Vancouver, British Columbia, Jan. 12, 2021 (GLOBE NEWSWIRE) -- The global Precision Irrigation Market will be worth USD 20.99 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the growing utilization of advanced technologies to increase the efficiency of the traditional irrigational systems. Increasing awareness among farmers regarding advanced technologies is predicted to propel the growth of the industry over the forecast period. High labor cost due to the shortage of skilled labor has led to an increasing adoption of precision irrigation.
The increasing installation of the Internet of Things (IoT) devices in agricultural farms has enabled remote access to the irrigation system. The cost benefits gained due to the usage of automated irrigation infrastructure is one of the key driving factors of the industry. The key market players are extensively investing in the research & development of precision irrigation solutions and launching innovative products.
Rising smart cities across several countries in the world are estimated to boost the adoption of precision irrigation systems. The growth of smart cities is expected to offer lucrative opportunities for the key players in the drip and sprinkler irrigation market. The demand for advanced irrigation systems in countries with severe weather conditions is most likely to propel the industry's growth.
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Key Highlights From The Report
- 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.
- The non-agricultural segment held the largest market share of 58.3% in 2019 as the commercial and residential land contractors embrace the automated irrigation system more than the conventional irrigation system.
- The drip irrigation segment is estimated to expand at the fastest CAGR of 13.1% over the forecast period as it reduces weed prevalence & soil erosion and uniformly distributes water.
- North America occupied the largest market share in 2019 due to the presence of the major market players in the region and the augmenting adoption of the precision irrigation system by farmers.
- Key participants include The Toro Company, Rain Bird Corporation, Netafim Ltd., Jain Irrigation Systems Ltd., Lindsay Corporation, Rivulis Irrigation Ltd., Valmont Industries Inc., Elgo Irrigation Ltd., Chinadrip Irrigation Equipment Co. Ltd., and Nelson Irrigation Corporation, among others.
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Emergen Research has segmented the global Precision Irrigation Market on the basis of Type, Application, and region:
- Type Outlook (Revenue, USD Billion; 2017-2027)
- Sprinkler Irrigation
- Drip Irrigation
- Others
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Agricultural (open field, greenhouses)
- Non-Agricultural (Golf Courses, Residential, sports ground, Turf & Landscapes, Forestry)
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- U.A.E.
- Rest of MEA
- North America
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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