Precision Irrigation Market Overview:
Irrigation has been the ancient process of many people for livelihood but it has turned its face towards responsibility and as hobby for some more. The regard for health has lightened the activities of agriculture in order to make fertilizer free products that led to the precision irrigation. Precision irrigation involves the accurate assessment of the requirements of the plants and accurate application of the required volume at the required time. The development of precision irrigation has played a significant role not only in reducing the water required to maintain the yields of the crop but has also stressed the need for new methods for accuracy of irrigation scheduling and control.
Precision Irrigation Market Size:
The Precision Irrigation Market was valued at USD 2.76 billion in the year 2017 and is expected to grow further by 2023, registering a CAGR of 7.2% in the forecast period.
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Precision Irrigation Market Growth Factors, Drivers and Restraints:
The market for precision irrigation is driven by factors such as an increasing need for efficient use of water worldwide, demand for varieties of crops available round the year, rising population and its increasing food demand, and strong support from different government organizations who encourage and promote farmers to adopt precision irrigation and enhanced yield and quality of crops by using this irrigation. The major factors that are restricting the market are high initial installation cost and maintenance cost, and lack of technical expertise to interpret and operate precision irrigation technologies.
Precision Irrigation Market Geographical Overview:
Geographically countries like U.S., Canada, Mexico, U.K., Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, South Africa, etc. are predominant in the market. North America dominated the precision irrigation market with a share of more than 30%. The United States dominates the market for precision irrigation in the region. During the forecast period, North America is expected to witness a CAGR of 6.9%. Large-scale farmlands, the ever-existing need to increase the productivity of agriculture, and high labour costs will drive the market for precision irrigation in this region. Farmers in this region are highly skilled and are willing to embrace new technologies, therefore, high growth rates are expected to be seen in the region. Asia Pacific is another promising market with the increasing focus of working population on farming.
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Key Players of Precision Irrigation Market:
Some of the key players of the global precision irrigation market are Netafim Ltd., Valmont Industries, Inc., Lindsay Corporation, Jain Irrigation Systems Ltd., The Toro Company, Hunter Industries and so on.
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