Precision irrigation could see a $4.2 billion market value by 2030

Posted July 10, 2024 by Rajul123

Explore the $4.2 billion precision irrigation market for exclusive insights on critical market trends, segments, geographical analysis, and competitive landscape!
Meticulous Research®, a prominent global market research firm, has recently released an extensive report titled 'Precision Irrigation Market.' This comprehensive study delves into various facets including solutions and services offered, types of irrigation (such as sprinklers, drip, and surface), and target end-users spanning agriculture, turf & sport fields, and residential sectors. The report provides forecasts up to 2030, predicting that the precision irrigation market is set to achieve $4.2 billion by then, with a robust compound annual growth rate (CAGR) of 11.7%.
Key factors driving this growth include heightened emphasis on water efficiency, widespread adoption of precision irrigation to enhance crop productivity and quality, and governmental backing through initiatives like low-interest loans for precision irrigation systems. However, challenges such as initial high costs and ongoing maintenance of hardware, software, and infrastructure remain significant constraints. Despite these challenges, investments in sensor-based technologies and automated irrigation controls are anticipated to create new growth avenues.
The precision irrigation market analysis categorizes offerings into software, hardware, and services, while irrigation types encompass surface, sprinklers, drip, center pivot, and others. End-users are segmented into agriculture (covering field crops, orchards, vineyards, and greenhouse applications), residential areas, turf & sports fields, golf courses, parks, landscapes, and other sectors. Regional and national competitive analyses are also integrated into the report, highlighting emerging trends like the integration of machine learning and artificial intelligence in precision irrigation technologies.
Based on offering, In the precision irrigation market, the primary segments include solutions and services. By 2023, the solutions segment is anticipated to lead, driven by the growing uptake of precision irrigation solutions aimed at improving crop yield and quality. Key factors propelling this trend include heightened environmental consciousness among farmers, the expansion of large-scale farming enterprises, and the imperative to conserve water, energy, and labor expenses. Advancements in data-driven insights concerning soil moisture and weather conditions further bolster the growth of this segment. Additionally, it is projected to maintain the highest compound annual growth rate (CAGR) over the forecast period.
Based on irrigation type, The precision irrigation market includes several categories such as surface irrigation, sprinkler irrigation, drip irrigation, center pivot irrigation, and other specialized methods. By 2023, the sprinkler irrigation segment is positioned as the market leader. This prominence is influenced by several factors: growing demand for economical irrigation solutions, effective water distribution ensuring uniformity, the necessity to shield crops from extreme temperatures, and the increasing adoption of sprinkler systems in lucrative crops such as coffee, cardamom, and orchards. Moreover, this segment is projected to sustain the highest compound annual growth rate (CAGR) over the forecast period.
Based on end user, The precision irrigation market encompasses diverse sectors, including agriculture, residential areas, turf and sports fields, golf courses, parks, landscapes, and other user groups. By 2023, the agriculture segment is projected to hold the largest share of the precision irrigation market. This dominance is driven by increasing efforts to enhance efficiency and productivity through optimal utilization of resources like water and fertilizer. Additionally, initiatives focused on reducing soil erosion and water pollution to minimize environmental impact contribute significantly to the segment's growth. There is also a rising demand for precise water application in agriculture to support crop growth, maintain landscapes, and promote soil health restoration. Moreover, the agriculture segment is expected to achieve the highest compound annual growth rate (CAGR) during the forecast period.
Based on geography, The precision irrigation market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. By 2023, Asia-Pacific is poised to take the lead in the precision irrigation market. This leadership is driven by several factors: a critical need to enhance crop yields and meet expanding agricultural demands, governmental support for sustainable farming practices and water conservation, advancements in agricultural technology throughout the region, and diverse climatic conditions that favor the adoption of precision irrigation for efficient water management and crop cultivation. Furthermore, Asia-Pacific is expected to maintain the highest compound annual growth rate (CAGR) throughout the forecast period.
Key Players:
Key players in the precision irrigation market include Netafim Limited, a subsidiary of Orbia Advance Corporation, S.A.B. de C.V. (Israel), Deere & Company (U.S.), Jain Irrigation Systems Ltd. (India), Lindsay Corporation (U.S.), Nelson Irrigation Corporation (U.S.), Saturas Ltd. (Israel), The Toro Company (U.S.), Valmont Industries Inc. (U.S.), T-L Irrigation Co. (U.S.), Viridix Ltd. (Israel), Mahindra EPC Irrigation Limited (India), Chinadrip Irrigation Equipment Co. Ltd. (China), Libelium Comunicaciones Distribuidas S.L. (Spain), CropX Technologies Ltd. (Australia), and ONDO (Balkans).
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Key questions answered in the report.
• Which segments show significant growth opportunities in terms of product offerings, irrigation techniques, target markets, and global regions?
• What is the historical performance of the precision irrigation sector?
• What are the market forecasts and projections for the period 2023 to 2030?
• What are the key drivers, constraints, opportunities, challenges, and emerging trends influencing the precision irrigation market?
• Who are the leading players in the precision irrigation sector, and what are their market shares?
• What does the competitive landscape look like within the precision irrigation market?
• What recent advancements have been made in precision irrigation technology?
• What strategies have major players adopted in the precision irrigation market?
• What significant regional trends exist, and which countries are experiencing notable market growth?
• Who are the emerging local competitors in the precision irrigation market, and how do they compete with established firms?
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Issued By Rajul Bijole
Country United States
Categories Agriculture , Food , Lifestyle
Tags precision irrigation market , precision irrigation , surface irrigation , sprinklers irrigation , drip irrigation , center pivot irrigation , agriculture , farming
Last Updated July 10, 2024