Precision Irrigation Market Projected to Reach $6.29 billion by 2029 | Key Players are Valmont Industries, Inc., NETAFIM, Hunter Industries Inc., The Toro Company, and Rain Bird Corporation,

Precision Irrigation Market by Type (Sprinkler Irrigation, Drip Irrigation), Component (Controllers, Sensors, Water Flow Meters), Technology Type, End Use (Agriculture, Nonagriculture), and Region - Global Forecast to 2029
The [https://www.marketsandmarkets.com/Market-Reports/precision-irrigation-market-137052497.html] is estimated at USD 4.18 billion in 2024 and is projected to reach USD 6.29 billion by 2029, at a CAGR of 8.5% from 2024 to 2029. The global demand for precision irrigation is growing rapidly, driven by rising mechanization and the adoption of smart agricultural technologies. According to a report from FICCI in 2023, more than 95% of farming activities in the US and Canada are now mechanized. This transition boosts efficiency and productivity as farmers use advanced machinery for a variety of tasks. Moreover, technologies such as the Internet of Things (IoT) are becoming popular, allowing farmers to monitor and control irrigation systems remotely using their smartphones. This innovation facilitates precise water management and scheduling, which are crucial for sustainable farming practices. With ongoing investments in research and development, integrating sprinkler and drip irrigation systems presents promising growth opportunities in the precision irrigation market.

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Precision Irrigation Market Drivers [https://www.prnewswire.com/news-releases/precision-irrigation-market-worth-6-29-billion-by-2029--exclusive-report-by-marketsandmarkets-302272804.html]: Government initiatives to promote water conservation

Government initiatives aimed at promoting water conservation have significantly driven the growth of the precision irrigation market. Water scarcity and climate variability are among the pressing issues that governments worldwide are tackling with the implementation of policies that promote efficient use of water. These initiatives typically provide financial incentives for farmers to adopt advanced irrigation technologies, along with technical support and educational programs that showcase the advantages of precision irrigation. For instance, in June 2023, the World Bank's Board of Executive Directors approved a loan of USD 148 million to help West Bengal, India, enhance its irrigation practices. This project aimed to improve the management of surface and groundwater in rural areas that experience erratic rainfall and high temperatures. The initiative targeted bringing 30,000 hectares under new irrigation schemes, using innovative methods like solar irrigation pumping systems, sprinkler systems, and drip irrigation.

These government-supported programs facilitate the adoption of precision irrigation technologies and promote sustainable agricultural practices. By emphasizing efficient water management, they contribute to raising agricultural yields while protecting priceless water resources, proving the value of precision irrigation in modern farming practices.

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Based on sensors, the fertigation sensors is growing at a higher CAGR in the precision irrigation market during the forecast period.

The demand for fertigation sensors in precision irrigation is expected to increase significantly due to their crucial role in optimizing nutrient delivery and water use. These sensors help farmers monitor and adjust nutrient levels in real-time, leading to higher crop yields and better resource efficiency. As sustainable agriculture gains importance, fertigation sensors offer precise control over fertilizer use, reducing waste and environmental harm. Compared to traditional sensors like soil moisture and temperature gauges, fertigation sensors meet the rising need for integrated nutrient management, making them crucial for modern farming practices.

The AI and machine learning algorithms in irrigation segment within the technology type has a larger share and is growing at a higher CAGR in the precision irrigation market during the forecast period.

For precision irrigation to maximize water use and boost crop yields, artificial intelligence (AI) and machine learning are essential because they analyze vast amounts of data from sensors, weather forecasts, and soil conditions. These technologies allow farmers to make real-time decisions, applying water only when and where it's necessary, which reduces waste and improves efficiency. With their ability to recognize patterns and adapt over time, AI and machine learning are set for significant growth in the precision irrigation market, surpassing other technologies like IoT, GIS, and cloud computing due to their superior predictive capabilities.

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Based on region, North America dominated the precision irrigation market in 2023.

North America region dominated the precision irrigation market in 2023. This dominance was due to the modern farming techniques and significant investments in irrigation technologies. Prominent manufacturers such as Hunter Industries Inc. (US), RainBird Corporation (US), Valmont Industries Inc. (US), and The Toro Company (US) are based in this region. These manufacturers promote innovation and make precision irrigation solutions more accessible. A July 2023 article by the non-governmental organization Food and Water Watch reported that drought, exacerbated by climate change and poor water management, is having a severe impact on New Mexico, with industrial agriculture using over 80% of the state's freshwater resources. This heavy reliance on irrigation, along with challenges like water scarcity and strict regulations, encourages farmers to adopt more efficient methods like precision irrigation.

Leading Precision Irrigation Companies [https://www.marketsandmarkets.com/ResearchInsight/precision-irrigation-market.asp]:

The report profiles key players such as Valmont Industries, Inc. (US), NETAFIM (Israel), Hunter Industries Inc. (US), The Toro Company (US), Rain Bird Corporation (US), Lindsay Corporation (US), Rivulis (Israel), HydroPoint (US), REINKE MANUFACTURING CO., INC. (US), AZUD (Spain), T-L Irrigation (US), and Mahindra Irrigation (India).

Valmont Industries, Inc. (US)

Valmont Industries, Inc. is one of the leading company in infrastructure and water management systems. The company operates through two key segments: Infrastructure and Agriculture. Under the "Valley Irrigation" brand, Valmont manufactures and distributes a wide range of advanced irrigation equipment. The company provides a wide range of irrigation solutions, such as drip, sprinkler, and variable rate irrigation technologies. With around 270 dealers in North America and another 270 across over 60 countries, Valmont Industries, Inc. has built a robust global distribution network for its precision irrigation products.

The company has a significant presence in North America, where the US and Canada accounted for 70% of its sales revenue in 2023. This dominance highlights Valmont's strength in North America, one of the largest precision irrigation markets. Valmont Industries, Inc. actively pursues strategic partnerships and agreements to enhance its market presence while continuously innovating its precision irrigation technologies.

NETAFIM (Israel)

NETAFIM, based in Israel, is a key player in the precision irrigation industry, offering a wide range of irrigation tools and water technologies. They offer sprinkler irrigation, drip irrigation, fertigation, and mobile drip systems for both agricultural and non-agricultural uses. The company focuses on organic growth through new product development while also exploring partnerships for expansion. For instance, to address the issue of food security, NETAFIM and E20 INVESTMENT LTD signed a Memorandum of Understanding (MoU) in August 2023 in the United Arab Emirates. The purpose of this agreement was to promote sustainable farming practices and improve precision irrigation solutions globally.

Operating in North America, South America, Europe, the Middle East & Africa, and the Asia Pacific region, NETAFIM has over 2,500 employees and three manufacturing facilities. Their focus on sustainability and customer service enables them to provide tailored solutions for both small farmers and large agricultural businesses.

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