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.
Regional analysis of Smart Irrigation Market
On the basis of region, the global smart irrigation market is segmented into North America,
Europe, Asia Pacific, Latin America, Middle East, and Africa. North America holds the largest
market share in the global smart irrigation system, owing to the presence of leading
manufacturers of controllers, which are used in smart irrigation systems in the region.
Furthermore, North America focusses on the use of water conservation solutions for which
supportive infrastructure development is being done in smart irrigation system.
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Asia Pacific is expected to exhibit growth in the global smart irrigation market over the forecast
period due to increasing use of smart irrigation technology in agriculture field to meet the
growing demand for food in the region. For instance, according to a report by the Asian
Development Bank (ADB), agriculture sector in Asia Pacific needs to produce around 60% more
food globally by 2050, to cater to the requirement of food for increasing population.
Key players in Global Smart Irrigation Market