Smart irrigation process helps in automating the irrigation procedure and reducing the water use which ultimately reduces the irrigation cost, gives better understanding of the soil and crop moisture content, timely notifications of the abnormalities in soil, good long- term health of the landscape.
The smart irrigation market is at a growth phase. Agricultural consumes more than 50% of the water for irrigation. Therefore, as an acceptable solution, there is a need to reduce agricultural water use by utilizing water in the right quantities. Internet-based software systems provide a cost-effective approach to water management, thereby promoting the global smart irrigation market.
Global Smart Irrigation Industry Overview
The global smart irrigation market was estimated to be at $1.26 billion in 2020, which is expected to grow with a CAGR of 13.69% and reach $2.75 billion by 2026. The growth in the global smart irrigation market is expected to be driven by increasing demand for sustainability and increased mechanization and automation in agriculture industry.
Impact of COVID-19
Due to the COVID-19 pandemic, the shortage in staff availability in the industry has resulted in the introduction of smart irrigation systems worldwide. However, it has also helped understand the value of smart irrigation due to people's concern for food security, poverty, and global economic impact. Therefore, smart irrigation practitioners have responded positively to this crisis, and therefore, the global smart irrigation market is anticipated to bounce back more robustly in the future.
Market Drivers and Challenges in the Global Smart Irrigation Market
A major factor driving the global smart irrigation market is the emergence of smart farming and smart irrigation technologies, and it is expected that the demand for smart irrigation models is going to increase. Therefore, the decreasing cost of components acts as a driver for the adoption of smart irrigation tools and techniques in the market.
One of the major challenges in the growth and development of the global smart irrigation market is that the smart agriculture equipment carries an excessive cost, which prevents small- and medium-scale farmers from purchasing the same. As a result, the implementation of capital-intensive farm equipment is a difficult proposition for small and marginal farmers. Furthermore, in developing countries, the unwillingness of commercial banks to finance farm equipment is also another restraint in the growth of farm mechanization.
Global Smart Irrigation Market (by Product)
The product section of the global smart irrigation market is divided into components, systems, and business models. The components deployed in smart irrigation systems include controller, sensor, water flow meter, and others. The two basic systems used in smart irrigation are weather and sensor-based controller systems.
Global Smart Irrigation Market (by Region)
One of the primary drivers for the high growth rate of the global smart irrigation market is the high technological advancement in various regions such as North America, Asia-Pacific, and Europe, along with high emphasis from the governing and regulatory bodies on modern equipment.
Key Market Players and Competition Synopsis
The companies profiled in the report have been selected post-in-depth interviews with experts and understanding details around companies such as product portfolios, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the smart irrigation market.
Some key players operating in the global smart irrigation market are Banyan Water, Inc., Caipos GmbH, Calsense, ET Water Systems, Inc., Galcon, Hunter Industries, HydroPoint, Jain Irrigation, Inc., Netafim, Orbit Irrigation Products LLC, Rachio inc., and Rain Bird Corporation.
Request a FREE sample of this report here
Recent Developments in Global Smart Irrigation Market
· In December 2021, Netafim launched flexi sprinkler kits – a field crops sprinkler irrigation system. The company aims to cover 15,000 hectares and reach 15,000 farmers across the country by 2022 with the flexi sprinkler kit.
· In September 2021, Orbit Irrigation Systems LLC announced a major application feature that helps address drought conditions in a geographic area by monitoring use, need and weather patterns. B-hyve launched this feature to provide their customers with a better way to manage water usage during drought conditions.
· In November 2019, Stevens Water Monitoring System Inc. has partnered with these research stations to evaluate the water use efficiency of the watermelon through advanced sensor-based, sub-surface drip irrigation technology.
· In April 2019, The Toro Company signed a partnership with Hazeltine National Golf Club for an 11-year equipment and tournament support agreement.
