A recent report published by Infinium Global Research on the smart
irrigation market provides an in-depth analysis of segments and sub-segments in the
global as well as regional smart irrigation market. The study also highlights
the impact of drivers, restraints, and macro indicators on the global and
regional smart irrigation market over the short term as well as long term. The
report is a comprehensive presentation of trends, forecasts, and dollar values of the global smart irrigation market. According to the report, the global smart
irrigation market is projected to grow at a CAGR of 13.4% over the forecast
period of 2020-2026.
Smart irrigation systems are advanced irrigation systems that
tailor watering schedules to meet specific landscape requirements. By offering
a variety of advantages, smart irrigation systems are being highly adopted in
several parts of the world. The main work of smart irrigation systems is to
improve the efficiency of water usage among the depleting levels of water. Although
several firms and whole industries have collapsed in the wake of coronavirus,
the agriculture industry is holding firm. Traditional agriculture is
actually turning to agtech faster than ever before to adapt to resource issues.
Even though the supply chain has been facing disruptions, the ongoing domestic
demand for food will remain and food and agribusiness sectors are increasing
their capabilities to respond to the crisis. Moreover, Agritech startups will
also be further strengthened as several countries seek to increase domestic
production and limit imports. All these aforementioned factors will have a positive impact on the smart irrigation market over the forecast years.
Further, the key factors such as increasing concern about water
along with expanding the need for minimizing excess water use in the
agriculture sector are contributing to the growth of the global smart
irrigation market during the forecast period. Besides this, increasing the
adoption rate of smart irrigation systems and solutions in schoolyards,
government parks, and community botanical gardens is also boosting the market
growth. Additionally, IoT based smart irrigation System helps the farmer to
avoid the wastage of water resources is another factor boosting the growth of
the smart irrigation market in the coming year. However, high installment cost
is expected to hamper the growth of this market in the forecast period. Going
further, new product launches by the smart irrigation players in terms of
controllers, sensors, and water flow meters creates growth opportunities for
the market.
As per the geographic trends, the North American region is
expected to have the largest revenue in the global smart irrigation market as
North American countries such as the U.S and Canada are the front-runners in
the high adoption of advanced technologies. Farmers in the North America
regions are increasingly adopting IoT related devices such as sensors,
microcontrollers, and water flow meters. Additionally, the presence of leading
players such as The Toro Company, HydroPoint, Rachio, and many others is likely
to have a positive impact on the growth of the North America smart irrigation market.
These players are launching innovative products and services. On the other
hand, Europe has the second-largest share in the total addressable market.
However, the Asia Pacific region is expected to register a healthy CAGR in the
forecast period. Asian countries such as China, India, Japan, and South Korea
are inclined towards the adoption of a smart irrigation system and solutions.
Moreover, increasing concern regarding water is one of the major factors
responsible for the growth of the Asia Pacific smart irrigation market.
The report on the global smart irrigation market covers segments such
as component, system type, and end-user. On the basis of component, the
sub-markets include sensors, and controllers. On the basis of system type, the
sub-markets include weather-based, and sensor-based. On the basis of end-user,
the sub-markets include commercial properties, agri professionals, education
& play grounds, and other end-users.
The report provides profiles of the companies in the market such
as Banyan Wate, Weathersmatic, Galocn, Stevens Water, Netafim, Hunter
Industries, Rain Bird Corporation, Toro Company, and other companies.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of smart
irrigation market. Moreover, the study highlights current market trends and
provides forecast from 2020-2026. We also have highlighted future trends in the
market that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.