Northbrook, IL -- (SBWIRE) -- 09/11/2019 -- The report "Smart Irrigation Market by System Type (Weather-Based, Sensor-Based), Application (Smart Greenhouse, Open Field, Residential, Golf Courses, Turf & Landscape), Component (Controllers, Sensors, Water Flow Meters), and Geography - Global Forecast to 2023", The smart irrigation market is estimated to be worth USD 825.0 million in 2018 and is projected to reach USD 1,755.1 million by 2023, at a CAGR of 16.30% during the forecast period.
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The rapid growth of the smart irrigation market can be attributed to various factors, such as the increasing adoption of smart irrigation devices, and sensing and monitoring devices by farmers. It is also expected that the cost of smart irrigation technology will decrease in the next couple of years, mainly because of the declining prices of major hardware components. As a result, the smart irrigation market is expected to witness high growth during the forecast period.
Controllers to hold largest market share during forecast period
Controllers are expected to hold the largest market share owing to the increasing adoption of these devices for automatic irrigation scheduling in applications such as agriculture, residential and commercial property, lawns and gardens, and landscaping. Smart controllers use weather and sensor data to automatically adjust irrigation schedules to any environmental changes. Smart controllers have additional features, such as multiple programs to allow different watering frequencies for different types of plants, rain delay settings, input terminals for sensors such as rain/freeze and soil moisture, and remote operation.
Nonagricultural application to account for larger share of smart irrigation market in 2018
The growing importance of efficient watering practices and irrigation solutions for nonagricultural applications, such as residential, turf and landscape, and golf courses, is a major factor driving the growth of this market.
Americas to hold largest share of smart irrigation market during forecast period
The Americas is expected to hold the largest share of the smart irrigation market during 2018–2023. Countries such as the US and Canada in the Americas are the early adopters of smart irrigation technologies, which is the major reason for the high market share of this region in the smart irrigation market. The Americas has the highest number of smart irrigation systems installed at farms, residential landscapes, and golf courses. Farmers or growers in this region are increasingly adopting advanced irrigation systems and equipment such as smart controllers, sensors, and water flow meters.
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The report profiles key players such as The Toro Company (US), Netafim (Israel), Hunter Industries (US), Rain Bird Corporation (US), HydroPoint (US), Rachio (US), Banyan Water (US), Rain Machine (US), ET Water (US), Galcon (Israel), Weathermatic (US), Blossom (US), Skydrop (US), Delta-T Devices (UK), Calsense (US), AquaSpy (US), Soil Scout (Finland), Caipos (Austria), Acclima (US), and Rain Machine (US).
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