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Smart Irrigation Global Market Report 2024 To 2033 | AquaSpy Inc., Calsense, Galcon Ltd., Hunter Industries Inc., HydroPoint Data Systems Inc., Netafim USA
Smart Irrigation Market Forecast
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According to The Business Research Company's, The smart irrigation market size has grown rapidly in recent years. It will grow from $1.61 billion in 2023 to $1.87 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to water scarcity, environmental concerns, precision agriculture, government regulations, urbanization and landscaping.
The smart irrigation market size is expected to see rapid growth in the next few years. It will grow to $3.36 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to climate change impact, population growth and food demand, water resource management, cost savings, increasing adoption in landscaping, government initiatives. Major trends in the forecast period include iot and big data, technological advancements, wireless connectivity, integration with weather data, remote monitoring and control, industry-specific solutions.
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Market Drivers and Trends:
The growth of smart cities is significantly contributing to the growth of the smart irrigation market going forward. The increase in the importance of efficient watering solutions for non-agricultural practices is the major driving factor for the growth of this market. As smart cities are being the ongoing trend in major parts of the world, they emphasize efficient management of water practices for both commercials as well as residential spaces. For instance, according to Cities Today, a US-based magazine, the number of smart city projects in 2020 grew by 14% from 2019 and is expected to increase at a faster rate in 2023 and 2024. Therefore, an increase in smart cities helps in the growth of the smart irrigation market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
AquaSpy Inc., Calsense, Galcon Ltd., Hunter Industries Inc., HydroPoint Data Systems Inc., Netafim USA, Rachio Inc., Rain Bird Corporation, Stevens Water Monitoring Systems Inc., The Toro Company, Weathermatic Industries Inc., Banyan Water Inc., Caipos GmbH, Delta-T Devices Ltd., Jain Irrigation Systems Ltd., Manna Irrigation Ltd., Orbit Irrigation Products LLC, Soil Scout Oy, Valmont Industries Inc., Nelson Irrigation Corporation, Tucor Inc., Irritec S. p. A., Antelco Pty Ltd., Conserva Irrigation Holdings LLC, WaterBit Inc., Hortau Inc., Ewing Irrigation & Landscape Supply Inc., Signature Control Systems Inc., Green IQ Ltd., Hortech Systems Ltd., Spraying Systems Co., Acclima Inc., HortControl LLC
Smart Irrigation Market 2024 Key Insights:
• The smart irrigation market size is expected to see rapid growth in the next few years. It will grow to $3.36 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%.
• Smart Cities Propel The Smart Irrigation Market
• Redefining The Smart Irrigation Market With Precision Irrigation
• North America was the largest region in the smart irrigation market in 2023
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