Smart Irrigation Market Valuation By Hardware Will Surpass US$ 1 Bn By The End Of 2024
Smart Irrigation Market: Overview
The amount of agricultural output is expected to grow till 2030, says a report by the Food and Agriculture Organization. With a projected growth of 1.4% in the aggregate crop production worldwide, the demand for supplies and solutions from industries working in the periphery of the agricultural sector is expected to rise. However, this does not necessarily mean that land under cultivation will rise dramatically. If anything, the agriculture industry will have to find ways to optimize productivity from a given piece of land as the urban sprawl occurs at the cost of arable land.
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This lays a solid foundation for the growth of the smart irrigation market. Companies in the market are helping farmers maximize yields through judicious usage of water. Smart irrigation is a relatively new concept in the agriculture sector. It entails the controlled use of water by scheduling the irrigation cycle at specific times of the day by using sensors and water flow controllers. By automating the run times of the irrigation system, it is possible to not only curb the amount of water used on a field, but also make sure that plants receive precise levels of water.
There are many benefits that farmers can expect when they invest in a smart irrigation system. Some of these include automatic shutoff of the irrigation system when it is raining, increase in the amount of water supplied when temperatures soar beyond a specified limit, and considerable savings in the amount of water used for irrigation.In order to achieve these functions, a myriad of sensors are used in smart irrigation systems. These include soil moisture sensors, ambient humidity sensors, and temperature sensors. Flow meters and other network elements are the other important components in the market.
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Global Smart Irrigation Market: Drivers and Trends
The global smart irrigation market features advanced systems that can be integrated with weather data systems to anticipate the amount of water required on a field over a particular period. This advantage of smart irrigation systems will aid the market’s growth during the forecast period. The market can be broadly segmented on the basis of smart irrigation hardware, sensors, and network components.
It is expected that the valuation of the global smart irrigation market by hardware will surpass US$ 1 Bn by the end of 2024. Much of the growth reported by the market will occur as a result of heightened awareness regarding water conservation. Moreover, the agricultural community worldwide is taking issues such as resource wastage and per-hectare productivity seriously. This has led to greater willingness among farmers to adopt technologies that can help them meet this end.
Demand for sensors is expected to remain the highest in the global smart irrigation market by hardware and components. The other reason for increasing sales of sensors for smart irrigation is that they help farmers identify the levels of various nutrients in the soil. Issues such as water logging can also be efficiently and swiftly identified with the use of sensors.While the use of smart irrigation is seen in non-agricultural applications such as on golf courses, for landscaping and turf development, and in the residential sector, it is the agriculture application segment that will exhibit the highest demand for smart irrigation systems.
Global Smart Irrigation Market: Region-wise Outlook
Demand for smart irrigation has been rising consistently in North America. This is attributable to the emphasis of governments in the U.S. and Canada on the planned use of natural resources and greater awareness about environmental issues. With subsidies and rebates available to those implementing optimal resource utilization techniques, the adoption of systems such as smart irrigation is projected to rise in the region. Companies offering smart irrigation hardware and network components in line with these developments include The Toro Company, Rachio Inc., Baseline Inc., Rain Bird Corporation, and Calsense.
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