SMART IRRIGATION MARKET ANALYSIS

Market Challenges And Opportunities

Driving factors for Smart Irrigation Market

Increasing world population is resulting in shortage of food & water, which has become a major issue across various regions. This has boosted the adoption of efficient replacement systems to preserve natural water reserves including smart irrigation systems, which is highly profitable for farming operations. Increasing use of upgraded technologies such as IOT devices and cloud computing in agriculture field drives growth of smart irrigation market. This is due to the Internet of Things (IoT) technology and solutions that are used to attain improved operational efficiency, maximized yield, and minimum wastage by using real-time field data collection and data analysis. For instance, according to Coherent Market Insights’ analysis, 20.25 billion was invested on IoT units for agriculture sector in 2017 worldwide, which was 17.50 billion in 2016. Moreover, government initiatives to promote water conservation and use of smart irrigation system in agriculture sector is fueling growth of the smart irrigation market. For instance, the government of India aims to improve groundwater harvesting and build water conservation and storage mechanisms through Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).

However, lack of awareness of advanced technologies in smart irrigation and high cost associated with installation and maintenance are major restraints affecting growth of the smart irrigation market. Other factors that are expected to hinder the market growth include excessive leakage in smart irrigation that might lead to formation of ponds, which then becomes a dwelling place for insects and mosquitoes, excessive leakage resulting in reduction of temperature, which makes the local area damp, and lack of availability of skilled workforce for the operation of smart irrigation system.