The smart irrigation market generated a revenue of $1,404.4 million in 2021, and the market size will advance at a CAGR of 13.8% during 2021–2030, to reach $4,495.0 million by 2030. This can be attributed to the low cost of controllers and sensors used in smart irrigation systems, low irrigation costs, rise in the need to improve landscape and sports turf, and increase in the penetration of automated monitoring solutions in the farming sector.
The demand for smart irrigation systems in the agriculture sector is expected to grow at a substantial growth rate during the forecast period. This can be ascribed to the growing need to collect real-time water usage data and reduce water waste, rising demand for quality food, water conservation initiatives by various government bodies, and falling prices of smart controllers and sensors, across the world.
Furthermore, the growing requirement to provide an appropriate quantity of water required to minimize fertilizer leaching, surging focus to reduce farming operating costs, and growing emphasis on improving farm productivity and profits using smart irrigation solutions are other major factors driving the market growth in this category.
The controller category is the highest revenue generator in the smart irrigation market in 2021, and it is expected to grow with a CAGR of 12.5% during the forecast period. This can be attributed to the increasing water scarcity, rising adoption of advanced technologies to improve the efficiency of irrigation systems, and surging need to adjust the watering schedule based on local weather conditions. Moreover, both agricultural and non-agricultural sectors are adopting smart irrigation controllers for efficient watering practices and effective irrigation, which is also contributing to the growth of the market in this category.
In 2021, North America held the largest revenue share in the market, of around 36.1%. With the advent of new agricultural technologies and gadgets, governments are taking steps to educate and teach people about the proper use of smart irrigation systems. Also, smart irrigation systems are being used to irrigate fields and grounds in the region, with golf course operators using smart irrigation technology to cut their water use. As a result of the aforementioned factors, the regional market is growing at a significant rate.
Players in the market have been involved in product launches to remain competitive. For instance, in August 2021, Netafim launched a portable drip irrigation kit, especially for small farmers, which is easy to access in terms of its installation and affordability.
Some of the major players operating in the smart irrigation market are Rain Bird Corporation, The Toro Company, Hunter Industries, Manna Irrigation, Stevens Water Monitoring Systems, Delta-T Devices, Rain Machine, Valley Irrigation, and Orbit Irrigation Products.