Dublin, Sept. 27, 2018 (GLOBE NEWSWIRE) -- The "Smart Irrigation Market by System Type, Application, Component and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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% from 2018 to 2023.
The major drivers for the smart irrigation market include initiatives undertaken by various governments to promote water conservation, surge in farming operating costs, and growing emphasis on increasing farm productivity and profits using smart irrigation solutions. Major factors restraining the growth of the smart irrigation market include the implementation of smart irrigation technologies in fragmented land, high technological costs, and limited technical knowledge and skills among farmers.
The market for the agricultural application is expected to grow at a higher CAGR during the forecast period. Agriculture and related industries are projected to emerge as the fast-growing application segments. Agriculturists and farmers, in particular, are opting for smart irrigation technologies and playing a key role in optimizing water usage.
The smart irrigation market for sensor-based systems is expected to grow at a higher CAGR from 2018 to 2023. This growth can be attributed to the increasing adoption of sensor-based systems in agricultural irrigation to save water and increase crop yield. They are more effective than weather-based systems as they can respond to specific zone irrigation requirements based on actual soil moisture levels.
The increasing adoption of smart irrigation devices such as controllers, sensors, and smart flow meters by farmers in APAC is expected to propel the growth of the smart irrigation market during the forecast period. The adoption rate of smart irrigation devices is expected to grow at a high rate in APAC as this region comprises emerging countries such as India and China, and other Southeast Asian countries. Growing need to control and monitor the water requirements of fields due to inadequate rainfall and water scarcity across APAC is accelerating the growth of this market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities for Smart Irrigation Market Growth
4.2 Smart Irrigation Market in APAC, By Application and Country
4.3 Smart Irrigation Market, By Component
4.4 Smart Irrigation Market, By System Type
4.5 Smart Irrigation Market, By Country (2018-2023)
5 Market Overview
5.1 Market Evolution
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Emergence of IoT and Convergence of Multiple Control Functionalities
5.2.1.2 Increasing Government Initiatives to Promote Water Conservation
5.2.1.3 Growth of Smart Cities and Need for Efficient Irrigation Systems to Fuel Smart Irrigation Controller Adoption
5.2.2 Restraints
5.2.2.1 Implementation of Smart Irrigation Technologies in Fragmented Land
5.2.2.2 High Technological Costs, and Limited Technical Knowledge and Skills Among Farmers
5.2.3 Opportunities
5.2.3.1 Continuous Advancements in Communication Technologies
5.2.3.2 Integration of Smartphones With Irrigation Controller and Software Applications
5.2.4 Challenges
5.2.4.1 Lack of Standardization in Smart Irrigation Industry
6 Industry Trends
6.1 Value Chain Analysis
6.1.1 Major Stakeholders in Smart Irrigation Market
6.2 Industry Trends
7 Smart Irrigation Market, By Component
7.1 Introduction
7.2 Controllers
7.3 Sensors
7.3.1 Rain/Freeze Sensors
7.3.2 Soil Moisture Sensors
7.3.3 Temperature Sensors
7.3.4 Wind Sensors
7.3.5 Fertigation Sensors
7.3.5.1 PH Sensors
7.3.5.2 EC Sensors
7.4 Water Flow Meters
7.5 Others
8 Smart Irrigation Market, By System Type
8.1 Introduction
8.2 Weather-Based Controller Systems
8.2.1 Types of Weather-Based Controllers
8.3 Sensor-Based Controller Systems
9 Smart Irrigation Market, By Application
9.1 Introduction
9.2 Agricultural
9.2.1 Greenhouse
9.2.2 Open Field
9.3 Nonagricultural
9.3.1 Residential
9.3.2 Turf and Landscape
9.3.3 Golf Courses
9.3.4 Others
10 Geographic Analysis
11 Competitive Landscape
11.1 Overview
11.2 Market Player Ranking Analysis (2017)
11.3 Competitive Situations and Trends
11.3.1 Product Launches
11.3.2 Agreements, Partnerships, and Contracts
11.3.3 Mergers and Acquisitions
12 Company Profiles
12.1 Key Players
12.1.1 Rain Bird Corporation
12.1.2 The Toro Company
12.1.3 Hunter Industries
12.1.4 Netafim
12.1.5 Hydropoint
12.1.6 Stevens Water Monitoring Systems
12.1.7 Galcon
12.1.8 Rachio
12.1.9 Weathersmatic
12.1.10 Banyan Water
12.2 Other Important Players
12.2.1 ET Water
12.2.2 Delta-T Devices
12.2.3 Calsense
12.2.4 Blossom
12.3 Start-Up Ecosystem
12.3.1 Skydrop
12.3.2 Aquaspy
12.3.3 Soil Scout
12.3.4 Caipos
12.3.5 Acclima
12.3.6 Rain Machine (Green Electronics)
For more information about this report visit https://www.researchandmarkets.com/research/j7rb7b/1_75_bn_smart?w=12