New York, US, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Smart Irrigation Market information by System Type, by Components, by Application and Region – forecast to 2027” market size to reach USD 2,641.8 Million, growing at a compound annual growth rate of 14.7% by 2027.
Market Scope:
The smart irrigation market is witnessing continuously rising revenues. Over the past few years, there have been significant advances and technology integration in smart irrigation systems. Of these, AI integration translates analytics data and suggestions to help make more informed and intelligent decisions regarding crop irrigation. On the other hand, IoT-driven smart irrigation is automating agriculture one step at a time.
Dominant Key Players on Smart Irrigation Market Covered are:
- Hunter Industries (US)
- Rain Bird Corporation (US)
- The Toro Company (US)
- Stevens Water Monitoring System (US)
- Netafim (Israel)
- Galocn (Israel)
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Market USP Exclusively Encompassed:
Market Drivers
Advances in AI & machine vision technologies and increasing investments into the agriculture industry would positively impact the market growth. Growing advances in sensing technology and artificial intelligence to improve crop production by minimizing the use of arable land escalate the growth of the market. Besides, increasing demand for smart irrigation fosters market shares.
Also, the growing awareness of modern agriculture methods, precision agriculture, and smart farming defines the growing market landscape. Simultaneously, rapidly depleting water resources due to climate change prompts the need for smart irrigation systems and climate-resilient crops. All these factors cumulatively indicate the rapid need to deploy smart irrigation techniques.
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Segmentation of Market Covered in the Research:
The smart irrigation market is segmented into components, applications, verticals, and regions. The components segment is bifurcated into controllers (WiFi, electric, hybrid, and battery controllers, others), sensors (soil moisture sensors, rain sensors, temperature sensors, freeze sensors, dendrometer sensors, others), meters (water flow meter, soil meter, fertilizer meter, others), and others.
The application segment is bifurcated into water resource management, groundwater management, soil management, and others. Similarly, the vertical segment is bifurcated into agricultural, non-agricultural, industrial, commercial, residential, and others. The region segment is bifurcated into the Americas, Europe, Asia-Pacific, Middle East & Africa, and rest-of-the-world.
Regional Analysis
It is observed that North America has consistently been dominating the global smart irrigation market. Factors such as the ever-growing population and decreasing arable lands in this region drive the market growth, leading to higher adoption of smart irrigation systems. Besides, high disposable income and vast investments in agriculture projects impact the regional market growth positively.
Additionally, large technological advances and the strong presence of key smart irrigation systems providers foster the region's market share. The US and Canada account for leading markets for smart irrigation systems, witnessing vast investments in technology development. Also, the rapid adoption of smart irrigation systems in the large agricultural sector in the US substantiates the market value.
Europe is another lucrative market for smart irrigation systems globally. Regulatory laws implemented to increase crop yields and green zone projects in countries like the UK and France increase the market demand significantly. Moreover, favorable incentives policies to purchase smart watering solutions propel the market revenues in the region.
Germany exhibited the highest growth in smart irrigation among the major European countries due to its significant technological advances. Furthermore, the nondestructive evaluation of agro-products that provides timely updates in advances and progress of smart irrigation solutions push the market growth.
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COVID-19 Impact on the Global Smart Irrigation Market
Just like most industries, the smart irrigation industry was too hit by the COVID-19 outbreak. Many manufacturers and technology developers faced various problems, from obtaining raw materials and components required to develop smart irrigation systems and delivering end products to attracting workers from quarantines. Major farmers and farming organizations postponed installations of smart irrigation systems.
Due to the pandemic-driven lockdown mandates, product prices were spiked, and the market demand was lowered. On the other hand, there was a spiked interest and investments in the agriculture sectors worldwide. Also, as lockdown limitations were relaxed, the smart irrigation market is regaining momentum. The market is further expected to witness vast demand due to phenomenally increased automation in farming in the next few years.
Competitive Analysis
The smart irrigation market is likely to witness several strategic initiatives such as collaborations, mergers & acquisitions, expansions, and product & technology launches. Key market players invest in research and development activities and foster their expansion plans.
For instance, on Dec.02, 2021, Netafim India, a leading smart irrigation solution provider, introduced Flexi Sprinkler Kit, a ground-breaking field crops sprinkler irrigation system. The company aims to cover 15,000 hectares of land and reach 15,000 farmers across India by 2022 through its dealer network. Netafim also intends to reach an additional 20% of the farmer community, covering approximately 4000 hectares of the land.
This ground-breaking innovation is suitable for vegetables and open field crops, including Bajra, Wheat, Jowar, Groundnut, Soybean, and many more and small & large farmers looking for uniform water distribution and long-lasting performance depending on their landholding capacity.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
