Market Size of Precision Irrigation Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.94 Billion |
| Market Size (2029) | USD 7.47 Billion |
| CAGR (2024 - 2029) | 8.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Precision Irrigation Market Analysis
The Precision Irrigation Market size is estimated at USD 4.94 billion in 2024, and is expected to reach USD 7.47 billion by 2029, growing at a CAGR of 8.60% during the forecast period (2024-2029).
- Water scarcity is a major challenge and this, in turn, becomes the key driver for the use of irrigation systems in the long run. Hence, the need for artificial irrigation has increased to ensure a high crop yield to satiate the growing demand from consumers. The consolidation of farmlands in various parts of the world makes it possible for farmers to invest in expensive irrigation systems such as precision, which drives the market.
- The sprinkler irrigation system is the largest segment due to companies investing in R&D to provide innovative sprinkler systems, able to work in different climatic conditions and reduce labor expenses by about 50%.
- Due to favorable government policies regarding low-interest loans and subsidies for implementing modern and advanced precision irrigation systems, the precision irrigation market is likely to increase quickly in developing markets such as South America and Asia-Pacific in the coming years. Increasing awareness and high adaptability of new technologies in Asia-pacific are driving the growth of the market in that region. Hence, the market is growing at a high rate.
