The global smart irrigation market size was valued USD 0.88 billion in 2019 and projected to reach USD 2.7 billion by 2027. It grew at a CAGR of 15.04% during the forecast period of 2020-2027
The global smart irrigation market size was valued USD 0.88 billion in 2019 and projected to reach USD 2.7 billion by 2027. It grew at a CAGR of 15.04% during the forecast period of 2020-2027 due to rising government initiatives undertaken towards the water conservation. In addition, the growth of the global smart irrigation market is projected due to proliferation through growing technical integration for multiple communication control features and functionality in the agriculture sector. Furthermore, the ever-increasing population leads to a rise in food demand, which is estimated to fuel the global market at a significant rate. Moreover, the smart irrigation market's steady growth is mainly attributed to numerous factors, including the rising adoption of smart irrigation technologies and equipment for monitoring and sensing. In addition, the propelling investment in research and development activities to develop and create irrigation scheduling approaches and boost interest in developing smart irrigation solutions using IoT is also expected to drive the market growth across the globe.
However, the high prices and problems with the introduction of smart irrigation technology in fractured land is projected to hinder the global market. Additionally, the lack of standardization is anticipated to challenge the growth of the global smart irrigation market.
Component Overview in the Global Smart Irrigation Market
Based on the component, the global smart irrigation market is segregated into Controllers, Sensors, Water Flow Meters, and Others. The sensors component segment is projected to hold the largest share across the region owing to sensor capability to help the farmers identify a variety of different soil nutrients.
However, the controller segment is predicted to have a substantial growth rate as smart irrigation controllers track temperature, soil characteristics, evaporation, and water stress to change the watering dynamically to the specific conditions of the field. In the automated irrigation system, the controller is an essential component. Technological developments in controller creation have contributed to an increasing number of acceptance controls, which are estimated to fuel the global market.
System Type Overview in the Global Smart Irrigation Market
Based on the system type, the global smart irrigation market is categorized into Weather-based System and Sensor-based System. The weather-based system is estimated to dominate the global market over the forecasted period of 2020-2027 due to a rise in its adoption in the non-residential industry. Weather-based systems have become very common among the community, including households, landscaping, and commercial construction contractors. Additionally, the increasing value of efficient irrigation technologies and watering activities have driven demand growth for smart irrigation.
Application Overview in the Global Smart Irrigation Market
Based on the application, the global smart irrigation market classified into Non-Agricultural and Agricultural. The agricultural segment is predicted to dominate the market during the forecast period of 2020-2027 across the globe due to rising technology and continuous use of it by farmers.
However, the non-agricultural segment is estimated to have a considerable growth rate as efficient watering methods coupled with irrigation technologies are becoming increasingly relevant for non-agricultural applications such as housing, turf and garden, and golf courses.
Regional Overview in the Global Smart Irrigation Market
By geography, the global smart irrigation market segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is estimated to dominate the market across the globe over the forecasted period by 2027 due to the rising research and development activities coupled with advancement in technology. The implementation of smart irrigation systems in the area is attributed to the usage of such systems in commercial farms and the growing use for non-agricultural technologies of weather-based and sensor-based systems. In addition, smart irrigation controller manufacturers aim for new investments in North America, as the region shows high effectiveness and potential for growth, which is projected to boost the market.
However, Asia Pacific is expected to have the fastest growth rate owing to the increasing government initiatives in smart irrigation across the region.
Global Smart Irrigation Market: Competitive Landscape
Companies such as Weathermatic, AquaSpy, Toro Company, Caipos, Hunter Industries, Rain Bird Corporation, Netafim, HydroPoint, Banyan Water, Rain Machine, Rachio, ET Water, Blossom, Delta-T Devices, Galcon, Calsense, Soil Scout, Acclima, Skydrop, and Rain Machine are the key players in the global smart irrigation market.
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