Published: Aug, 2018
The global market for smart irrigation is considered as a highly competitive market and is projected to witness a stiff competition in the next few years, stated a new market research study by Transparency Market Research. The key players in this market are focusing on the development of new product and innovations, which is projected to enhance the growth of the overall market in the next few years. In addition to this, the rising research and development activities is predicted to generate potential growth opportunities for the market players in the next few years. Some of the key players operating in the smart irrigation market across the globe are HydroPoint Data Systems, Inc., Rachio Inc., Orbit Irrigation Products Inc., Rain Bird Corporation, The Toro Company, and Telsco Industries Inc. Furthermore, the increasing number of mergers and acquisitions in the market is another major factor that is estimated to enhance the competitive environment of the market and in the next few years.
As per the market research study by Transparency Market Research, the global market for smart irrigation is projected to reach a value of US$2.32 bn by the end of 2026. The market is predicted to register a promising 13.10% CAGR between 2017 and 2026.
North America and Europe to Observe High Growth in Coming Years
The global market for smart irrigation has been categorized on the basis of geography into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. In the last few years, North America held a large share of the overall market and is estimated to remain in the similar situation in the next few years. Furthermore, Europe is expected to hold the second position in the coming few years, thanks to the increasing adoption of smart irrigation. On the other hand, Asia Pacific is projected to register a strong growth rate in the next few years. The high growth of this region can be attributed to the rising contribution from China, South Korea, and India. The rising expenditure on the adoption and implementation of smart irrigation in order to cater to the rising food demands is projected to accelerate the growth of this region in the next few years.
The global smart irrigation market has been segmented on the basis of end use into education and play grounds, agri-professionals, communities, commercial properties, architect and specifiers, and others. Among these, agri-professionals segment is expected to register a healthy growth rate in the next few years. This segment is considered to hold a major share of the market in the coming few years. On the other hand, the architect and specifiers and communities segments are estimated to register a healthy growth rate in the coming few years.
Research and Developments to Drive Global Smart Irrigation Market
The rising demand for food production and the reduction in the wastage of resources are considered as the key factors that are projected to encourage the growth of the global smart irrigation market in the next few years. In addition to this, the growing need for water conservation is projected to accelerate the growth of the overall market in the next few years. On the flip side, the lack of awareness among consumers regarding the smart irrigation and the high initial cost of installation are the factors that are likely to hamper the growth of the smart irrigation market in the next few years. Nonetheless, the continuous advancements and innovations in the communication technology and the adoption of irrigation drones are projected to offer potential growth opportunities for the market players in the coming few years.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Smart Irrigation Market (Component Type - Smart Irrigation Controller System, Soil Moisture Sensor, Rain or Freeze Sensor, Water Management Platform, Flow Management Solution and Other Sensors; End-user - Agri Professionals, Commercial Properties, Communities, Education & Play Grounds, Government, Architect & Specifiers, and Other End-users; Solution Type – Smart Irrigation Management, Leak & Flow Management, Water Budget Management, Drought Compliance Management, and Other Solutions) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2026.”
- Innovations and technological developments in the smart irrigation systems to encourage growth of the global smart irrigation market in the next few years.
- North America to lead the global smart irrigation market and offer potential growth opportunities for the market players in the coming years.
The global smart irrigation market has been segmented as below:
Global Smart Irrigation Market: By Component Type
- Smart Irrigation Controller System
- Soil Moisture Sensor
- Rain or Freeze Sensor
- Water Management Platform
- Flow Management Solution
- Other Sensors
Global Smart Irrigation Market: By End User
- Agri Professionals
- Commercial Properties
- Education & Play Grounds
- Architect & Specifiers
Global Smart Irrigation Market: By Solution Tyoe
- Smart Irrigation Management
- Leak & Flow Management
- Water Budget Management
- Drought Compliance Management
- Other Solutions
Global Smart Irrigation Market: By Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America
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