The smart irrigation market is estimated to be worth USD 825.0 million in 2018 and is projected to reach USD 1,755.1 million by 2023, at a CAGR of 16.30% from 2018 to 2023
NEW YORK, Sept. 25, 2018 /PRNewswire/ -- Smart irrigation market anticipated to grow at a CAGR of 16.30% from 2018 to 2023
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The smart irrigation market is estimated to be worth USD 825.0 million in 2018 and is projected to reach USD 1,755.1 million by 2023, at a CAGR of 16.30% from 2018 to 2023. The major drivers for the smart irrigation market include initiatives undertaken by various governments to promote water conservation, surge in farming operating costs, and growing emphasis on increasing farm productivity and profits using smart irrigation solutions. Major factors restraining the growth of the smart irrigation market include the implementation of smart irrigation technologies in fragmented land, high technological costs, and limited technical knowledge and skills among farmers.
Market for agricultural application to grow at higher CAGR during forecast period
The market for the agricultural application is expected to grow at a higher CAGR during the forecast period.Agriculture and related industries are projected to emerge as the fast-growing application segments.
Agriculturists and farmers, in particular, are opting for smart irrigation technologies and playing a key role in optimizing water usage.
Market for sensor-based systems to grow at higher CAGR during forecast period
The smart irrigation market for sensor-based systems is expected to grow at a higher CAGR from 2018 to 2023.This growth can be attributed to the increasing adoption of sensor-based systems in agricultural irrigation to save water and increase crop yield.
They are more effective than weather-based systems as they can respond to specific zone irrigation requirements based on actual soil moisture levels.
Smart irrigation market in APAC to grow at highest CAGR during forecast period
The increasing adoption of smart irrigation devices such as controllers, sensors, and smart flow meters by farmers in APAC is expected to propel the growth of the smart irrigation market during the forecast period.The adoption rate of smart irrigation devices is expected to grow at a high rate in APAC as this region comprises emerging countries such as India and China, and other Southeast Asian countries.
Growing need to control and monitor the water requirements of fields due to inadequate rainfall and water scarcity across APAC is accelerating the growth of this market.
The breakup of primaries conducted during the study is depicted below:
• By Company Type: Tier 1 – 35 %, Tier 2 – 40%, and Tier 3 –25%
• By Designation: C-Level Executives – 57%, Directors – 29%, and Others – 14%
• By Region: Americas– 40%, Europe – 30%, APAC – 20%, and RoW – 10%
Key players operating in the smart irrigation market are The Toro Company (US), Netafim (Israel), Hunter Industries (US), Rain Bird Corporation (US), HydroPoint (US), Rachio (US), Banyan Water (US), Rain Machine (US), ET Water (US), Galcon (Israel), Weathermatic (US), Blossom (US), Skydrop (US), Delta-T Devices (UK), Calsense (US), AquaSpy (US), Soil Scout (Finland), Caipos (Austria), Acclima (US), and Rain Machine (US).
Research Coverage
This report covers the smart irrigation market based on component, system type, application, and region.By component, the smart irrigation market has been segmented into controllers, sensors, water flow meters, and others.
By application, the smart irrigation market has been segmented into agricultural and nonagricultural.By system type, the smart irrigation market has been classified into weather-based and sensor-based.
• By region, the smart irrigation market has been segmented into the Americas, Europe, APAC, and RoW.
Key Benefits of Buying This Report
• This report includes market statistics pertaining to component, application, system type, and region, along with their respective market sizes.
• In-depth analysis of the value chain has been done to provide in-depth insight into the smart irrigation market.
• Major drivers, restraints, challenges, and opportunities pertaining to the smart irrigation market have been detailed in this report.
• Illustrative segmentation, analysis, and forecast for the market by component, application, system type, and region have been conducted to provide an overall view of the smart irrigation market.
• The report includes an in-depth analysis and ranking of key players.
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