Smart irrigation market is expanding

Market Highlights

The smart irrigation market 2020 is assessed to exhibit a considerable growth rate. Smart irrigation refers to those techniques of farming that adopt optimum utilization of water resources. Water scarcity is expected to drive demand for this in the years to come. The report provided by Market Research Future (MRFR) observes that the global smart irrigation market is poised to mark 18.6% CAGR over the forecast period 2018 to 2023. The estimated valuation of the market is presumed to reach USD 1.87 Bn by 2023 end.

Depleting ground water resources is expected to generate demand for smart technologies that offer efficient use of facilities. This, in turn, is assumed to drive the growth of the smart irrigation market in the upcoming years. In addition, the integration of smart measurement technologies into farming equipment is anticipated to revolutionize the growth pattern of the market on the global front. These techniques facilitate the smart measurement of resources spent, thus, helping in decision making. All these factors are assessed to work in favor of the smart irrigation market in the foreseeable future.

The food production levels are expected to increase in the years to come. The focus on food security and rising investments for the same by governments are poised to drive the growth of the smart irrigation market in the near future. Also, the technological innovations of smart watering solutions are projected to accelerate revenue creation over the assessment period. However, on the other side, lack of awareness in developing nations can restrict the growth of the market.

Click here for more information.
Photo Courtesy of Oahu NearSay

Source: Marketwatch