(PharmaNewsWire.Com, August 03, 2022 ) The smart home market is projected to grow from USD 1.2 billion 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 factors such as government initiatives for promoting water conservation , growth of smart cities and need for efficient irrigation systems, decreasing cost of sensors and controllers used in smart irrigation systems are driving the growth of the smart irrigation market. However, concerns associated high costs and limited technical knowledge and skills among farmers is the key factor limiting the growth of the smart irrigation market.
The technological developments in AI are anticipated to drastically improve the operational capabilities of smart irrigation products. Artificial Intelligence (AI) is an emerging technology in the field of agriculture. AI-based equipment and machines have taken today's agriculture system to a different level. This technology has enhanced crop production and improved real-time monitoring, harvesting, processing and marketing. The latest technologies of automated systems using agricultural robots and drones have made a tremendous contribution in the agro-based sector. Various hi-tech computer-based systems are designed to determine various important parameters like weed detection, yield detection and crop quality and many other techniques. Artificial Intelligence and Internet of Things can autonomously irrigate fields using soil moisture data. Prediction algorithms make use of historic weather data to identify and predict rainfall patterns and climate changes; thereby creating an intelligent system which irrigates the crop fields selectively only when required as per the weather and real-time soil moisture conditions. The technologies which are AI-based help to improve efficiency in all the fields and also manage the challenges faced by various industries including the various fields in the agricultural sector like the crop yield, irrigation, soil content sensing, crop- monitoring, weeding, crop establishment. Artificial Intelligence can be integrated into smart irrigation systems with the primary motive of developing a system with reduced resource usage and increased efficiency.
The integration IoT and cloud connectivity with smart irrigation platform can facilitate, transformation of the concept of irrigation by embedding intelligence into sensors , networking of smart things using the corresponding technology, facilitating interactions with smart things using cloud computing for easy access in designated locations, increasing computation power, storage space and improving data exchange efficiency. The internet of things (IoT) paradigm refers to devices connected to the internet. Devices are objects such as sensors and water flow meters, equipped with a telecommunication interface, a processing
unit, limited storage, and software applications. It enables the integration of objects into the internet, establishing the interaction between people and devices among devices. IoT and smart irrigation can benefit from the wide resources and functionalities of cloud to compensate its limitation in storage, processing, communication, support in pick demand, backup and recovery.
An IoT based smart irrigation system, contrary to a traditional irrigation method, can help to regulate supplied water to a large extent. IoT is a technology which enables the growers to adopt the strategies to monitor the usage of water resources in agriculture fields via connecting with android applications. The irrigation system could be more technologically advanced by leveraging machine learning algorithms, to enable it to predict user action, nutrient level of soil, optimized watering schedule to make the irrigation process more efficient.
The market for sensor-based systems is expected to exhibit higher growth during the forecast period. This growth can be attributed to the increasing adoption of sensor-based systems in agricultural irrigation to save water and increase crop yield. The sensor-based systems are capable of interpreting precise data from various sensors, such as temperature, soil moisture, rain, and humidity sensors that are being installed on the field. Additionally, the sensor-based systems are preferred over the weather-based systems as they do not rely on weather forecasts or on data from weather stations. Sensor-based systems help to capture data from sensors that are mounted on the field and then they transfer the data to the cloud. Sensor-based smart irrigation controllers are pre-programmed according to the level of moisture present in the soil. Therefore, the smart irrigation system starts irrigating that particular zone or field as soon as the reading reaches below the threshold level. They are more effective than weather-based systems as they can respond to specific zone irrigation requirements based on actual soil moisture levels. Thus, considering the efficacy and accuracy of sensor-based systems the smart irrigation players can focus on this system segment in order to augment their revenues.
The market for non-agriculture application segment is expected to hold a larger share during the forecast period. The growing importance of efficient watering practices and irrigation solutions for non-agriculture applications, such as residential, turf and landscape, and golf courses, is a major factor driving the growth of this market. There has been tremendous growth in the construction of smart homes or smart cities throughout the world. Further, the increasing rate of replacement of conventional timer-based controllers with new smart irrigation controllers by residential homeowners and contractors is another factor contributing to the growth of the non-agriculture application segment in the market.
As this application segment makes widespread use of smart irrigation systems, hence it provides a profitable opportunity for market players.
In terms of geographic coverage, the smart irrigation market has been segmented into 4 regions, namely, Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW). The market in APAC is expected to record the highest growth rate during the forecast period, primarily due to countries such as Australia, China and Japan contributing to the overall maket share significantly. These countries have started various programs and groups to promote the growth of modern agriculture techniques, which would directly benefit the smart irrigation market. Adoption of smart irrigation systems due to increasing disposable income in private sector and technological advancements in countries such as India, China, and Japan has fueled the smart irrigation market growth. Major drivers for the growth of the smart irrigation market in APAC are changing climatic conditions, increased productivity, strong government support, increased crop productivity, and minimal water wastage using smart irrigation systems. Hence APAC presents a large market opportunity for smart irrigation products and offerings.
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