Precision Irrigation Market Forecasts to 2028 – Global Analysis By Type (Sprinkler Irrigation, Drip Irrigation and Other Types), Crop Type (Vegetable corps, Field Crops, Turf And Ornamentals, Orchard and Vineyards and Other Crop Types), Application and By

Precision Irrigation Market Forecasts to 2028 – Global Analysis By Type (Sprinkler Irrigation, Drip Irrigation and Other Types), Crop Type (Vegetable corps, Field Crops, Turf And Ornamentals, Orchard and Vineyards and Other Crop Types), Application and By Geography

According to Stratistics MRC, the Global Precision Irrigation Market is accounted for $4.56 billion in 2022 and is expected to reach $8.43 billion by 2028 growing at a CAGR of 10.7% during the forecast period. Precision Irrigation is gaining remarkable popularity among farmers due to the growing need for most favourable crop production with limited available resources. This Irrigation is one of the inventive techniques that uses water wisely and helps farmers achieve higher crop yield levels in a minimal amount of water. This farming can transform the agricultural sector, making the traditional farming activity more efficient and predictable.

According to the Food and Agriculture Organization (FAO), about 70% of the cultivated land was used to grow cereals, as most cereals are water-intensive crops, such as rice and maize. According to the Association of Belgian Horticultural Auctions, the greenhouse vegetable production in the country stood at 426.1 thousand metric ton of which tomato production was 311.5 thousand metric ton.

Market Dynamics:

Driver:

Expansion of greenhouse vegetable production

Automatic drip irrigation is necessary for controlling soil moisture, particularly in the case of specialized greenhouse vegetables. Entire automation of drip irrigation systems provides an easy, careful method for controlling soil moisture and applying water. Additionally, these systems are expected to augment profits generated per yield. As greenhouse vegetables require plenty amounts of water, farmers are switching to both sprinkler and drip irrigation systems to achieve higher crop productivity. Thus, raising the production of greenhouse vegetables is expected to augment the growth of the market.

Restraint:

High Initial Capital Investments

In precision irrigation systems, drip and sprinkler irrigation systems are technically complicated. High installation costs of these irrigation systems are impacting their adoption. In developing economies, small-scale farmers are unwilling to practice irrigation systems due to higher initial investment. These costs impact the farm budget on several levels. Although the initial investment is high, it also yields better yields and reduces dependency on rains over the long term. The high fixed cost required to install many new systems can prove to be a restraint for the market.

Opportunity:

Water Scarcity

The precision irrigation systems market is mainly driven by factors like the need to enlarge crop productivity while addressing water scarcity issues. Governments in various regions are focusing on formulating programmes to enlarge the usage, while limiting water shortage. With water increasingly becoming a scarce commodity, farmers have been seeking novel ideas to grow more crops with the same quantity of water. The consolidation of farmlands in various parts of the world makes it possible for farmers to invest in expensive irrigation systems such as precision irrigation systems, which is driving the market.

Threat:

Lack of awareness

Deploying and using the technologies, interpreting the captured data require high level of awareness and skills. Precision farming is dependent on technologies like GPS, drones, and sensors. Moreover, proximate sensors are generally organized on farm machinery. Thus precision farming is more conducive with mechanized farming. Hence, these lack of technical expertise knowledge and technology is estimated to hinder the growth of the market.

Covid-19 Impact

The impact of the COVID-19 pandemic was felt on various businesses including the precision irrigation systems market. On the demand side, precision irrigation systems have witnessed slight or no change in demand from buyers due to pandemics. The expanding need to maintain food supply stability across the world that could be affected by lockdowns along with requirements of higher efficiency and better yield has resulted in continuous demand for precision irrigation machinery. The movement restriction and lockdowns have resulted in disruptions in the supply chain and led to a shortage of equipment. However, remote sensing and farm management software tools could lead to higher adoption during the post-COVID-19 period.

The drip irrigation segment is expected to be the largest during the forecast period

The drip irrigation segment is estimated to have a lucrative growth, due to the ability to control the soil moisture, especially in the production of greenhouse vegetables. Drip irrigation helps in water conservation as the irrigation systems can easily be controlled remotely through the utilization of the Internet of Things (IoT) devices. This irrigation prevents the nutrient loss the plants and thus protects the high investments that the farmers make in plant nutrition products. This irrigation also reduces weed prevalence & soil erosion and minimizes the depletion of groundwater, while drives the demand of the segment.

The agricultural field segment is expected to have the highest CAGR during the forecast period

The agricultural field segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the growing demand of precision irrigation. Agricultural applications like open fields and greenhouses are increasingly adopting precision irrigation systems in order to enhance farm productivity and increase crop yield. Furthermore, the growing government initiatives regarding water conservations and the adoption of modern irrigation systems are expected to drive the growth of the segment.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing modernization. Agricultural irrigation and drainage systems still depend mainly on the labour input of rural areas. The augment in the area will lead to higher demand for irrigation, surging the use of precision irrigation systems. Therefore, it is anticipated that the growing emphasis on farm mechanization and the government's desire to irrigate more land will increase sales of precision irrigation systems and fuel market growth in the region over the forecast period.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to water development programs at the federal, state and local levels and improvements in groundwater pumping technologies. Farmers in the country have been able to avail timely subsidies in the form of agriculture equipment loans at flexible interest rates and repayment schedules. This has helped even the small-scale farmers to invest in agricultural irrigation equipment, thereby expanding the precision irrigation systems market.

Key players in the market

Some of the key players profiled in the Precision Irrigation Market include Aquaspy, Chinadrip Irrigation Equipment Co.Ltd., Crop Metrics, Deere & Company, Elgo Irrigation Ltd., EPC Industry, Grodan, Hortau, Hunter Industries, Jain Irrigation Systems Ltd, Lindsay Corporation, Mahindra EPC Industries Limited, Nelson Irrigation Corporation, Netafim Ltd, Rain Bird Corporation, Rivulis Irrigation Ltd, The Toro Company, T-l Irrigation Co., Valmont Industries Inc. and Trimble Inc.

Key Developments:

In July 2021, Deere & Company launched JDLINK an information management product. The product provides connectivity services at no additional cost. They help customers to connect their machines.

In July 2020, Lindsay Corporation acquired an agriculture Internet of Things technology company, Net Irrigate, LLC. The acquisition is aimed to increase water and energy efficiency and incorporate more sustainable farming practices.

Types Covered:
• Sprinkler Irrigation
• Drip Irrigation
• Other Types

Crop Types Covered:
• Vegetable corps
• Field Crops
• Turf And Ornamentals
• Orchard and Vineyards
• Other Crop Types

Applications Covered:
• Agricultural Fields
• Landscape and Turf Irrigation
• Residential
• Greenhouse
• Others Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements