Smart Irrigation Market - Forecasts From 2019 To 2024

Description

The smart irrigation market is projected to grow at a CAGR of 18.51% to reach US$1,896.742 million by 2024, from US$687.597 million in 2018. The rising scarcity of water, combined with the integration of technological advancements in the field of agriculture are the main drivers behind the growth of the smart irrigation market. Furthermore, increasing initiatives to promote efficiency and enhance land productivity are also some of the key reason fulling the smart irrigation market during the coming years. However, the high costs associated with the installation of these systems, along with the lack of awareness regarding their availability and usage, especially in developing economies are projected to heavily restrain the market growth during the forecast period. Geographically, Europe and North America are projected to hold a substantial share in the market owing to the early adoption of technology. The Asia Pacific is projected to show multiple growth opportunities in the coming years due to the increasing focus towards efficient management of resources and high economic dependency on agriculture in major developing nations.

DRIVERS

Increasing focus towards water conservation

RESTRAINTS

Lack of awareness

High initial capital requirement

INDUSTRY UPDATES

In July 2019, The National Parks Board (NParks) and OCBC bank joined forces to set up an arboretum which will employ IoT technology. OCBC is to invest S$4 million in the project which will also incorporate smart irrigation systems to automatically trigger watering of plants in dry weather conditions.

In December 2018, Iran’s Tehran Municipality’s ICT organization and Mayor of District 13 signed an MoU to make Sorkheh Hesar National Park the country’s first smart park with smart monitoring, wastewater management, intelligent irrigation systems, and more.

The major players profiled in the smart irrigation market include Rachio, Calsense, Hydropoint Data Systems, Hunter Industries, and Rain Bird Corporation, among others.

Segmentation

The smart irrigation market has been analyzed through the following segments:

By Component

Sensors

Rain/Freeze

Soil Moisture

Flow

Controllers

Others

By Application

Agricultural

Residential

Commerical

By System Type

Weather-Based Controller System

Sensor-Based Controller System

By Geography

North America

USA

Canada

Mexico

South America

Brazil

Argentina

Others

Europe

Germany

France

United Kingdom

Spain

Others

Middle East and Africa

Saudi Arabia

Israel

Others

Asia Pacific

China

Japan

South Korea

India

Others