According to a new market research report published by Credence Research “Precision Irrigation Systems Market (Drip Irrigation, Micro-sprinklers & Sprayers, Center Pivot and Linear Move; Agriculture, Sports Grounds, Landscapes & Turfs and Residential)) – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”, the global precision irrigation systems market is estimated to expand with a CAGR of 13% from 2016 to 2023.
The complete report is available at https://www.credenceresearch.com/report/precision-irrigation-systems-market
Market Insights:
Precision irrigation systems are being observed as the best irrigation techniques for high water efficiency and productivity. The overall system comprises precise irrigation products connected with the control and management system. The irrigation products typically used for precision irrigation systems are drip irrigation, micro-sprinklers & sprayers, center pivot and linear move irrigation systems. These systems are installed with a control and management system that measures and controls the amount of water and fertilizer to be supplied to the crops/plants. As a result, the overall water efficiency rises substantially thereby increasing the production.
The most significant factor fueling the market growth is the rising need/demand for more efficient irrigation system with automated features for measurement and control. Although traditional irrigation techniques are still dominant in the overall market, developed regions such as North America and Europe have strong demand for advanced irrigation systems. Similar trend is estimated to be followed in the Asia Pacific region where agriculture represents a large sector with high population. The smart irrigation systems market is largely spurred by the rising population coupled with food requirement worldwide.
According to the United Nations, the global population is projected to cross the 8 Bn mark by 2030. This would further result into need for higher food production. Consequently, the adoption of more efficient and convenient irrigation systems is expected to increase significantly in the coming years resulting into higher demand for smart irrigation systems. Nevertheless, the most significant hindrance for the market is the high cost and technical complexities of the precision irrigation infrastructure.
Competitive Insights:
Some of the major companies operating in the precision irrigation systems market are Netafim Ltd., Valmont Industries, Inc., Lindsay Corporation, Jain Irrigation Systems Ltd., The Toro Company, Hunter Industries, Inc. and others. The market specifically for the precision irrigation systems is quite consolidated in nature with few major players occupying the major chunk of revenue globally. These companies emphasize on offering irrigation equipment and control and monitoring system as a whole.
Key Trends:
- Precision irrigation systems including chemigation and fertigation
- Irrigation systems with internet connectivity
- Focus on large untapped markets such as China and India
- Development of advanced networks comprise large number of sensors for precise moisture/weather conditions monitoring