The smart irrigation market was valued at USD 0.83 billion in 2018 and is expected to reach USD 1.76 billion by 2023, at a CAGR of 16.30%, according to research company MarketsandMarkets.
Major factors contributing to the growth of the smart irrigation market include initiatives undertaken by various governments to promote water conservation, increasing adoption of smart irrigation controllers, and growing emphasis on increasing farm productivity and profits using smart irrigation solutions.
However, the implementation of smart irrigation technologies in fragmented land and the lack of awareness related to smart irrigation among farmers restrain the smart irrigation market growth, say the researchers.
Increasing adoption of ICT-based decision support systems on the farm ICT-based decision support systems, along with real-time data, can provide information covering all the aspects of farming at a granular level, which was not possible earlier. This enables improved decision-making, reduced water wastage, and increased efficiency at farms. With the help of smart controllers and sensors, farmers can ensure the supply of the right amount of water at right time in the farm.
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Smart irrigation comprises specialised hardware devices, software, and services used to obtain real-time data to help farmers make effective decisions pertaining to their farms. The combination of the Internet of Things (IoT) and Artificial Intelligence (AI) technologies, such as machine learning, computer vision, and predictive analytics, further allow farmers to analyse real-time data of weather conditions, temperature, soil moisture, and plant health.
Americas to dominate the smart irrigation market
The Americas account for a substantial share of the global smart irrigation market in 2018, wherein the US and Canada are considered to be the major contributors. The Americas accounted for a major share of 47% of the smart irrigation market in 2018, and the same trend is expected to follow during the forecast period.
The Americas held the largest market share owing to the early adoption of smart irrigation technologies by countries such as the US and Canada. The Americas have the highest number of smart irrigation systems installed at farms, residential landscapes, and golf courses. This region is home to several major players in the smart irrigation market; some of these are The Toro Company (US), Hunter Industries (US), Rain Bird Corporation (US), HydroPoint (US), Rachio (US), Banyan Water (US), and Rain Machine (US). These companies have contributed to the growth of the smart irrigation market in the Americas by launching innovative products and services and spending extensively on the R&D of smart irrigation technology.
Internet of Things (IoT) can play a vital role in increasing productivity of farm on per acre basis through site specific irrigation management, states the report by MarketsandMarkets. With the use of smart controllers, and sensors in farms and farming machineries, IoT-based smart irrigation offers real-time data and analytics, which enables farmers or growers to take corrective actions at right time.
“Hence, IoT is the most reliable approach for monitoring and predicting critical variables such as water quality, ambient temperature and moisture, and soil condition, which impacts the crop quality, yield, and the returns. Thus, IoT-based smart irrigation practice has the potential to transform the traditional irrigation method by making it more efficient and productive,” say the researchers.
