Meticulous Research®, a prominent global market research firm, released a study titled 'Precision Irrigation Market,' covering offerings (solutions, services), irrigation types (sprinklers, drip, surface), end users (agriculture, turf & sport fields, residential), and global forecasts until 2030.
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According to the latest report from Meticulous Research®, the precision irrigation market is anticipated to achieve a value of $4.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 11.7% throughout the forecast period. Factors driving this growth include the increasing emphasis on improving water efficiency and conservation, expanding adoption of precision irrigation to enhance crop productivity and quality, and governmental support through policies and subsidies offering low-interest loans for precision irrigation systems. However, significant upfront costs and ongoing maintenance related to hardware, software, and infrastructure are limiting factors for market expansion. Nevertheless, investments in sensor-based technologies and automated irrigation controls are expected to unlock new growth opportunities. Challenges remain, particularly in rural areas where connectivity issues hinder implementation. Noteworthy trends in the precision irrigation market include the rising integration of machine learning and artificial intelligence technologies.