Albany, NY -- (SBWIRE) -- 06/08/2018 -- The global smart irrigation market is foretold to witness a vigorous CAGR in the coming years, as reported by Transparency Market Research (TMR). The report, titled, "Smart Irrigation Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2026," elucidate how the adoption of smart irrigation is gaining traction over the coming years, with leading vendors investing in research and development of the technology.
Established players are expected to adopt smart irrigation in unique ways and focus on efficient management of the technique. Key players operating in the global smart irrigation market include Rachio Inc., HydroPoint Data Systems, Inc., Orbit Irrigation Products Inc., The Toro Company, Rain Bird Corporation, and Telsco Industries Inc.
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According to the report, over the forecast period of 2017 to 2026, the overall smart irrigation market is predicted to reach an estimation of US$2.32 bn, with a whopping 13.1% CAGR. Architects and specifiers are slated to register swiftest end-use of smart irrigation systems, and rise at a 14.6% CAGR over the forecast period.
Demand for Efficient Irrigation to Push Agriculture Segment
The growing importance for efficient watering practices and irrigation solutions is a primary factor driving the growth of global smart irrigation market. Agriculture and related industries are predicted to emerge as the largest end-users of smart irrigation, and are slated bring in large revenues to the overall market scene. Agriculturists and farmers, in particular, are opting for the use of smart irrigation technologies and playing a key role in optimizing the usage of water.
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Regionally, Asia-Pacific excluding Japan (APEJ) is foretold to register the swiftest growth over in the smart irrigation market. While the integration of technologies in farming practices is still in a nascent stage and will act as a market impediment, growing economies such as China, India, and South Korea are taking immense leaps towards the steadfast adoption of smart irrigation.
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Percolation of IoT, Smart Devices to Offer Rich Market Opportunity
The number of initiative undertaken by various governments in order to promote the conservation of water, the surge in costs of farming operations cost and growing importance to increase farm profit by using automated irrigation solutions are the key factors driving the growth of the overall smart irrigation market. Furthermore, the increasing investments in research and development of reliable irrigation scheduling solutions, growing interest on developing smart irrigation solutions using internet of things (IoT) and continuous innovations in monitoring and sensor technologies, is providing an impetus to the growth of global smart irrigation market. Also, the growing need to control and monitor the water requirements of the field due to inadequate rainfall and water scarcity across the world, are further accelerating this market.
However, low regarding the potential benefits of smart irrigation solutions, and the high cost of the implementation of these solutions are the factors that could deter the development of global smart irrigation market.