| A02219 | Pages: 256 | Jul 2021 | 10681 Views | ||
| Author(s) : Divyanshi Tewari and Aishwarya Rajvaidya , Vijay Poola | Tables: 115 | Charts: 61 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Smart Irrigation Market
Request Now !The global smart irrigation market size was valued at $1.44 billion in 2020, and is projected to reach $5.57 billion by 2030, growing at a CAGR of 13.9% from 2021 to 2030.
The emergence of COVID 19 has declined the growth of Smart Irrigation market in 2020 and is estimated to witness slow growth till the end of 2021 due to implementation of partial and complete lockdown across various countries globally as it has impacted the manufacturing and industrial sector.
Smart irrigation system are a combination of an advanced technology and are the key component of precision agriculture. These help monitor weather, soil conditions, and plant water use to automatically adjust the watering schedule. These systems are used in agriculture, golf course, and residential sectors.
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Availability of advanced features in irrigation system, increase in government initiatives and policies to promote water conservation & farming, and rise in penetration of automated monitoring systems in the farming sector drive the growth of the smart irrigation systems market trends.
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However, high initial investment and maintenance cost and lack of skilled workforce in the developing regions for operating the technology are expected to pose major threats for the smart irrigation market analysis. Furthermore, the surge in demand for 5G network for remote monitoring and rise in adoption of smart technologies and smart infrastructures among regions are expected to offer lucrative opportunities for the global smart irrigation market growth.
Increase in competition and low awareness among small scale manufactures are the key factors that hamper the growth of the smart irrigation market forecast. Rise in awareness for need of smart irrigation and surge in need of water conservation are the factors providing lucrative smart irrigation market opportunity globally.
The smart irrigation market share is segmented on the basis of type, component, end use and region. By type, the market is bifurcated into climate based and sensor based. By component the market is segmented into controllers, sensors, meters and others. By end use, the market is analyzed across agriculture (conventional method, farming, and greenhouse), residential and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
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The key players profiled in the smart irrigation industry include Rain Bird Corporation, The Toro Company, Hunter Industries, CALSENSE, ET Water Systems, Inc., HydroPoint Data Systems, Weathermatic, Rachio inc., Stevens Water Monitoring System, Orbit Irrigation Products Inc. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaborations, to enhance their market penetration.
The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and is causing widespread concerns and economic hardship for consumers, businesses, and communities across the globe. The “new normal” that includes social distancing and working from home has created challenges with daily activities, regular work, needs, and supplies, causing delayed initiatives and missed opportunities.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. This creates uncertainty in the stock market, decreases business confidence, slows supply chain, and increases panic among customers. European countries under lockdown have suffered a major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the outbreak of COVID-19, which led to slowdown in growth of the market outlook in 2020.
According to the smart irrigation market trends, the COVID-19 pandemic has severely impacted the global manufacturing and industrial sectors as production facilities have stalled, which, in turn, led to significant demand in industries.
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The emergence of COVID-19 has declined the growth of the smart irrigation market in 2020, and is estimated to witness slow growth till the end of 2021. Implementation of partial or complete lockdown across various countries globally is the prime reason for decline in growth rate. As industries were temporarily shut, it reduced the need for maintenance from various industries.
Notable factors positively affecting the growth of the smart irrigation market include the growing advanced features in irrigation system, increasing government initiatives and policies to promote water conservation & farming and increasing penetration of automated monitoring systems in the farming sector. However, high initial investment and maintenance cost and lack of skilled workforce in developing regions for operating the technology are expected to pose major threats for the growth of the smart irrigation market. Furthermore, the surge in demand for 5G network for remote monitoring and rise in adoption of smart technologies and smart infrastructures among regions are expected to offer lucrative opportunities for the market growth in the coming years.
Smart irrigation systems are used in agriculture, golf course, residential, and other sectors. Smart irrigation system with IoT technology helps in water level detection, as it automatically irrigates the water based on the moisture level in the soil, and also helps keep track of the land condition. The rise in demand for IoT and cloud technology is attributed to increased demand for smart irrigation, which, in turn, drives the market growth.
Smart irrigation system is equipped with IoT technology, automotive system, and sensors. This increases its cost. In addition, the installation and maintenance costs of these systems are high. These factors majorly hamper the growth of the smart irrigation market.
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Key Benefits For Stakeholders
Key Market Segments
By Type
By Component
By End Use
By Region
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The smart irrigation market is competitive, owing to strong presence of existing vendors. Smart irrigation vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.
The smart irrigation market holds a substantial scope for growth on a global scale. Its contribution to the market is anticipated to increase significantly within the span of the forecasted period. Recent discoveries and innovations have created vast opportunities for numerous players to step in the smart irrigation market.
The surge in demand for 5G network for remote monitoring and the rise in advanced features in irrigation system drive the market growth. High initial investment and maintenance cost and lack of skilled workforce in developing regions for operating the technology is the biggest limitation for the market growth.
Surge in competition and reduced awareness among small scale manufactures are the key factors that hamper the growth of the market. Increase in awareness for need of smart irrigation and rise in requirement of water conservation are the factors opportunistic for the market growth.
A. The Smart Irrigation Market is estimated to grow at a CAGR of 13.9% from 2021 to 2030.
A. The Smart Irrigation Market is projected to reach $5.57 billion by 2030.
A. To get the latest version of sample report
A. Factors such asAvailability of advanced features in irrigation system, increase in government initiatives and policies to promote water conservation & farming, and rise in penetration of automated monitoring systems in the farming sector drives the growth of the Smart Irrigation market
A. The key players profiled in the report include Rain Bird Corporation, The Toro Company, Hunter Industries, CALSENSE, ET Water Systems, Inc., HydroPoint Data Systems, Weathermatic, Rachio inc., Stevens Water Monitoring System, Orbit Irrigation Products Inc, and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. The Smart Irrigation Market is segmented on the basis of type, component, end use, and region.
A. The key growth strategies of Smart Irrigation market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
A. Agriculture Segment holds a dominant position throughout the forecast period.
A. Sensor Based segment will grow at a highest CAGR of 14.9% during 2021 - 2030
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