Meticulous Research®, a leader in the field of global market research, has unveiled a detailed report titled ‘Precision Irrigation Market by Offering (Solutions, Services), Irrigation Type (Sprinklers Irrigation, Drip Irrigation, Surface Irrigation), End User (Agriculture, Turf & Sports Fields, Residential), and Geography - Global Forecast to 2030.’
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According to this report, the precision irrigation market is projected to reach $4.2 billion by 2030, achieving a compound annual growth rate (CAGR) of 11.7% throughout the forecast period. This growth is primarily driven by an increasing demand for water efficiency and conservation, heightened implementation of precision irrigation technologies to enhance crop yield and quality, and government policies offering subsidies and low-interest loans for the adoption of precision irrigation systems. Nevertheless, the market faces challenges due to high initial costs for hardware, software, and maintenance. On the other hand, investment in automated irrigation systems and sensor technologies presents opportunities for growth. However, connectivity issues in rural areas continue to pose significant challenges. Notably, trends show an increasing incorporation of machine learning (ML) and artificial intelligence (AI) within the precision irrigation market.
The precision irrigation market is segmented based on various parameters: offerings (solutions, which include hardware and software, and services), irrigation types (surface irrigation, sprinkler irrigation, drip irrigation, center pivot irrigation, and other methods), end users (agriculture [including field crops, orchards, vineyards, and greenhouses], residential, turf & sports fields, golf courses, parks, landscapes, and others), and geographical distribution. This study also includes an analysis of competitive dynamics and evaluates market conditions at the regional and country levels.
In terms of offerings, the solutions segment is expected to dominate the precision irrigation market in 2024. This anticipated growth can be attributed to the increasing adoption of precision irrigation solutions designed to enhance crop yield and quality. The growing awareness of environmental issues is driving farmers to adopt precision irrigation solutions that provide data-driven insights regarding soil moisture and weather conditions, allowing for more efficient resource management. Consequently, this segment is projected to register the highest CAGR during the forecast period.
From the perspective of irrigation types, the sprinkler irrigation segment is expected to hold the largest market share in 2024. The growth of this segment is driven by the increasing demand for affordable irrigation solutions, along with the high efficiency associated with sprinkler systems that ensure uniform water distribution. The use of sprinklers to protect crops from extreme temperatures and their popularity for high-value plantation crops contribute to this segment's success. This segment is also predicted to experience the highest growth rate during the forecast period.
When examining end users, the agriculture segment is anticipated to represent the largest share of the precision irrigation market in 2024. This growth can be attributed to the increasing need for optimizing resource use—particularly water and fertilizers—aimed at boosting efficiency and productivity. Moreover, precision irrigation techniques facilitate targeted water application, leading to improved crop yields. As such, the agriculture segment is projected to grow at the highest CAGR during the forecast period.
Geographically, the precision irrigation market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among these regions, Asia-Pacific is forecasted to capture the largest market share by 2024. This growth can be attributed to rising demands for agricultural products, government initiatives promoting sustainable practices, and advancements in agricultural technology. The region's diverse climatic conditions also encourage farmers to adopt precision irrigation systems to effectively manage water resources. Overall, Asia-Pacific is projected to demonstrate the highest CAGR throughout the forecast period.
Key Players:
The key players operating in the precision irrigation market include Netafim Limited (Israel) (A Subsidiary of Orbia Advance Corporation, S.A.B. de C.V.), Deere & Company (U.S.), Jain Irrigation Systems Ltd. (India), Lindsay Corporation (U.S.), Nelson Irrigation Corporation (U.S.), Saturas ltd. (Israel), The Toro Company (U.S.), Valmont Industries Inc. (U.S.), T-L IRRIGATION CO. (U.S.), Viridix Ltd. (Israel), Mahindra EPC Irrigation Limited (India), Chinadrip Irrigation Equipment Co.Ltd. (China), Libelium Comunicaciones Distribuidas S.L. (Spain), CropX Technologies Ltd. (Australia), and ONDO (Balkans).
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Key questions answered in the report.
- Which are the high-growth market segments based on offering, irrigation type, end user, and geography?
- What was the historical market for precision irrigation?
- What are the market forecasts and estimates for the period 2024–2030?
- What are the major drivers, restraints, opportunities, challenges, and trends in the precision irrigation market?
- Who are the major players, and what shares do they hold in the precision irrigation market?
- What is the competitive landscape like in the precision irrigation market?
- What are the recent developments in the precision irrigation market?
- What are the different strategies adopted by the major players in the precision irrigation market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the precision irrigation market, and how do they compete with the other players?
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