Efforts to Promote Sustainable Agriculture Practices to Boost the Soil Monitoring Market Growth
New York, US, Dec. 05, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Soil Monitoring Market Research Report: Information by Offering, by Type, by Application, by Region- Global Forecast to - Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 963.04 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 12.30% during the assessment timeframe.
Soil Monitoring Market Analysis
Soil Monitoring Market Key Players
Eminent key players profiled in the global soil monitoring market report include –
Stevens Water Monitoring Systems (US)
SGS Group (Switzerland)
METER Group (US)
Element Material Technology (UK)
The Toro Company (US)
Campbell Scientific (US)
Sontok Technologies (Australia)
Spectrum Technologies (US)
Cropx Tochnologies (root).
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Revenue forecast by 2030
USD 963.04 billion
CAGR of 12.30% from 2022 to 2030
Key Market Opportunities
Rising Efforts to Promote Sustainable Agriculture Practices
Key Market Drivers
Growing Need to Improve Farm Productivity
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Technological Advances to Boost Market Growth
Agricultural practices have benefited from technological advancements like soil moisture sensors, which increase farm productivity and help conserve water. This will bolster market growth in the forecast period.
Efforts to Promote Sustainable Agriculture Practices to offer Robust Opportunities
Government and business initiatives to promote sustainable agricultural practices will offer lucrative opportunities for this market over the forecast period.
Restraints and Challenges
Lack of Awareness to act as Market Restraint
The lack of awareness about soil monitoring and lack of technical skills associated with soil monitoring may act as market restraints over the forecast period.
Soil Monitoring Market Segmentation
The global soil monitoring market has been classified based on application, type, and offering.
By offering, hardware will lead this market over the forecast period because more soil monitoring tools, including soil sensors, soil scanners, weather stations, and other tools, are being used on a global scale. As a result, the market is expanding for the rising demand for high-quality hardware for monitoring systems. High-quality hardware that can withstand a variety of climatic conditions is required for these devices.
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By type, ground-based sensing will dominate the market over the assessment period due to an increase in global forward-thinking farmers' demand for sensors and other monitoring tools. As a result, this tool provides a number of benefits that enable farmers to apply site-specific input to crops.
By application, agriculture will spearhead the market over the forecast period. It is essential to have a soil monitoring system for agricultural applications. Systems for monitoring the soil globally aid in managing irrigation effectively. Irrigators may produce a healthy crop, use fewer inputs, and increase profitability with effective irrigation management. An irrigator can better understand what's happening in a crop's root zone with the aid of a soil moisture sensor.
Soil Monitoring Market COVID-19 Analysis
The global soil monitoring market has been significantly affected by the COVID-19 pandemic. Due to COVID-19, workers stayed at their homes, which made it difficult for factories around the world to integrate new global soil monitoring systems. This had an effect on global supply chains and the global economy. Labor crises have occurred as a result of the severe lockdown & preventative measures, like social separation, which have had an impact on the farm sector & the crops. Due to COVID-19, however, global soil monitoring devices that are technologically advanced, such as robotics & telematics, are being used to overcome challenges like labor and to obtain more precise results by using automated global soil monitoring devices that are also probably less susceptible to illnesses like COVID. As a result of an increase in need for sophisticated soil moisture monitoring equipment, the market will grow during the forecast period.
North America to Head Soil Monitoring Market
Due to higher awareness & adoption of global soil monitoring technologies for improving agricultural yield and quality, North America has made the largest contribution to the development of global soil monitoring systems. Several nations in this region are increasing their financial commitments to agricultural technologies. Farmers in this region have started using remote sensing imaging technology as a result of a labor shortage, which will increase the demand for sophisticated soil moisture monitoring systems. Over the course of the assessment period, the market for global soil monitoring systems will expand as a result of the rising use of automated devices. The US & Canada have a significant market share because of the widespread use of ground-based monitoring systems and the rising appeal of sensing and imagery systems. Large-scale farms are prevalent in South American nations like Brazil & Argentina, where government reforms to develop digital and sustainable agriculture yield significant returns. Telematics and robotics are becoming more widely used in the Americas, which are paving the way for the growth of the soil monitoring market.
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APAC to Have Admirable Growth in Soil Monitoring Market
Throughout the projected timeframe, Asia-Pacific is anticipated to experience rapid growth. One of the main reasons propelling the market growth of global soil monitoring systems is the extensive usage of ground-based & sensing imaging systems for global soil monitoring for ensuring optimal plant development and high agricultural yields. Asia-Pacific nations like India, China, Japan, & Australia have noteworthy growth prospects in the global soil monitoring market due to the presence of numerous local and international players in the field of soil monitoring. Additionally, to enhance crop quality and output, a number of governments in the APAC region are strongly supporting agriculture digitization. Increasing ground-based monitoring system penetration, and the use of sensing and imagery systems, is some of the key drivers of the soil monitoring market's rapid expansion in APAC. Due to the presence of numerous domestic and international players in the field of soil monitoring in nations like India, China, Japan, and Australia, the region has bright growth prospects in this market. Strong government support for digitalizing agriculture, growing pressure to increase productivity, and integration of cutting-edge systems with different equipment are additional factors boosting the soil monitoring market in the APAC region.
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