Smart Irrigation Market -Overview
The prerequisite for real-time monitoring of irrigation system is foreseen to spur the smart irrigation market 2020. The sensor and control reports are made by Market Research Future, which comprises of market choices for advance. An 18.6% CAGR is predicted to enhance the revenue base to USD 1.87 billion in the upcoming period.
The scarcity of water resources for agricultural practices is expected to boost the Smart Irrigation Market Size significantly in the coming years. The efficient use of water helps to reduce water waste, and this is expected to support the growth of the smart irrigation market in the future years.
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Segmental Analysis
The smart irrigation market is segmented by type, component, application, region, and vertical. Soil management, water resource management, and groundwater management are the application bases for segmenting the smart irrigation market. The smart irrigation market is divided into Asia Pacific, North America, Europe, and other major markets based on geographies. The smart irrigation market is divided into controllers, sensors, and fertilizer meters based on the component. The smart irrigation market is segmented into two types: sensor-based controller systems and weather-based controller systems. The smart irrigation market is classified into two categories based on vertical: non-agriculture and agricultural.
Detailed Regional Analysis
The smart irrigation market is examined regionally, with regions such as Asia Pacific, North America, Europe, and other major markets included. Because of the presence of key organizations in this market, such as among other strong contenders in this region, the regional smart irrigation market of North America is dominating the smart irrigation market during the projection period. The emergence of early technology adopters and increased investment in the research and development sector of smart irrigation by countries such as the United States and Canada in this region are the key drivers driving demand for smart irrigation. The Asia Pacific smart irrigation market is anticipating to touch the uppermost CAGR in the forecast period owing to water conservation concerns and augmented implementation of digital expertise such as that of meters, and sensors for irrigation in nations of the Asia Pacific such as China and India. The escalation in the water crisis globally is predicted further to deepen the impetus for the smart irrigation market.
Competitive Analysis
The global market is thought to be piloted by supply and demand forces that have assumed control. In the coming months, market competitors are expected to take the required steps to protect their economic interests. The repercussions of the economic slowdown are expected to persist, as they have in recent years. In order to observe favorable benefits in terms of market progress, supply chain reform must be vigorously promoted. The government's backing is expected to boost the market's long-term expansion in the next years. In the aftermath of the current worldwide pandemic, consumer trends that are of particular concern to demand are expected to take time to settle. The investments related to marketing and R & D are foreseen to be staggered seeing the current economic climate. However, the market is predicted to be hindered to an extent by the restrictions in international trade due to the pandemic.
The important contenders in the smart irrigation market are Rain Bird Corporation (US), Galcon (Israel), Hunter Industries (US), Netafim (Israel), Stevens Water Monitoring System (US), The Toro Company (US), Rachio (US), Weathersmatic (US), Banyan Water (US) to name a few.
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