DELRAY BEACH, Fla., Oct. 11, 2024 /PRNewswire/ -- The precision irrigation market is estimated at USD 4.18 billion in 2024 and is projected to reach USD 6.29 billion by 2029, at a CAGR of 8.5% from 2024 to 2029, according to a report published by MarketsandMarkets.
The global demand for precision irrigation is growing rapidly, driven by rising mechanization and the adoption of smart agricultural technologies. According to a report from FICCI in 2023, more than 95% of farming activities in the US and Canada are now mechanized. This transition boosts efficiency and productivity as farmers use advanced machinery for a variety of tasks. Moreover, technologies such as the Internet of Things (IoT) are becoming popular, allowing farmers to monitor and control irrigation systems remotely using their smartphones. This innovation facilitates precise water management and scheduling, which are crucial for sustainable farming practices. With ongoing investments in research and development, integrating sprinkler and drip irrigation systems presents promising growth opportunities in the precision irrigation market.
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Based on sensors, the fertigation sensors is growing at a higher CAGR in the precision irrigation market during the forecast period.
The demand for fertigation sensors in precision irrigation is expected to increase significantly due to their crucial role in optimizing nutrient delivery and water use. These sensors help farmers monitor and adjust nutrient levels in real-time, leading to higher crop yields and better resource efficiency. As sustainable agriculture gains importance, fertigation sensors offer precise control over fertilizer use, reducing waste and environmental harm. Compared to traditional sensors like soil moisture and temperature gauges, fertigation sensors meet the rising need for integrated nutrient management, making them crucial for modern farming practices.
The AI and machine learning algorithms in irrigation segment within the technology type has a larger share and is growing at a higher CAGR in the precision irrigation market during the forecast period.
For precision irrigation to maximize water use and boost crop yields, artificial intelligence (AI) and machine learning are essential because they analyze vast amounts of data from sensors, weather forecasts, and soil conditions. These technologies allow farmers to make real-time decisions, applying water only when and where it's necessary, which reduces waste and improves efficiency. With their ability to recognize patterns and adapt over time, AI and machine learning are set for significant growth in the precision irrigation market, surpassing other technologies like IoT, GIS, and cloud computing due to their superior predictive capabilities.
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Based on region, North America dominated the precision irrigation market in 2023.
North America region dominated the precision irrigation market in 2023. This dominance was due to the modern farming techniques and significant investments in irrigation technologies. Prominent manufacturers such as Hunter Industries Inc. (US), RainBird Corporation (US), Valmont Industries Inc. (US), and The Toro Company (US) are based in this region. These manufacturers promote innovation and make precision irrigation solutions more accessible. A July 2023 article by the non-governmental organization Food and Water Watch reported that drought, exacerbated by climate change and poor water management, is having a severe impact on New Mexico, with industrial agriculture using over 80% of the state's freshwater resources. This heavy reliance on irrigation, along with challenges like water scarcity and strict regulations, encourages farmers to adopt more efficient methods like precision irrigation.
The report profiles key players such as Valmont Industries, Inc. (US), NETAFIM (Israel), Hunter Industries Inc. (US), The Toro Company (US), Rain Bird Corporation (US), Lindsay Corporation (US), Rivulis (Israel), HydroPoint (US), REINKE MANUFACTURING CO., INC. (US), AZUD (Spain), T-L Irrigation (US), and Mahindra Irrigation (India).
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Irrigation Automation Market by System (Automatic, Semi-automatic), Component (Controllers, Valves, Sprinklers, Sensors, Other components), Irrigation Type (Sprinkler, Drip, Surface), Automation Type, End-Use and Region - Global Forecast to 2027
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