Irrigation held the spotlight as one of the significant reasons for water shortage worldwide. Therefore, several developments are happening to sustainably utilize water in the irrigation process. Agricultural activities are responsible for almost XX% of all water consumption and up to XX% in some developing countries such as the U.S., Australia, the U.K., and Japan. The increase in population demands the sustained growth of food production in the coming years, requiring water inputs to support the global smart irrigation market. Therefore, as an acceptable solution, there is a need to reduce agricultural water use by utilizing water in the right quantities. Internet-based software systems in the smart-irrigation solutions provide a cost-effective approach to water management.
Read Report Overview: Smart Irrigation Market
The smart irrigation process helps in automating the irrigation procedure, reducing the water use, which ultimately reduces the irrigation cost, gives a better understanding of the soil and crop moisture content, provides timely notifications of the abnormalities in soil, and offers good long-term health of the landscape. This automation of irrigation procedures can be supported by building software solutions applicable for agricultural purposes. Through software solutions in the field, agricultural activities can be better monitored and managed. Irrigation software such as Spruce, Rubbicon’s FarmConnect, and Hydrawise also enables controlling of field activities remotely. It can be strategically planned how and when the irrigation has to be undertaken, which would lead to more transparency in the field and increased agricultural and water efficiency.
Smart irrigation systems include a complete irrigation setup that can be deployed in a wide range of applications such as residential, sports grounds, landscape, and agriculture, among others. These systems offer end-to-end coverage over processes involved in smart irrigation with components such as sensors, controllers, water flow meters, sprinklers, water pumps, and nozzles, among others. Components are individual hardware and software solutions required in setting up a complete smart irrigation system. These components help in automating the irrigation process that leads to increased irrigational efficiency along with decreased water consumption and wastage.
Market Drivers and Challenges in the Global Smart Irrigation Market
A major factor driving the global smart irrigation market is the emergence of smart farming and smart irrigation technologies, and it is expected that the demand for smart irrigation models is going to increase. Therefore, the decreasing cost of components acts as a driver for the adoption of smart irrigation tools and techniques in the market.
One of the major challenges in the growth and development of the global smart irrigation market is that the smart agriculture equipment carries an excessive cost, which prevents small- and medium-scale farmers from purchasing the same. As a result, the implementation of capital-intensive farm equipment is a difficult proposition for small and marginal farmers. Furthermore, in developing countries, the unwillingness of commercial banks to finance farm equipment is also another restraint in the growth of farm mechanization.
Global Smart Irrigation Market (by Product)
The product section of the global smart irrigation market is divided into components, systems, and business models. The components deployed in smart irrigation systems include controller, sensor, water flow meter, and others. The two basic systems used in smart irrigation are weather and sensor-based controller systems.
Global Smart Irrigation Market (by Region)
One of the primary drivers for the high growth rate of the global smart irrigation market is the high technological advancement in various regions such as North America, Asia-Pacific, and Europe, along with high emphasis from the governing and regulatory bodies on modern equipment.
Competitive Landscape of the Global Smart Irrigation Market
The global smart irrigation market has seen key development by top players operating in the market, such as business expansion, partnership, collaboration, and joint venture, among others. The favored strategy for the companies has been mergers and acquisitions to strengthen their position in the global smart irrigation market. For instance, in November 2021, Platinum Equity has agreed to sell sprinkler business Orbit Irrigation Products to Husqvarna Group in a contract valued at $XX million.
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Another strategy adopted by the players in the market is partnerships and collaborations. The companies have put in substantial efforts to build new strategies for improving the availability of smart irrigation-based products. For instance, in December 2021, SupPlant LLC. announced that it had begun working with Agri Entrepreneur Growth Foundation (AEGF). The partnership aimed at providing smallholder Indian farmers precise irrigation recommendations to help them use less water to grow grapes, sugar cane, mango, and citrus. Also, in September 2021, InfraCo Africa and Bonergie Irrigation signed an agreement to scale up access to solar-powered irrigation solutions in Senegal. A key opportunity for growth in the market is an increase in the adoption of modern technological advancements in agriculture across different regions. Moreover, increased technology would drive precision agriculture and smart farming markets along with increased government initiatives.