Global Precision Irrigation Market Analysis and Forecasts, 2022-2023 & 2027 with a Snapshot of Corporate Strategies Adopted by the Key Players
DUBLIN, May 5, 2023 /PRNewswire/ — The “Precision Irrigation Market – A Global and Regional Analysis: Focus on Product, Application, and Country Analysis – Analysis and Forecast, 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global precision irrigation market was valued at $2,238.7 million in 2022 and is forecast to reach $4,471.2 million by 2027 at a CAGR of 14.84%.
Owing to the growing demand for food and grains, the growth in the precision irrigation market is expected to be driven by the increasing adoption of digital and smart agriculture equipment and technologies.
Some of the primary benefits related to precision irrigation market in the agricultural field include yield monitoring and field mapping, crop scouting, weather tracking and forecasting, irrigation management, and farm economics.
The precision irrigation market is in a growth phase. Since 2010, the adoption of precision irrigation has increased, especially by medium and large-scale farmers. Increased awareness regarding the benefits of precision irrigation market has increased the adoption rate of these solutions. High technological advancement in some regions of the world is another driver toward the adoption of precision irrigation by farmers.
In precision irrigation, by delivering water and nutrients directly to the roots of plants, farmers can cultivate healthier crops and get bigger yields, which helps them to meet the growing demand for food without using up limited resources. This enhances the wide acceptance of precision irrigation among farmers.
Precision irrigation enables farmers to increase profitability by achieving higher yields per hectare, better-quality crops, while using less water, fertilizer, and energy. It helps farmers save water and reduce their water bills by avoiding over-watering their crops, which can lead to water waste and increased costs.
Precision irrigation is used in several applications, such as on-field and controlled environment agriculture, including greenhouse and indoor farming. The demand for precision irrigation for on-field was the largest in 2021 and is expected to remain a major application segment during the forecast period.
The two major methods of precision irrigation are drip irrigation and sprinkler irrigation. In 2021, drip irrigation was the largest method and is projected to remain so until 2027.
The market share is dominated by hardware solutions. Automation and control systems, sensing and imaging systems, and others make up the bulk of the hardware systems for precision irrigation solutions.
Asia-Pacific generated the highest revenue of $584.0 million in 2021, which is attributed to the large-scale adoption of advanced technologies and an increasing number of precision irrigation startups backed by the government, institutional, and corporate funding in the region.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company’s coverage, product portfolio, and market penetration.
Recent Developments in Global Precision Irrigation Market
In June 2022, Rivulis and Jain Irrigation Systems Ltd.’s subsidiary Jain International Trading merged with an aim to have definitive transaction agreements.
In February 2022, CALSENSE introduced irrigation management as a service or IMaaS. IMaaS consists of a unique and valuable way of irrigation management, which removes the need for customers to secure funds for purchasing smart irrigation controllers, sensors, and software.
In May 2022, HUNTER INDUSTRIES launched a 12″” eco-indicator that offers greater visibility from a distance. Eco-Indicator makes it quicker and easier to verify system operation from afar. The rugged 12″” device also provides a convenient visual signal when the system is pressurized also running. Its further elevated height offers a clear line of sight over tall shrubs, flowers, as well as grasses.
In March 2022, HydroPoint and Aliaxis partnered for smart water management. Through this partnership, Aliaxis and HydroPoint joined forces in the field of smart irrigation systems along with leak and flow monitoring services for the building industry. The new partnership would further allow both companies to build upon each other’s strengths.
Market Strategies and Developments
- Product Developments and Innovations
- Market Developments
- Mergers and Acquisitions
- Partnerships, Collaborations, and Joint Ventures
- Snapshot of Corporate Strategies Adopted by the Key Players in Global Precision Irrigation Market
- Growing Popularity of Precision Irrigation as a Service
- Precision Irrigation as a Tool for Sustainable Agriculture
- Ecosystem/Ongoing Programs
- Consortiums and Associations
- Government Initiatives Landscape
- Focus on Low-Cost Precision Irrigation Solutions to Enter Untapped Markets
- Rise in Adoption of Robots and Drones in Precision Irrigation
- Need for Optimal Water Usage in Agriculture
- Decreasing Labor Force in Agriculture
- Increasing Adoption of Fertigation and Chemigation
- High Initial Investment
- Lack of Technological Infrastructure
Competitive Benchmarking & Company Profiles
- Holman Industries
- HUNTER INDUSTRIES
- Jain Irrigation Systems Ltd.
- Lindsay Corporation
- Nelson Irrigation
- Rachio inc.
- Rain Bird Corporation
- The Toro Company
- Valmont Industries, Inc.
- Trimble Inc.
- Prospera Technologies
- CropX Inc.
- Acuity Agriculture
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