What Is The Overview Of The Global Precision Irrigation Market?
Precision irrigation is an innovative and sustainable agricultural method that enables the targeted delivery of water and nutrients to plants at precise times and locations, utilizing small, measured doses. This approach utilizes advanced technologies to optimize water usage efficiency, minimize water waste, enhance crop yield and quality, and help farmers improve productivity and conserve water resources.
Precision Irrigation Global Market Report 2024 provides data on the global precision irrigation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The precision irrigation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Precision Irrigation Sector?
The precision irrigation market has seen rapid growth, increasing from $8.11 billion in 2023 to $9.23 billion in 2024, with a CAGR of 13.94%. Historical growth was driven by rising concerns over water scarcity, climate change impacts, growing farm sizes, and increased adoption of IoT and AI. The market is expected to reach $15.40 billion by 2028 at a CAGR of 13.7%. This growth will be driven by climate change adaptation, the demand for sustainable agriculture, and the adoption of smart farming practices. Key trends include integration with digital farming platforms, advanced water management solutions, climate-smart agricultural practices, IoT and sensor technology integration, and water-energy nexus optimization.
Which Factors Are Boosting Growth In The Precision Irrigation Market?
The rising demand for agricultural products is expected to drive the growth of the precision irrigation market. The demand for agricultural products is growing due to factors such as population growth, changes in diets, biofuel production, urbanization, and food security concerns. Precision irrigation technologies are crucial for efficiently delivering water to crops, reducing waste, and improving crop yields. For instance, Agriculture and Agri-Food Canada reported in January 2023 that Canada's total field crop production had increased by 34.1% compared to 2021, with wheat production up by 47%. The growing demand for agricultural products is contributing to the expansion of the precision irrigation market.
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What Key Areas Define The Segmentation Of The Global Precision Irrigation Market?
The precision irrigation market covered in this report is segmented –
1) By Type: Sprinkler Irrigation, Drip Irrigation
2) By Offering: Solutions, Services
3) By End User: Agriculture, Residential, Turf And Sport Fields, Golf Courses, Parks, And Landscapes, Other End Users
How Are Emerging Trends Reshaping The Dynamics Of The Precision Irrigation Market?
In the precision irrigation market, companies are developing advanced filtration systems, such as AlphaDisc filters, to protect irrigation systems from clogging caused by organic contaminants. The AlphaDisc system is designed to efficiently remove impurities from irrigation water. In February 2022, Netafim, a Maleshiya-based technology company, launched the AlphaDisc filter. This high-efficiency system offers precise filtration, high dirt-holding capacity, and a scalable design that adapts to growers' needs. It helps mitigate challenges posed by deteriorating water quality and improves irrigation efficiency, ultimately boosting crop yields.
Which Region Has The Fastest Expansion In The Precision Irrigation Market?
North America was the largest region in the precision irrigation market in 2023. The regions covered in the precision irrigation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
