Global Precision Irrigation Market: Overview

Solutions offered by players in global precision irrigation market provide exceptional benefits in terms of promoting increased crop yield, reduction in wastage of time, and conservation of water. These methods are found extremely helpful in producing high quality and healthy crops. This trend has propelled the demand in global precision irrigation market over the years. Increasing utilization of precision farming techniques along with rising usage of Internet of Things technologies in agricultural has also created numerous lucrative opportunities for the vendors and manufacturers operating within the global precision irrigation market. New applications of global position systems (GPS) technology aimed at gathering smart data regarding the soil quality and moisture are also expected to boost the global precision irrigation market in coming years.

Rising urbanization has propelled the need for new age and smart agricultural practices such as urban farming. This trend is also expected to fuel growth in the global precision irrigation market in years to come. Enhanced farm productivity as a result of precision irrigation techniques is anticipated to foresee high demand in global precision irrigation market in coming years. Convenience and benefits offered by these precision irrigation techniques such as remote access and monitoring have resulted in increasing uptake of the products in the global precision irrigation market in the past few years. Furthermore, lucrative and supportive government initiatives promoting the usage of modern irrigation techniques through low interest loans and various agricultural subsidies are also creating new avenues for growth and expansion in global precision irrigation market.

Precision irrigation is defined as the application of a precise amount of water at the correct time and appropriate locations in an agricultural field. It is a part of precision agriculture which also includes variable-rate nutrients, seeding, and pesticide application. Currently, around 80% of cultivated land is not irrigated at all and relies on only rainwater. The remaining 20% uses three methods of irrigation: flood (surface), micro (drip), and mechanized irrigation. Globally, flood irrigation is a widely used method. However, it is an inefficient technique as it leads to the entire field getting watered, including immense areas of the field where no crops are being grown. As the fertilizer is delivered to the field through water, a large amount of fertilizer is also wasted. Moreover, different regions within the field require different amounts of water depending on the soil porosity. Potential for conservation arises from not irrigating parts of land without crops and through the efficient utilization of water. Though the economic value of using precision irrigation has not been justified yet, the growing need for water conservation is likely to increase its desirability.

Precision irrigation is projected to save approximately 10–15% of water used in traditional irrigation. Other benefits include increased harvestable area, decreased incidence of diseases, and leaching. The shift to commercial machines for use in precision irrigation is uncomplicated and can be accomplished easily. Soil moisture and crop water requirement are relevant factors for these systems and can be monitored in different ways. However, precision irrigation is faced with a number of drawbacks which prohibit its widespread use in agriculture. Its usage is not economical at the current grain price to water cost ratio, the addition of fertilizers or animal waste to irrigation water needs to be heavily regulated, and the rate of infiltration of water into the soil and the water storage capacity of soil vary spatially. If any or both of these attributes are lower in one location than in the bulk of the field, it results in surface runoff despite the machine being correctly designed for a major portion of the field. Runoff collecting within the irrigated area can create a pond, causing aeration damage to the crop.

Increasing attention to conservation of water in places facing a scarcity of water, technical developments such as GPS monitoring systems, growing environmental awareness, regulatory constraints on water use, and governmental incentives are likely to increase the use of precision irrigation in agriculture. The adoption of this technology is more widespread in the development sector as growers have access to capital. The considerable size of the fields also justify the use of precision irrigation. The U.S., Canada, and Australia are at the forefront of implementing precision irrigation as a means for increasing crop yield, as the extent of mechanization in agriculture is already significant in these countries. In Europe, the U.K. was the first to utilize precision irrigation, with Germany and France also rapidly adopting this technology. There exists a huge potential for precision irrigation in the GCC, which invests heavily in innovative solutions to overcome the problem of scarcity of water to boost crop production. The technology is currently not economically viable in most parts of Asia Pacific and Africa and is therefore restricted to niche agricultural research institutes in these regions. Japan, South Korea, Taiwan, and some parts of China are attractive markets for precision irrigation.

Key players in this market are Valmont Industries, Inc, Hortau, Precision Irrigation Services (Aust) Pty Ltd, Hunter Industries, Netafim, Precision Lawn Irrigation, Inc., Trimble Inc., Aquaspy, and CropMetrics. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

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Precision Irrigation Market