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According to the Food and Agriculture Organization of the United Nations, the global population will reach 10 billion by 2050, dramatically affecting agricultural demand and related water consumption.

More efficient irrigation automation, control, and monitoring solutions will take on the long-term challenge of water scarcity in the world, especially if governments’ conservation efforts include restrictions on irrigation frequency and duration. Conservation initiatives would compel farmers to be more conscious of their water use and consider the benefits of drip irrigation and smart, data-driven solutions that could increase crop yields yet reduce costs.

The global irrigation water solutions market generated revenue of $11.22 billion in 2020. Frost & Sullivan forecasts a compound annual growth rate of 8.0% through 2026 for revenue of $17.79 billion. Of course, agriculture is an inherently unpredictable industry: extreme weather, crop diseases, natural disasters, or significant produce price fluctuations could affect farmers’ ability to invest in new equipment.