Portland,OR, Aug. 17, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart irrigation market generated $1.44 billion in 2020, and is estimated to generate $5.57 billion by 2030, witnessing a CAGR of 13.9% from 2021 to 2030. The report offers an extensive analysis of changing market dynamics, top segments, key investment pockets, value chain, regional scenario, and competitive landscape.
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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.
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Covid-19 Scenario:
- The implementation of partial and complete lockdown in different various countries across the world impacted the manufacturing and industrial industries and led to disruptions in the various types of smart irrigation products.
- Owing to supply chain disruptions due to lockdown, there has been shortage of components such as controllers and sensors. However, the supply is estimated to be regulated during the post-lockdown.
- As there has been a ban on residential construction and closure of golf course, this reduced the demand for smart irrigation. As the government lifted off ban and other restrictions, the demand is estimated to rise steadily.
The report offers detailed segmentation of the global smart irrigation market based on type, component, end use, and region.
Based on type, the climate-based segment accounted for the highest share in 2020, contributing to more than half of the total market share. However, the sensor-based segment is estimated to manifest the highest CAGR of 14.9% from 2021 to 2030.
Based on end use, the agriculture segment held the largest share in 2020, accounting for more than one-third of the global smart irrigation market, and is estimated to maintain its leadership position during the forecast period. However, the residential segment is expected to manifest the fastest CAGR of 17.1% from 2021 to 2030.
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Based on region, North America contributed the highest share in 2020, holding around one-third of the total share, and is expected to maintain its lead in terms of revenue by 2030. However, Asia-Pacific is estimated to manifest the highest CAGR of 17.3% during the forecast period.
Leading players of the global smart irrigation market analyzed in the research include Rain Bird Corporation, Hunter Industries, The Toro Company, ET Water Systems, Inc., CALSENSE, Weathermatic, Stevens Water Monitoring System, Rachio inc., HydroPoint Data Systems, and Orbit Irrigation Products Inc.
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