Valmont(US:VMI) GlobeNewswire News Roomยท2024-10-01 15:41Core Insights - The global precision irrigation market was valued at approximately US$3 Billion in 2023 and is projected to grow to US$4.1 Billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.4% from 2023 to 2030 [1][13]. Market Overview - Precision irrigation is an advanced agricultural technique that optimizes water application based on real-time data and specific field conditions, contrasting with traditional methods that apply water uniformly [2]. - The technology encompasses various systems such as sprinkler, drip, and boom systems, utilizing sensors, GPS, satellite imagery, and data analytics to enhance water management [2][3]. Technological Advancements - The integration of IoT devices and wireless sensor networks has improved the accuracy of soil moisture monitoring, enabling real-time irrigation decisions [3]. - Advanced algorithms and machine learning models are utilized to predict irrigation needs based on crop type, growth stage, and weather forecasts [3][4]. - Satellite and drone imagery facilitate precise mapping of field variability, enhancing the efficiency and accessibility of precision irrigation [4]. Applications and Benefits - Precision irrigation is applied across various sectors, including arable farming, horticulture, and viticulture, optimizing water use for crops and supporting high-value crop production [5]. - Key benefits include water conservation, improved crop yield and quality, reduced energy and labor costs, and minimized environmental impact [6]. Market Growth Drivers - The market growth is driven by increasing awareness of water scarcity and the need for sustainable water management in agriculture [7]. - Technological advancements that enhance irrigation system efficiency and automation are significant contributors to market expansion [8]. - Government initiatives promoting water conservation and advanced agricultural technologies further support market growth [8]. Regional Insights - The U.S. precision irrigation market was estimated at approximately US$818.5 Million in 2023, while China's market is forecasted to grow at a CAGR of 7.3% to reach US$861.7 Million by 2030 [9]. - The crop-based application segment is expected to reach US$3.6 Billion by 2030, growing at a CAGR of 4.6%, while the non-crop-based application segment is projected to grow at a 3.0% CAGR [9]. Key Players - Major players in the precision irrigation market include Agsmart Pty Ltd., EPC Industrie' Ltd., Grodan (ROCKWOOL B.V.), Jain Irrigation Systems Ltd., and others [16].