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Precision Irrigation Market 2024 - Share, Ongoing Trends, Size, Growth Rate And Key Players
Precision Irrigation Market
According to The Business Research Company's, The precision irrigation market size has grown rapidly in recent years. It will grow from $8.11 billion in 2023 to $9.23 billion in 2024 at a compound annual growth rate (CAGR) of 13.94%. The growth in the historic period can be attributed to increasing concerns about water scarcity and drought conditions , climate change impacts, increasing adoption of iot and ai, increasing farm sizes, rising labor costs.
The precision irrigation market size is expected to see rapid growth in the next few years. It will grow to $15.40 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to climate change adaptation, demand for sustainable agriculture solutions, expansion of smart agriculture practices, growing recognition of the interconnectedness between water. Major trends in the forecast period include integration with digital farming platforms, enhanced water management solutions, integration with climate-smart agriculture practices, water-energy nexus optimization, iot and sensor technologies.
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Market Drivers and Trends:
The increasing demand for agricultural products is expected to propel the growth of the precision irrigation market going forward. Agricultural products refer to goods or commodities produced through farming or agricultural practices. The demand for agricultural products is rising due to population growth, changing diets, biofuel production, urbanization, and food security concerns. Precision irrigation is used in the agriculture sector to deliver water to crops precisely and efficiently, optimize water usage, reduce water waste, and improve crop yields. For instance, In January 2023, according to reports published by Agriculture and Agri-Food Canada, a Canada-based government department, Canada's total field crop production was 34.1% higher than in 2021. Further, in the 2022-23 period, Canada's wheat production (excluding durum) saw a 47% increase compared to 2021-22, reaching 28.4 million metric tons. Therefore, an increasing demand for the agriculture sector is driving the growth of the precision irrigation market.
Major companies operating in precision irrigation market are focusing on developing innovative filtration system for irrigation, such as AlphaDisc filters, to enhance irrigation system protection against clogging caused by organic contaminants. AlphaDisc filtration system is a filtration technology or process incorporating novel approaches, materials, or designs to efficiently remove impurities, pollutants, or particles from a fluid. For instance, in February 2022, Netafim, a Maleshiya-based technology company, launched its new AlphaDisc filter, an innovative filtration system designed to protect irrigation systems against clogging caused by organic contaminants. This innovative filter offers high efficiency, precise depth filtration, high dirt-holding capacity, and a hyper-modular design, allowing easy scalability as growers' needs evolve. Additionally, it features high efficiency, high dirt-holding capacity, a hyper-modular design, and a smart controller. These features collectively make this filter a vital resource for growers, especially in the face of challenges posed by deteriorating water quality due to climate change, pollution, and other factors, ultimately helping to improve growing conditions, reduce the risk of clogging, and increase crop yields.
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Major Key Players of the Market:
Deere & Company, The Toro Company, Valmont Industries, Trimble Navigation Limited, Netafim Ltd, Rain Bird Corporation, Lindsay Corporation, Jain Irrigation Systems Ltd, Ewing Irrigation & Landscape Supply, Hunter Industries, Rivulis Irrigation Ltd, Reinke Manufacturing Company Inc, T-L Irrigation Co, Nelson Irrigation Corporation, Grodan B.V., Hydropoint Data Systems Inc, Cadman Power Equipment Ltd, Signature Control Systems Inc, Precision Lawn Irrigation Inc, Aquaspy Inc, CropMetrics LLC, Hortau Inc., Irrometer Company Inc, Mahindra EPC Industries Limited, AgSmarts Inc, Precision Irrigation Services Pvt Ltd
Precision Irrigation Market 2024 Key Insights:
• The precision irrigation market size is expected to see rapid growth in the next few years. It will grow to $15.40 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%.
• Driving Forces Behind Precision Irrigation Market Growth In The Agriculture Sector
• Netafim Launches AlphaDisc Filter A Innovating Precision Irrigation Protection Against Clogging
• North America was the largest region in the precision irrigation market in 2023
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