Smart Irrigation Market

Market Leadership - Smart Irrigation Market

The smart irrigation market is projected to grow from USD 1.2 billion in 2021 and is projected to reach USD 2.3 billion by 2026; it is expected to grow at a CAGR of 14.9% from 2021 to 2026.

The government initiatives for promoting water conservation have led to surge in the adoption of smart irrigation systems. In addition to this, factors such as growth of smart cities and need for efficient irrigation systems, decreasing cost of sensors and controllers used in smart irrigation systems are expected to  fuel the smart irrigation market.

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Key strategies adopted by the players in the smart irrigation ecosystem to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches and partnerships and acquisitions.

For instance, in March 2021, Netafim (Israel) signed an agreement to acquire Dutch turnkey greenhouse projects provider Gakon. Netafim will provide growers with a comprehensive offering of the best greenhouse technologies, structures, irrigation, fertigation, and crop growing expertise as well as other ag related services to enable farmers to maximize productivity and efficiency in all climate conditions.

In January 2020, The Toro Company acquired Venture Products (US), a manufacturer of Ventrac Products, to grow in the professional market with an expanded product line to cater to customers in landscape, turf, and snow and ice maintenance categories. In June 2019, Rain Bird (US) partnered with Living Turf (Australia) as a primary distributor for the full range of Rain Bird Gold Irrigation products across Australia. This partnership will enable Rain Bird to expand in Australia.

The Toro Company is one of the leading providers of innovative solutions, such as turf maintenance, landscape, irrigation, and other solutions, for the outdoor environment. It has a strong financial position in the market. The company has a huge irrigation product portfolio and is primarily focused on innovation and quality enhancement of products through research and engineering. The company’s products have received the US Environmental Protection Agency (EPA) WaterSense award, as well as the EPA WaterSense certification for numerous irrigation controller families and models. The company’s Irritrol Climate Logic smart device automatically adjusts irrigation system watering times based on real-time weather data from an on-site sensor combined with historical averages, and the award-winning product Toro Precision Soil Sensor wirelessly transmits soil moisture content to an irrigation controller and signals whether watering is needed. The company has a competitive advantage because it manufactures a broad range of product lines and is committed to product innovation and customer service. The company has history in and focus on professional and residential landscapes, coupled with a strong distribution channel and hence is positioned well to compete in various markets. The company distributes its products in over 125 countries around the globe through a strong network of professional distributors, dealers, and retailers. Toro and its family of brands have built a legacy of excellence by helping customers in golf courses, sports fields, public green spaces, commercial and residential properties, and agricultural operations. The Toro Company has focused on organic as well as inorganic growth strategies for market reach and development. It focuses on the innovation-driven growth markets by designing innovative solutions to meet its customers’ needs. The company is concentrating on enhancing its product portfolio in the smart irrigation market by actively offering innovative products according to its consumers’ requirements. A significant portion of its revenue is allotted for R&D; in 2020, the company spent ~4% of its total revenue on R&D. It aims to strengthen its product portfolio as well as increase its customer base through product launches and acquisitions. For example, in 2020 the company acquired Venture Products (US), a manufacturer of Ventrac Products, to grow in the professional market with an expanded product line to cater to customers in landscape, turf, and snow and ice maintenance categories. The Toro Company’s major subsidiaries are Exmark Manufacturing Company Incorporated (US), Hayter Holdings Limited (US), Left Hand Robotics, Inc (US), American Augers Inc (US), The Holiman Co. Inc. (US), and MTI Distributing, Inc. (US), among others.

Netafim is one of the leading providers of drip and micro-irrigation solutions. Netafim pioneered the drip irrigation revolution, creating a paradigm shift toward low-flow agricultural irrigation. The company provides diverse solutions—from state-of-the-art drippers to advanced automated systems for agriculture, greenhouse, landscaping, and mining applications. The company has a diversified set of offerings and has a strong worldwide presence. Although the company has a strong distribution channel, the impact of COVID-19 on the agriculture sector has been significant due to disruptions in the supply chain of equipment and other necessary components; however, the company has strived hard to provide essential agriculture infrastructure to growers by modifying their supply strategies.

Product launches, acquisitions, and expansions have been the major strategies adopted by the company for its business growth. The company is focused on expanding its product portfolio and business operations through partnerships, agreements, and collaborations with other companies. For example, in January 2020, Netafim collaborated with Arable Lab (US), in order to integrate Arable Lab’s remote sensing and analysis technology into its digital irrigation management platform Netbeat. In addition to this, Netafim acquired Gakon Horticultural Projects (Netherlands), in order to capitalize on Gakon’s advanced greenhouse technology.  These developments have helped it broaden its offerings in the smart irrigation market. The major subsidiaries of the company are Netatech Pte Ltd. (Singapore), Netafim Romania (Romania), Netafim Australia Pty Ltd. (Australia), Netaphils Inc. (Philippines), and Netafim (India), among others. It has 33 subsidiaries and 17 manufacturing plants worldwide.

Related Reports:

Smart Irrigation Market with COVID-19 Impact Analysis by System Type, Application (Greenhouses, Open-Fields, Residential, Golf Courses, Turf & Landscape), Component (Controllers, Sensors, Water Flow Meters), and Region - Global Forecast to 2026

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Smart Irrigation Market Size,  Share & Growth Report
Report Code
SE 4267
RI Published ON
11/29/2021
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