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Precision Irrigation Market - A Global and Regional Analysis: Focus on Product, Application, and Country Analysis - Analysis and Forecast, 2022-2027

ReportLinker
ReportLinker

Global Precision Irrigation Market to Reach $4,471.2 Million by 2027. Global Precision Irrigation Market Industry Overview. The global precision irrigation market was valued at $2,238.7 million in 2022 and is forecast to reach $4,471.2 million by 2027 at a CAGR of 14.84%.

New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Precision Irrigation Market - A Global and Regional Analysis: Focus on Product, Application, and Country Analysis - Analysis and Forecast, 2022-2027" - https://www.reportlinker.com/p06437585/?utm_source=GNW
Owing to the growing demand for food and grains, the growth in the precision irrigation market is expected to be driven by the increasing adoption of digital and smart agriculture equipment and technologies. Some of the primary benefits related to precision irrigation market in the agricultural field include yield monitoring and field mapping, crop scouting, weather tracking and forecasting, irrigation management, and farm economics.

Market Lifecycle Stage

The precision irrigation market is in a growth phase.Since 2010, the adoption of precision irrigation has increased, especially by medium and large-scale farmers.

Increased awareness regarding the benefits of precision irrigation market has increased the adoption rate of these solutions. High technological advancement in some regions of the world is another driver toward the adoption of precision irrigation by farmers.

Impact

• In precision irrigation, by delivering water and nutrients directly to the roots of plants, farmers can cultivate healthier crops and get bigger yields, which helps them to meet the growing demand for food without using up limited resources. This enhances the wide acceptance of precision irrigation among farmers.
• Precision irrigation enables farmers to increase profitability by achieving higher yields per hectare, better-quality crops, while using less water, fertilizer, and energy. It helps farmers save water and reduce their water bills by avoiding over-watering their crops, which can lead to water waste and increased costs.

Market Segmentation:
Segmentation 1: by Site of Operation
• On-Field
• Controlled Environment Agriculture

Precision irrigation is used in several applications, such as on-field and controlled environment agriculture, including greenhouse and indoor farming. The demand for precision irrigation for on-field was the largest in 2021 and is expected to remain a major application segment during the forecast period.

Segmentation 2: by Method of Irrigation
• Drip Irrigation
• Sprinkler Irrigation
• Others

The two major methods of precision irrigation are drip irrigation and sprinkler irrigation. In 2021, drip irrigation was the largest method and is projected to remain so until 2027.

Segmentation 3: by Solution
• Hardware
• Software
• Services

The market share is dominated by hardware solutions. Automation and control systems, sensing and imaging systems, and others make up the bulk of the hardware systems for precision irrigation solutions.

Segmentation 4: by Region
• North America - U.S., Canada, Mexico and Rest-of-North America
• Europe - Germany, France, Netherlands, Belgium, Switzerland, Greece, Ukraine, Turkey and Rest-of-Europe
• China
• U.K.
• Asia-Pacific - India, Japan, Australia, and Rest-of-Asia-Pacific
• Middle East and Africa - Israel, South Africa and Rest-of-Middle East and Africa
• South America - Brazil, Argentina and Rest-of-South America

Asia-Pacific generated the highest revenue of $584.0 million in 2021, which is attributed to the large-scale adoption of advanced technologies and an increasing number of precision irrigation startups backed by the government, institutional, and corporate funding in the region.

Recent Developments in Global Precision Irrigation Market

• In June 2022, Rivulis and Jain Irrigation Systems Ltd.’s subsidiary Jain International Trading merged with an aim to have definitive transaction agreements.
• In February 2022, CALSENSE introduced irrigation management as a service or IMaaS. IMaaS consists of a unique and valuable way of irrigation management, which removes the need for customers to secure funds for purchasing smart irrigation controllers, sensors, and software.
• In May 2022, HUNTER INDUSTRIES launched a 12" eco-indicator that offers greater visibility from a distance. Eco-Indicator makes it quicker and easier to verify system operation from afar. The rugged 12" device also provides a convenient visual signal when the system is pressurized also running. Its further elevated height offers a clear line of sight over tall shrubs, flowers, as well as grasses.
• In March 2022, HydroPoint and Aliaxis partnered for smart water management. Through this partnership, Aliaxis and HydroPoint joined forces in the field of smart irrigation systems along with leak and flow monitoring services for the building industry. The new partnership would further allow both companies to build upon each other’s strengths.

Demand – Drivers and Limitations

Following are the demand drivers for the precision irrigation market:
• Need for Optimal Water Usage in Agriculture
• Decreasing Labor Force in Agriculture
• Increasing Adoption of Fertigation and Chemigation

The market is expected to face some limitations too due to the following challenges:
• High Initial Investment
• Lack of Technological Infrastructure

How can this report add value to end users?

Product/Innovation Strategy: The product segment helps to identify the needs of customers.The strategy focus on the specific needs of farmers, including water conservation, cost savings, and increased crop yields.

By understanding the needs of the customer, the research report provides targeted and relevant information that addresses these needs.

Growth/Marketing Strategy: The precision irrigation market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture.The favored strategy for the companies has been business expansion to strengthen their positions in the precision irrigation market.

For instance, in May 2021, Valmont Industries, Inc. acquired Prospera Technologies, which is an Israel-based artificial intelligence provider. The transaction was valued at approximately $300 million. Valmont and Prospera integrated AI technologies with center pivot irrigation in order to develop real-time crop analysis along with anomaly detection solutions, which resulted in strong adoption as well as greater returns for the grower.

Competitive Strategy: Key players in the precision irrigation market analyzed and profiled in the study involve precision irrigation service providers that provide tools and technologies.Moreover, a detailed competitive benchmarking of the players operating in the global precision irrigation market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.

Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company’s coverage, product portfolio, and market penetration.

Key Companies Profiled

• Rivulis
• CALSENSE
• Galcon
• Holman Industries
• HUNTER INDUSTRIES
• HydroPoint
• Jain Irrigation Systems Ltd.
• K-Rain
• Lindsay Corporation
• Nelson Irrigation
• NETAFIM
• Rachio inc.
• Rain Bird Corporation
• The Toro Company
• Valmont Industries, Inc.
• Trimble Inc.
• Prospera Technologies
• CropX Inc.
• Pycno
• Arable
• Acuity Agriculture

Countries Covered
• North America
• U.S.
• Canada
• Mexico
• Rest-of-North America
• South America
• Brazil
• Argentina
• Rest-of-South America
• Europe
• France
• Germany
• Greece
• Switzerland
• Ukraine
• Turkey
• Netherlands
• Belgium
• Rest-of-Europe
• U.K.
• China
• Asia-Pacific
• Japan
• India
• Australia
• Rest-of-Asia-Pacific
• Middle East and Africa
• Israel
• South Africa
• Rest-of-Middle East and Africa
Read the full report: https://www.reportlinker.com/p06437585/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

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