If you’re the betting type, bet on smart irrigation. The market for it is booming, says a new research report.
According to the report entitled "Smart Irrigation Market by System Type, Application, Component and Geography — Global Forecast to 2023," published by MarketsandMarkets and picked up by PRNewswire and MarketsInsider, the market is estimated to be worth $825 million in U.S. dollars in 2018 and is projected to reach $1.755 billion by 2023. That’s a growth rate of 16.30 percent.
The market’s rapid growth is attributed to the increasing adoption of smart irrigation control and sensing and monitoring devices by farmers. But non-agricultural applications will account for a larger share of the smart irrigation market in 2018.
In fact, the growing importance of efficient watering practices for non-agricultural applications, such as residential, turf and landscape and golf courses, is a major factor driving the growth of this market.
Smart controllers are expected to hold the largest market share because of the increasing adoption of the devices for automatic irrigation scheduling in applications such as residential and commercial property management, lawns and gardens and landscaping.
Smart controllers use weather and sensor data to adjust irrigation schedules, unlike older, time-based devices. Most allow multiple programs for different plant types, plus rain delay settings, input terminals for rain/freeze and soil moisture sensors and remote operation via smartphone.
The cost of smart irrigation technology is expected to decrease in the next couple of years, mainly because of the declining prices of major hardware components used in their manufacture.
The Americas are expected to hold the largest share of the smart irrigation market during 2018-2023. That’s because the U.S. and Canada have been early adopters of smart irrigation technology,
The report profiles key smart irrigation players such as The Toro Company, Netafim, Hunter Industries, Rain Bird Corporation, HydroPoint, Rachio, Banyan Water, Rain Machine, ETWater, Galcon, Weathermatic, Blossom, Skydrop, Delta-T Devices, Calsense, AquaSpy, Soil Scout, Caipos and Acclima.