Overview and Scope
Precision irrigation is an innovative and sustainable agricultural method that enables the targeted delivery of water and nutrients to plants at precise times and locations, utilizing small, measured doses. This approach utilizes advanced technologies to optimize water usage efficiency, minimize water waste, enhance crop yield and quality, and help farmers improve productivity and conserve water resources.
Sizing and Forecast
The precision irrigation market size has grown rapidly in recent years. It will grow from $8.11 billion in 2023 to $9.23 billion in 2024 at a compound annual growth rate (CAGR) of 13.94%. The growth in the historic period can be attributed to increasing concerns about water scarcity and drought conditions , climate change impacts, increasing adoption of iot and ai, increasing farm sizes, rising labor costs.
The precision irrigation market size is expected to see rapid growth in the next few years. It will grow to $15.40 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to climate change adaptation, demand for sustainable agriculture solutions, expansion of smart agriculture practices, growing recognition of the interconnectedness between water. Major trends in the forecast period include integration with digital farming platforms, enhanced water management solutions, integration with climate-smart agriculture practices, water-energy nexus optimization, iot and sensor technologies.
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Segmentation & Regional Insights
The precision irrigation market covered in this report is segmented –
1) By Type: Sprinkler Irrigation, Drip Irrigation
2) By Offering: Solutions, Services
3) By End User: Agriculture, Residential, Turf And Sport Fields, Golf Courses, Parks, And Landscapes, Other End Users
North America was the largest region in the precision irrigation market in 2023. The regions covered in the precision irrigation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for agricultural products is expected to propel the growth of the precision irrigation market going forward. Agricultural products refer to goods or commodities produced through farming or agricultural practices. The demand for agricultural products is rising due to population growth, changing diets, biofuel production, urbanization, and food security concerns. Precision irrigation is used in the agriculture sector to deliver water to crops precisely and efficiently, optimize water usage, reduce water waste, and improve crop yields. For instance, In January 2023, according to reports published by Agriculture and Agri-Food Canada, a Canada-based government department, Canada’s total field crop production was 34.1% higher than in 2021. Further, in the 2022–23 period, Canada’s wheat production (excluding durum) saw a 47% increase compared to 2021–22, reaching 28.4 million metric tons. Therefore, an increasing demand for the agriculture sector is driving the growth of the precision irrigation market.
Key Industry Players
Major companies operating in the precision irrigation market are Deere & Company, The Toro Company, Valmont Industries, Trimble Navigation Limited, Netafim Ltd, Rain Bird Corporation, Lindsay Corporation, Jain Irrigation Systems Ltd, Ewing Irrigation & Landscape Supply, Hunter Industries, Rivulis Irrigation Ltd, Reinke Manufacturing Company Inc, T-L Irrigation Co, Nelson Irrigation Corporation, Grodan B.V., Hydropoint Data Systems Inc, Cadman Power Equipment Ltd, Signature Control Systems Inc, Precision Lawn Irrigation Inc, Aquaspy Inc, CropMetrics LLC, Hortau Inc., Irrometer Company Inc, Mahindra EPC Industries Limited, AgSmarts Inc, Precision Irrigation Services Pvt Ltd
The precision irrigation market report table of contents includes:
1. Executive Summary
2. Precision Irrigation Market Characteristics
3. Precision Irrigation Market Trends And Strategies
4. Precision Irrigation Market – Macro Economic Scenario
5. Global Precision Irrigation Market Size and Growth
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32. Global Precision Irrigation Market Competitive Benchmarking
33. Global Precision Irrigation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Precision Irrigation Market
35. Precision Irrigation Market Future Outlook and Potential Analysis
36. Appendix
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