Meticulous Research®, a prominent global market research firm, has released a report titled, "Precision Irrigation Market by Offering (Solutions, Services), Irrigation Type (Sprinklers Irrigation, Drip Irrigation, Surface Irrigation), End User (Agriculture, Turf & Sport Fields, Residential), and Geography - Global Forecast to 2030."
According to this latest report, the precision irrigation market is anticipated to reach $4.2 billion by 2030, growing at a CAGR of 11.7% over the forecast period. This market expansion is fueled by the increasing need for water efficiency and conservation, the growing use of precision irrigation to boost crop yield and quality, and rising government policies and subsidies offering low-interest loans for precision irrigation system implementation. However, the market faces challenges due to high initial costs and ongoing maintenance expenses related to hardware, software, and infrastructure. Nonetheless, the market is poised for growth due to increasing investments in sensor-based systems and automated irrigation controllers. A significant challenge remains the connectivity issues in rural areas. Noteworthy trends include the growing application of machine learning and artificial intelligence in precision irrigation.
The market is categorized by offerings (solutions, including software and hardware, and services), irrigation types (surface irrigation, sprinklers irrigation, drip irrigation, center pivot irrigation, and other methods), end users (agriculture, residential, turf & sport fields, golf courses, parks and landscapes, and other end users), and geography. The report also assesses industry competitors and analyzes the market at regional and country levels.
Based on offering, the precision irrigation market is divided into solutions and services. In 2023, the solutions segment is anticipated to hold the largest share of the market. This dominance is attributed to the increasing use of precision irrigation solutions to improve crop yield and quality, heightened awareness of environmental concerns prompting farmers to adopt these solutions, the expansion of large-scale farming operations, the need to conserve water, energy, and labor costs, and the growing availability of data-driven insights on soil moisture and weather conditions.
Additionally, this segment is expected to achieve the highest CAGR throughout the forecast period.
Based on irrigation type, the precision irrigation market is divided into surface irrigation, sprinkler irrigation, drip irrigation, center pivot irrigation, and other irrigation types. In 2023, the sprinkler irrigation segment is expected to hold the largest market share. This substantial share is due to the increasing demand for cost-effective irrigation methods, the high efficiency of sprinklers in distributing water uniformly, the need to safeguard crops from high temperatures, and the growing use of sprinkler irrigation for high-value plantation crops such as coffee, cardamom, and orchards.
Furthermore, this segment is projected to experience the highest CAGR during the forecast period.
Based on end user, the precision irrigation market is segmented into agriculture, residential, turf & sport fields, golf courses, parks and landscapes, and other end users. In 2023, the agriculture segment is expected to hold the largest share of the market. This significant share is due to the increasing need to enhance efficiency and productivity by optimizing the use of resources such as water and fertilizer, the rising efforts to mitigate environmental impacts by reducing soil erosion and water pollution, the growing necessity for crop cultivation, landscape maintenance, and soil restoration in agriculture, and the increasing demand for precise and targeted water application to crops.
Additionally, this segment is projected to achieve the highest CAGR during the forecast period.
Based on geography,
Key Players:
The key players in the precision irrigation market include Netafim Limited (Israel), a subsidiary of Orbia Advance Corporation, S.A.B. de C.V.; 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 market segments are experiencing high growth based on offering, irrigation type, end user, and geography?
• What was the historical market size for precision irrigation?
• What are the market forecasts and estimates for the period from 2023 to 2030?
• What are the major drivers, restraints, opportunities, challenges, and trends in the precision irrigation market?
• Who are the major players in the precision irrigation market, and what market shares do they hold?
• What does the competitive landscape look like in the precision irrigation market?
• What are the recent developments in the precision irrigation market?
• What strategies have the major players adopted in the precision irrigation market?
• What are the key geographic trends, and which countries are experiencing high growth?
• Who are the emerging local players in the precision irrigation market, and how do they compete with the established players?
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