According to a recent report published by Allied Market Research, titled, “Smart Irrigation Market By Type, Component, End Use: Global Opportunity Analysis and Industry Forecast, 2021-2028,” The global smart irrigation market size was valued at $1.44 billion in 2020, and is projected to reach $5.57 billion by 2030, growing at a CAGR of 13.9% from 2021 to 2030.. The climate based smart irrigation system devices accounted more market share than senor based smart irrigation system in 2020 and is expected to maintain this trend during the forecast period.
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The key factor that drives the growth of the smart irrigation device market share include availability of advanced features in irrigation system, surge in government initiatives and policies to promote water conservation & farming, and rise in penetration of automated monitoring systems in the farming sector. The key factors that hamper the smart irrigation market growth are high initial investment and maintenance cost and lack of skilled workforce in the developing regions for operating the technology. The opportunity lies in the growing demand for 5G networks for remote monitoring and growing adoption of smart technologies and smart infrastructures among regions.
By type, it is fragmented into climate based and sensor based. Among all technology, climate based were the highest revenue generating segment that accounted for $763.3 million in 2020. However, the advance tracker device segment is expected to witness the fastest growth at a CAGR of 13% during the forecast period.
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By end use, the smart irrigation industry is divided into agriculture, golf course, residential, and others. The residential sector is the fastest growing application segment, to register a CAGR of 17.10%, during the smart irrigation market forecast period. However, the agriculture segment is the highest revenue-generating segment that accounted for $520.4 million in 2020.
By region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue-generating segment that was valued at $483.1 million in 2020. This region is further expected to attain a market value of $566.7million by 2022, to grow at a CAGR of 11.20%. According to smart irrigation market trends, Europe is expected to maintain its dominant position over the forecast period. LAMEA and Asia-Pacific are the second and third leading regions of the smart irrigation market, respectively.
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COVID-19 Impact Analysis
• COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partners across the globe.
• Demand from the wireless communication segment is expected to increase, owing to factors such as rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push the need for digital transformation and technologies, such as 5G, IoT, AI, and intelligent edge computing, for future optimization.
• Some of the smart irrigation devices manufacturers have witnessed temporary delays in smart irrigation production, increased costs, and revenue losses due to the pandemic.
• The manufacturing sector witnessed severe loss, and thus no new orders have been placed during the pandemic. In addition, this impact is estimated to continue till 2021. Moreover, international consumer electronics and electric devices markets are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the smart irrigation market analysis is facing major obstacles from the emergence of COVID-19 pandemic.
• The overall impact of the pandemic is impacting the production process of several industries, including semiconductor and electronics. Trade barriers are further constraining the demand and supply outlook. The overall production process is adversely affected as governments of different countries have already announced total lockdown and temporary shutdown of industries.
Key Findings Of The Study
• North America and Europe dominated the market in 2020.
• Europe is anticipated to witness highest growth rate during the forecast period.
• U.S. was the major shareholder in 2020 in the North America smart irrigation market.
The key players profiled in this report include Rain Bird Corporation, The Toro Company, Hunter Industries, CALSENSE, ET Water Systems, Inc., HydroPoint Data Systems, Weathermatic, Rachio Inc., Stevens Water Monitoring System, Orbit Irrigation Products Inc. These key players have adopted several strategies, such as new product launch & development, acquisition, partnership & collaboration, and business expansion, to increase their footprint in the smart irrigation devices industry during the forecast period.
Report Overview: https://www.alliedmarketresearch.com/smart-irrigation-market
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