Government initiatives for promoting water conservation to surge the adoption of smart irrigation systems
The smart irrigation market is estimated to be worth USD 1.0 billion in 2020 and projected to reach USD 2.1 billion by 2025, at a CAGR of 15.3%. The market has a promising growth potential owingto several driving factors such as government initiatives for promoting water conservation and growth of smart cities opting for conservation of water.
The smart irrigation market is currently in the introductory growth phase and is expected to witness robust growth in the future owing to the increasing role of technology in irrigation. The advent of IoT and AI-based solution have proved beneficial for the smart irrigation market and could provide the further growth to the market. The impact of COVID-19 on the smart irrigation market is likely to be there for a short term, and by end of 2020 or early 2021 the market is expected to witness robust recovery with higher demand for installation of IoT devices in agricultural farms across the world to make optimum use of resources with reduced labor requirements in the fields.
The market for controllers estimated to dominate the market during the forecast period
The controllers are the core components in an automated agriculture systems and the market for it is estimated to doniate the market during the forecast period. The adoption of these controllers by the large commercial farms has resulted in the huge demand as well as the developments in the field of IoT in agriculture has automated the controllers to a large extent. Over the past few years, the number of smart controller products on the market has increased dramatically, with different manufacturers opting for different control technology solutions.
The market for agriculture applications estimated to grow at highest CAGR during the forecast period
The non-agriculture application hold a major chunk of share in the smart irrigation market however the use of smart irrigation systems in the agriculture has been on the rise with a substantial growth prospects. The rising concerns to feed the growing population and focus on sustainable development has led to the use of precision irrigation to provide optimum inputs. Moreover the rising labor crisis has fuelled the need for the smart irrigation systems so as to reduce dependency on human labor.
Smart irrigation market in Asia Pacific to grow at the highest CAGR between 2019 and 2025
Major driving factors for the growth of the smart irrigation market in the APAC region are the rising investments in the ag-tech sector in countries like India, China, Australia and the increasing penetration of remote sensing technology along with the integration of IoT devices with smart phones. The APAC region has a tremendous growth potential owing to several invetments made in the agriculture technology by established players in the region. Other driving factors for the growth of this market are strong government support, increased crop productivity, and minimal water wastage using smart irrigation systems. The agriculture, turf, landscape, and ground care are the major application areas for smart irrigation in APAC.
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%
The report segments the smart irrigation market and forecasts its size, by volume and value, based on region (Americas, Europe, Asia Pacific, and RoW), component (cotroller, sensor, water flow meter and others), system type (weather based system and sensor based system), and application (non-agriculture and agriculture)
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the automotive smart irrigation market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying This Report
- This report includes the market statistics pertaining to component, system type, application, and region.
- An in-depth value chain analysis has been done to provide deep insight into the smart irrigation market.
- Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
- Illustrative segmentation, analyses, and forecasts for the market based on component, system type, application 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.