Amsterdam, NL - July 15, 2020 -
A smart irrigation system monitors weather, soil, and water conditions with the help of controllers, sensors, and meters. They are automated machines that are considered efficient, data-driven, and cost-effective. The global market for smart irrigation systems has been increasing due to the rise of IoT-based architecture in the irrigation system. These systems help farmers in avoiding wastage of water resources through the age-old technology of irrigation and improvement of crop growth. The crop growth is closely monitored and catered to with the integration of various controllers, sensors, and meters to determine the soil moisture level and optimum water utilization for irrigation. Water management is one of the causes that help drive this market.
One of the key drivers of this market includes the IoT based architecture and the control functionalities that come along with it. Moreover, the awareness concerning the management of water has also been a factor that propels this market. The growth of smart cities and their need to adapt to this technology further fuel smart irrigation controller adoption.
The smart irrigation market has been segmented based on application, system type, and region. Based on components, the smart irrigation market has been sub-segmented into controllers, sensors, water flow meters, and others. By system type, the smart irrigation market has been bifurcated into weather-based and sensor-based. Based on the region, the smart irrigation market has been segmented into North America, Europe, APAC, and RoW. By application, the market has been segmented based on Smart Greenhouse, Open Field, Residential, Golf Courses and Turf and Landscape.
The global market revenue for Smart Irrigation System is expected to account for up to USD 1.00 Billion in 2020 and it is anticipated to grow up to USD 3 Billion by 2028 with a CAGR of 15% approximately during the forecast period 2020-2028. Several governments have promoted motions about conservation of water which acts as a major driving force for this market. Moreover, making use of smart solutions for agricultural problems thereby increasing the productivity of the crops has been another factor that affects this market. In the smart irrigation market, controllers are expected to hold a large section of the market share due to its use in several agricultural activities. Additionally, a weather-based system is expected to generate more revenue as compared to a sensor-based system. This can be attributed to the increasing focus on farm efficiency and productivity. North America is estimated to have the largest market size in the global market for smart irrigation systems. Asia Pacific is expected to be the fastest-growing market segment globally.
Key players of this market, to name a few-Toro Company, Banyan Water, Rain Bird Corporation, Stevens Monitoring Systems, Rachio, Weathersmatic, etc are established in the region of North America. Due to this factor, the North American market currently dominates this market. The presence of people who are willing to adopt this technology and the investment in research and development sectors in the US as well as Canada further propels this market. Asia Pacific is expected to have the fastest-growing CAGR due to widespread awareness regarding water management and technological advancements.
The report "Global Smart Irrigation - Market and Technology Forecast to 2028
" is segmented based on application, system type, and region. The study period is 2018- 2028 and the forecast period is from 2020-2028.
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- The key trends which would impact the market during the forecast period, 2020-2028 have been discussed in this report. This could help the new entrants gain perspective about the changing market dynamics.
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