Smart Irrigation Market Share to Reach $5.57 Billion By 2030 | The Toro Company, Hunter Industries, CALSENSE

According to a recent report published by Allied Market Research, titled, "Smart Irrigation Market By Type, Component, End Use: Global Opportunity Analysis and Industry Forecast, 2021-2028," The global smart irrigation market size was valued at $1.44 billion in 2020, and is projected to reach $5.57 billion by 2030, growing at a CAGR of 13.9% from 2021 to 2030.. The climate based smart irrigation system devices accounted more market share than senor based smart irrigation system in 2020 and is expected to maintain this trend during the forecast period.

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The key factor that drives the growth of the smart irrigation device market share include availability of advanced features in irrigation system, surge in government initiatives and policies to promote water conservation & farming, and rise in penetration of automated monitoring systems in the farming sector. The key factors that hamper the smart irrigation market growth are high initial investment and maintenance cost and lack of skilled workforce in the developing regions for operating the technology. The opportunity lies in the growing demand for 5G networks for remote monitoring and growing adoption of smart technologies and smart infrastructures among regions.

By type, it is fragmented into climate based and sensor based. Among all technology, climate based were the highest revenue generating segment that accounted for $763.3 million in 2020. However, the advance tracker device segment is expected to witness the fastest growth at a CAGR of 13% during the forecast period.

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By end use, the smart irrigation industry is divided into agriculture, golf course, residential, and others. The residential sector is the fastest growing application segment, to register a CAGR of 17.10%, during the smart irrigation market forecast period. However, the agriculture segment is the highest revenue-generating segment that accounted for $520.4 million in 2020.

By region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue-generating segment that was valued at $483.1 million in 2020. This region is further expected to attain a market value of $566.7million by 2022, to grow at a CAGR of 11.20%. According to smart irrigation market trends, Europe is expected to maintain its dominant position over the forecast period. LAMEA and Asia-Pacific are the second and third leading regions of the smart irrigation market, respectively.

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Inclusion of advanced features in irrigation systems, rise in government initiatives and policies for promoting water conservation and farming, and increase in penetration of automated monitoring systems in the farming sector drive the growth of the global smart irrigation market. However, huge initial investment and maintenance costs and lack of skilled workforce for operating the technology in developing regions restrain the market growth. On the other hand, surge in demand for 5G network for remote monitoring and rise in adoption of smart technologies and smart infrastructure present new opportunities in the coming years.

Key Findings Of The Study
• North America and Europe dominated the market in 2020.
• Europe is anticipated to witness highest growth rate during the forecast period.
• U.S. was the major shareholder in 2020 in the North America smart irrigation market.

The key players profiled in this report include Rain Bird Corporation, The Toro Company, Hunter Industries, CALSENSE, ET Water Systems, Inc., HydroPoint Data Systems, Weathermatic, Rachio Inc., Stevens Water Monitoring System, Orbit Irrigation Products Inc. These key players have adopted several strategies, such as new product launch & development, acquisition, partnership & collaboration, and business expansion, to increase their footprint in the smart irrigation devices industry during the forecast period.

Report Overview: https://www.alliedmarketresearch.com/smart-irrigation-market

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