Global Statistics Representing Intelligent Irrigation System Market Scenario
33% of the 7.5 billion-strong global population suffers from water scarcity – in one form or another. This figure is expected to touch 50% by 2030, which underlines the critical rate at which the water deficiency problem is expanding. The agriculture sector accounts for 70% of the total water used, and around 60% of this share is lost either due to evapotranspiration, land runoff or inefficient traditional methods. This distress can be resolved with the help of technology equipped intelligent irrigation practices.
The high costs associated with this technology and limited technical knowledge and skills among farmers are the key restraints hindering market growth, globally. High initial investment, coupled with the need for efficient farming tools and upskilling, further make farmers apprehensive towards adopting this technology.
The integration of intelligent technologies in irrigation systems will help the agriculture industry in overcoming the vagaries of monsoons and traditional irrigation practices. A variety of smart irrigation practices and solutions under the garb of precision farming are adopted in several parts of the world. From checking the soil moisture levels to monitoring changing weather conditions, a range of sensors and communication technologies are available for facilitation of smart irrigation. The advantages of these technologies will amount to significant water savings. As per estimates, the report forecasts that the global intelligent irrigation system market is expected to grow at a 14.3% rate during the forecast period, 2019–2026.
The global intelligent irrigation system market accounted for over USD 595.5 million in 2017 and is expected to grow at a CAGR of 13.00% during the forecast period, 2019–2026.
The global intelligent irrigation system market has been segmented on the basis of type, component, and application. By type, the market has been segmented into soil moisture-based irrigation systems and weather-based irrigation systems. Soil-moisture based irrigation systems comprise soil moisture sensors, which measure volumetric soil moisture content and accurately determine the moisture level in soil and transmit the reading to the controller. Weather-based controllers use daily evapotranspiration, which measures the loss of water due to evaporation and transpiration. Therefore, whether-based irrigation has the edge over other segments in the smart irrigation market.
On the basis of component, the intelligent irrigation system market has been segmented as controller system, soil moisture sensor, rain/freeze sensor, flow management solution, and others. The sensor segment holds the largest share in the smart irrigation market, owing to the enhanced productivity brought about by sensor-based smart irrigation devices, coupled with technological advancements in sensor technology.
On the basis of application, the intelligent irrigation system market has been segmented into agriculture and non-agriculture. The agriculture segment has been sub-segmented into greenhouse and open field whereas, the non-agriculture segment has been sub-segmented into residential, turf & landscape, golf course, and others. The agricultural segment is pegged to record healthy growth in the intelligent irrigation market with increasing government initiatives that aim to promote water conservation.
Geographically, the global intelligent irrigation system market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
Presently, North America dominates the global intelligent irrigation market with highest value share among all regions. The region’s dominance can be attributed to the technological enhancements that have been underway over the last decade and collective efforts by governments and the private sector to conserve and minimize water wastage. Additionally, North America’s extensive farming practices and large-scale adoption of advanced irrigation systems and devices such as controllers, sensors and flow meters has made the region the key consumer in the global market.
The presence of major players such as Toro Company, Banyan Water, Rain Bird Corporation, Stevens Monitoring Systems, Rachio, and Weathersmatic also contributes to market growth in the region. Europe is expected to be next in line, after North America, and the region is pegged to witness substantial growth in the intelligent irrigation market, owing to the significant investments in new age hydroponics and other precision farming methods.
The APAC region is slated to register the fastest growth over the forecast period. The emergent integration of technologies in farming practices will face hurdles in the beginning, but progressive economies such as India, China, Korea, and other South East Asian countries are showing steadfast adoption of smart irrigation. The Asian Development Bank has decided to double its annual climate change fund to USD 6 billion by 2020; of this, about USD 2 million will be utilized for climate-smart agriculture, resilient infrastructure and better preparation for climate-related disasters.
Some of the major players covered in this study on the global intelligent irrigation system market are Rain Bird Corporation (U.S.), Libelium (Spain), Netafim (Israel) HydroPoint (U.S.), The Toro Company (U.S.), AquaSpy (U.S.), Aquacell Systems (Australia), Baseline Inc. (U.S.), Hortau (U.S.), and Hunter Industries (U.S.).
Intelligent Irrigation System Market Segmentation
Why Buy This Report?
In today’s age of global climate change, where several countries across the world suffer from water paucity, water conservation is more imperative than ever before. Technological improvements that positively impact agricultural practices have enhanced farming techniques and agricultural yield. Incorporation of IoT in the agriculture sector with future potential in hydroponics, aquaponics, and digitization is expected to foster market growth.