Smart Irrigation Market Size to Observe Steady Growth in the Near Future
With advancements in sensor technologies, smart irrigation systems of tomorrow are becoming more effective in controlling the usage of water. Even in domestic end-uses such as schoolyards, government parks and community botanical gardens, smart irrigation is witnessing a steadfast adoption. Smart irrigation has commendably changed the status quo of how farming was solely dependent on favorable weather conditions. New products entering the global smart irrigation market are transforming the irrigation practices, and thereby boosting the agricultural produce to a considerable extent. According to Transparency Market Research’s recently published report, factors as such are expected to drive the demand for smart irrigation vigorously. The study forecasts that the global smart irrigation market will expand at a CAGR of 13.1%, reaching an estimated value of US$ 2.32 Bn by the end of forecast period, 2017-2026.
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Smart Irrigation Controller Systems to Represent Top-Selling Components through 2026
The report projects that the sales of smart irrigation controller systems will remain predominantly high in the market’s expansion over the forecast period. By the end of 2026, smart irrigation controller systems worth nearly US$ 900 Mn are expected to be sold in the global market. The effectiveness of smart irrigation solutions continues to remain largely dependent on the efficacy of controller systems. In addition to the smart irrigation controller systems, soil moisture sensors and water management platform are also expected to represent leading component-type segments. Collectively, these two segments are likely to account for more than one-third share on global smart irrigation market value throughout the forecast period.
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Through 2026, smart irrigation will remain highly profitable for agri professionals – from farmers to agronomists. Agri professionals will emerge as the largest end-users of smart irrigation, and will bring in nearly US$ 800 Mn to the global market value by 2026-end. However, the report also projects that the end-use of smart irrigation systems and solutions across communities and among architect & specifiers will be the fastest, exhibiting more than 14% CAGR in terms of revenues.
North America and Europe to Register High Adoption of Smart Irrigation
The report estimates that developed regions will be lucrative for the adoption of smart irrigation. In 2017, North America’s smart irrigation market surpassed an estimated valuation of over a quarter of billion dollars. The report further reveals that Europe’s smart irrigation system sales will account for one-fourth of the revenues procured in the global smart irrigation market through 2026. However, the Asia-Pacific excluding Japan region will register the fastest growth over the forecast period. While nascent integration of technologies in farming practice will act as an impediment, but progressive economies such as India, South Korea and China are showcasing great leaps towards steadfast adoption of smart irrigation. Over the forecast period, the APEJ smart irrigation market is poised to expand at the highest CAGR of 16.6%.
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Leading players in the global smart irrigation market will be focused on tapping the demands of the APEJ region. In addition, several companies will be largely focused on providing smart irrigation management solutions. The overall demand for smart irrigation management solutions is poised to witness a significant upsurge, bringing in nearly US$ 950 Mn by the end of the forecast period. Companies namely, Rain Bird Corporation, Netafim Ltd., HydroPoint Data Systems, Inc., Rachio Inc., The Toro Company, Galcon Ltd., Hunter Industries Inc., Telsco Industries Inc., Orbit Irrigation Products Inc., Valmont Industries, Inc., and Blossom are expected to cater to the brimming demands of smart irrigation in the foreseeable future.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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