The global precision irrigation market size was valued at USD 3.1 billion in 2020 and is expected to surpass USD 4.6 billion by 2028, expanding at a CAGR of 12.8% during the forecast period, 2021–2028. Growth of the market is attributed to the increasing demand for efficient irrigation system and rising government support for water conservation.
Precision irrigation is modern farming practices which helps in the efficient production process and raises the quantity and quality of the crops. The soil and farmers works well with precision irrigation. Precision irrigation helps for proper utilization of water in the field with combination of solution and system.
Various modern and innovative technologies are used in precision irrigation market such as global positioning systems and global positioning system-computer guided harvesters and tractors. Precision irrigation helps to improve the agriculture yields and reduces the environmental risks. It helps to monitor plants and soil by placing sensors, save time and cost, and it can be integrated with farm management software’s.
Market Trends, Drivers, Restraints, and Opportunities
- Rising need to reduce excessive use of water in agriculture is anticipated to propel the market in the coming years.
- Government’s supportive policies and subsidies are projected to fuel the market during the forecast period.
- Rapid growth of agriculture sector is major factor driving the market in the coming years.
- Growing installation of internet of things in the agriculture farms is estimated to fuel the market during the forecast period.
- High initial and technological cost of the systems is expected to restrict the market growth.
- Lack of technical knowledge and skills among the farmers act as key factor that can hinder the market growth during the forecast period.
- Growing adoption of precision irrigation practices is projected to create immense opportunities for the market players.
- R&D investment and technological advancement in precision irrigation market are anticipated to offer lucrative opportunities for the market players.
Scope of the Report
The report on the global precision irrigation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Precision Irrigation Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Drip Irrigation [Sub-surface Drip Irrigation, Surface Drip Irrigation, and Precision Mobile Drip Irrigation], Sprinkler Irrigation [Center Pivot Sprinkler, Liner Sprinklers, and Traditional Sprinklers], and Others), Crop Types (Plantation Crops, Turf and Ornamentals, Field Crops, and Orchards & Vineyards)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Lindsay Corporation, Netafim Ltd., Elgo Irrigation Ltd., Jain Irrigations Systems Ltd., Rain Bird Corporation, Nelson Irrigation Corporation, and Valmont Industries Inc.
Market Segment Insights:
The drip irrigation segment is projected to account for a large market share
In terms of types, the global precision irrigation market is fragmented into drip irrigation, sprinkler irrigation, and others. The drip irrigation segment is further classified into sub-surface drip irrigation, surface drip irrigation, and precision mobile drip irrigation. The sprinkler irrigation segment is sub-segmented into center pivot sprinkler, liner sprinklers, and traditional sprinklers. The drip irrigation segment is expected to constitute a key share of the market during the forecast period owing to high usage in greenhouse vegetables and for controlling soil moisture.
The field crops segment is projected to hold a major market share
Based on crop types, the global precision irrigation market is segregated into plantation crops, turf and ornamentals, field crops, and orchards & vineyards. The field crops segment is expected to represent a key share of the market in the coming years due to low water and fertilizer requirements, decreased costs, and high profit margins. It is used in various field crops such as sugarcane, cotton, and corn.
The North America is anticipated to dominate the market
On the basis of regions, the global precision irrigation market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at a high CAGR during the forecast period. The regional market growth can be attributed to high use of soilless culture for the production of greenhouse vegetables. Skilled farmers in the region are raising the productivity of agriculture with the help of technologically advanced precision irrigation systems. On the other hand, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years owing to rising demand for food in the developing countries.
Segments Covered in the Report
The global precision irrigation market has been segmented on the basis of
- Drip Irrigation
- Sub-surface Drip Irrigation
- Surface Drip Irrigation
- Precision Mobile Drip Irrigation
- Sprinkler Irrigation
- Center Pivot Sprinkler
- Liner Sprinklers
- Traditional Sprinklers
- Plantation Crops
- Turf and Ornamentals
- Field Crops
- Orchards & Vineyards
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Lindsay Corporation
- Netafim Ltd.
- Elgo Irrigation Ltd.
- Jain Irrigations Systems Ltd.
- Rain Bird Corporation
- Associated British Foods PLC
- Nelson Irrigation Corporation
- Valmont Industries Inc.
Key players competing in the global precision irrigation market include Lindsay Corporation, Netafim Ltd., Elgo Irrigation Ltd., Jain Irrigations Systems Ltd., Rain Bird Corporation, Nelson Irrigation Corporation, and Valmont Industries Inc. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.