CHICAGO, July 6, 2020 /PRNewswire/ -- According to the new market research report "Smart Irrigation Market by System Type (Weather-Based, Sensor-Based), Application (Smart Greenhouse, Open Field, Residential, Golf Courses, Turf & Landscape), Component (Controllers, Sensors, Water Flow Meters), and Geography - Global Forecast to 2025", published by MarketsandMarkets, the Smart Irrigation Market is estimated to be worth USD 1.0 billion in 2020 and projected to reach USD 2.1 billion by 2025, at a CAGR of 15.3%. The rapid growth of the smart irrigation market can be attributed to various factors, such as the increasing adoption of smart irrigation devices, and sensing and monitoring devices by farmers. It is also expected that the cost of smart irrigation technology will decrease in the next couple of years, mainly because of the declining prices of major hardware components. As a result, the smart irrigation market is expected to witness high growth during the forecast period. IoT device installations in agriculture farms around the world are projected to witness a compound annual growth rate of 14%. COVID-19 is further expected to accelerate the installation of IoT devices in agriculture farms across the world to optimize irrigation scheduling with reduced labor requirements in the field.
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Controllers to hold largest market share during forecast period
Controllers are expected to hold the largest market share owing to the increasing adoption of these devices for automatic irrigation scheduling in applications such as agriculture, residential and commercial property, lawns and gardens, and landscaping. Smart controllers use weather and sensor data to automatically adjust irrigation schedules to any environmental changes. Smart controllers have additional features, such as multiple programs to allow different watering frequencies for different types of plants, rain delay settings, input terminals for sensors such as rain/freeze and soil moisture, and remote operation.
Weather-based systems to hold largest market share between 2020 and 2025
The weather-based systems holds the major market share as compared to sensor-based type systems. Weather-based systems have become quite popular among homeowners, commercial building contractors, and landscaping and golf course managers. Owing to the high adoption of weather-based systems in the agriculture, and non-agriculture segment, they account for a larger market size. Major factors driving the growth of the smart irrigation market include increasing government initiatives to promote water conservation, rising demand for food production, and automatic scheduling of irrigation, leading to reduced labor costs. In addition, the increasing importance
Non-agricultural application to account for larger share of smart irrigation market in 2020
The growing importance of efficient watering practices and irrigation solutions for nonagricultural applications, such as residential, turf and landscape, and golf courses, is a major factor driving the growth of this market. The increasing number of initiatives undertaken by various governments to promote water conservation, decreasing the cost of smart irrigation smart controllers, and growing the popularity of automated irrigation solutions among residential and commercial land contractors are the key factors driving the growth of this market. Further, the increasing rate of replacement of conventional timer-based controllers with new smart irrigation controllers by residential homeowners and contractors is another factor contributing to the growth of the market.
Browse in-depth TOC on "Smart Irrigation Market"
168 - Tables
64 - Figures
230 - Pages
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Americas to hold largest share of smart irrigation market during forecast period
The Americas is expected to hold the largest share of the smart irrigation market during 2020-2025. Countries such as the US and Canada in the Americas are the early adopters of smart irrigation technologies, which is the major reason for the high market share of this region in the smart irrigation market. The Americas has the highest number of smart irrigation systems installed at farms, residential landscapes, and golf courses. Farmers or growers in this region are increasingly adopting advanced irrigation systems and equipment such as smart controllers, sensors, and water flow meters.
The report profiles key players such as The Toro Company (US), Netafim (Israel), Hunter Industries (US), Rain Bird Corporation (US), HydroPoint (US), Rachio (US), Banyan Water (US), Rain Machine (US), ET Water (US), Galcon (Israel), Weathermatic (US), Blossom (US), Skydrop (US), Delta-T Devices (UK), Calsense (US), AquaSpy (US), Soil Scout (Finland), Caipos (Austria), Acclima (US), and Rain Machine (US).
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Agriculture IoT Market by Offering (Hardware, Software, & Services), Application (Precision Farming, Precision Forestry, Livestock Monitoring, Fish Farm Monitoring and Smart Greenhouse), Application, and Geography - Global Forecast to 2024
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