July 20, 2021
As cited by the research report titled ‘Global Irrigation automation Market Size study, by Type (Drip, Micro Sprinkler, Surface), Components (controllers, sensors, valves, sprinklers), by End Use (Non-Agricultural, Agricultural) and Regional Forecasts 2021-2027’, available with Market Study Report LLC, global irrigation automation market was worth USD 2.60 billion in 2020 and is projected to grow with a CAGR of 18.5% over 2021-2027 to accumulate USD 8.53 billion by the end of study duration.
Increasing adoption of drip irrigation technique, rising demand for food & agricultural products, and growing concerns related to water scarcity are the major factors driving global irrigation automation market growth. Additionally, favorable government policies as well as subsidies is generating lucrative prospects for the business scenario.
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For instance, in India, according to the Department of Agriculture Co-operation and Farmers' Welfare, around USD 489 million was allocated under PMKSY in FY20-21.
Notably, irrigation automation is a modern method of irrigation used to irrigate farmlands using sprinklers, drippers, foggers, and other sources on land surface or subsurface.
On the downside, high initial investment and huge costs of maintenance are likely to restrain the market progression over the forecast duration.
Based on type, worldwide irrigation automation industry is segmented into drip, surface, and micro sprinkler. Speaking of component range, the marketplace is divided into controllers, valves, sensors, and sprinklers. Moving on to end user spectrum, the business space is categorized into non-agricultural, and agricultural.
Geographically, Asia Pacific, Europe, North America, and Latin America are major contributors towards the overall industry valuation. Of these, North America market is anticipated to amass considerable market share through 2027, due to awareness and subsequent adoption of modern irrigation practices.
Whereas, Asia-Pacific irrigation automation industry is anticipated to exhibit a strong CAGR over the forecast period 2021-2027, owing to rising incomes of people, increasing demand for high yield productivity, and cognizance of problems related to water scarcity.
Prominent players influencing the industry dynamics are Hunter Industries Inc., T-L Irrigation Company, Rain Bird Corporation, Netafim Ltd., Nelson Irrigation Corporation, Valmont Industries Inc., The Toro Company, Lindsay Corporation, Jain Irrigation Systems Ltd., and EPC Industrie Ltd.