based controller system uses weather-based data to determine the amount of water evaporated from the field. It automatically adjusts the duration of irrigation, depending on the present climatic conditions.

By component, the global smart irrigation market is segmented into water flow meter, sensors, controllers, and fertilizer meter. The sensors segment is further sub-segmented into temperature sensor, moisture sensor, rain sensor, dendrometer sensor, freeze sensors, flow sensors, and wind sensors.

By application, the smart irrigation market is segmented into residential AC powered controllers, Wi-Fi controllers, hybrid controllers, battery controllers, and electric controllers. By vertical, the market for smart irrigation is segmented into agriculture and non-agriculture. The agriculture segment is further analyzed for the sub-segments of open field and greenhouse. The non-agriculture segment is segmented into turf & landscape, residential, and golf course.

Industry Update

Sept 2019: Huddle Expo 2019 displayed a range of products that were nature-friendly and socially impactful, in Kerala. One of the products was SmartGro, which is smart irrigation system that drips water according to the nature of the soil and the crop. This is made of smart micro-organism removing bottles made from Nano-fibre membrane.

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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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This release was published on openPR.