Soil Monitoring Market Share, Size, Trends, Industry Analysis Report, By Offering (Hardware, Software, Service, Ground-based Sensing, Robotics & Telematics, and Others); By Connectivity; By Application; By Region; Segment Forecast, 2023 - 2032
- Published Date:Apr-2023
- Pages: 115
- Format: PDF
- Report ID: PM3130
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global soil monitoring market was valued at USD 523.88 million in 2022 and is expected to grow at a CAGR of 13.6% during the forecast period. The rapidly growing need for the improvement of farm productivity in order to the meet the rising food demand, as a result of extensive rise in the global population along with the emerging trend of sustainable farming practices are primary factors driving the global market growth.
Know more about this report: Request for sample pages
In addition, several environmental factors including dwindling water resources, threatened habitats, climate change, and limited availability of natural resources like arable land and freshwater has paved the way for soil monitoring market growth significantly over the coming years.
For instance, in August 2022, CropX Technologies, announced the launch of its new capability for the farm management system, that continuously track the movement of slats and nitrogen in the soil. The newly developed solution is a less time-consuming and easier method to monitor nitrogen leaching events and further reduces the environmental impact on nitrogen leaching.
Furthermore, in the recent years, the soil monitoring systems has gained high traction worldwide, as it enables farmers to make accurate decisions, to plan their agriculture related activities. Low-cost monitoring and senor devices such as tensiometers, gypsum blocks, and probes are being widely adopted across numerous applications due to its simple, flexible, & inexpensive nature that facilitates the monitoring of soil condition.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the soil monitoring market. Unavailability and shortage or raw materials and components, required in the production process and declined consumer purchasing capacity has also hindered the market growth during the pandemic.
Know more about this report: Request for sample pages
Industry Dynamics
Growth Drivers
The huge government spending on R&D of various innovative agriculture practices, that help farmers to economize the use of available resources to reduce the expenditure on water bill, pesticides, fertilizers, and other inputs is among one of the key factors influencing the market growth around the world. In recent years, growing public sector investments in the agricultural industry have made the US, one of the large contributors to the state-of-the-art technologies and propelling the demand for soil monitoring devices.
Furthermore, the increasing demand for improving farm productivity to feed the rapidly growing global population and surge in the penetration for precision agriculture and fertility management systems are key factors propelling the global market growth.
Additionally, emerging countries especially from Asia Pacific and Middle-East region are seeking an upsurge in the development rate, as a result of an increasing number of industries, which is likely to fuel the global market demand and growth over the coming years.
Report Segmentation
The market is primarily segmented based on offering, connectivity, application, and region.
|
By Offering |
By Connectivity |
By Application |
By Region |
|
|
|
|
Know more about this report: Request for sample pages
Services is expected to witness fastest growth during the forecast period
The segment’s growth is mainly driven by rising utilization of variety of Internet of Things enabled devices for both agricultural and non-agricultural purposes and extensive growth in the number of connected agriculture devices worldwide. Growing proliferation towards the implementation of innovated technologies like artificial intelligence and IoTs to increase the crop and soil quality, control the pest’s growth, and enhancing efficiency of the agriculture related practices are further likely to positively impact the market in the coming years.
The hardware segment held the largest market share in terms of revenue in 2022, and is likely to grow substantially in the coming years, on account of high penetration for soil sensors, soil scanners, weather stations, and many others among the farmers. With the adoption of these devices, progressive farmers have benefited significantly in several ways including their crop productivity and efficient management, which has increased the demand and fueling the segment growth.
Wireless segment is expected to hold significant market share
The wireless segment is projected to witness highest growth and hold a significant market share in 2022, owing to its increased usage to measure volumetric water content available in the soil with the remote access. In addition, extensive rise in the R&D investment and development of more advanced and innovated devices to simplify the monitoring process along with the growing number of business expansion activities undertaken by key companies through partnerships, acquisition, and mergers are projected to boost the growth of the segment market exponentially.
For instance, in April 2022, Aliaxis announced a strategic investment agreement and partnership with CropX Technologies. With this partnership, CropX and Aliaxis will collaborate together in the data-driven irrigation field.
However, the wired segment dominated the market in 2022. The growth of the segment market can be mainly attributed to the easy availability, high awareness, and considered ideal for variety of experiments in courses including horticulture, agricultural science, biology, botany, and environmental science.
Agricultural segment accounted for the largest market share in 2022
Numerous agricultural applications including open fields and greenhouses are being increasingly adopting advanced soil monitoring devices for the enhancement of crop quality and minimize the excess usage of water. A rise in the number of government favorable initiatives regarding water conservation and supporting the sustainable agriculture practices in the agriculture industry have resulted in higher adoption and influencing the market growth.
Furthermore, the non-agriculture is anticipated to grow at considerable growth rate during the forecast period, which is mainly accelerated by growing non-agricultural applications including golf courses, sports ground, turf & landscapes, forestry, and residential, who are increasingly adopting effective and efficient irrigation solutions.
North America region dominated the global market in 2022
The North America region led the industry and accounted for a substantial market share in 2022, and is projected to maintain its dominance throughout the forecast period. The growth of the regional market is mainly driven by growing awareness regarding the availability innovated monitoring systems and high adoption of the sensing and imagery systems for the agricultural productivity in countries like US and Canada coupled with the presence of leading market players in the region. The increasing proliferation of precision farming and mechanized farm practices in the region is further contributing to the market growth and development of the agriculture sector.
Moreover, the Asia Pacific region is anticipated is grow fastest at a growth rate during the study period, on account of the rising government support towards water conservation through providing subsidies, trade policies, and favorable initiatives along with the increasing agricultural productivity by implementing on several technologically advanced agricultural practices.
Competitive Insight
Some of the major players operating in the global market include Stevens Water Monitoring, Soil Scout, Caipos, Meter Group, Elements Materials, Toro Company, Campbell Scientific, Sentek Technologies, Irrometer Company, CropX Technologies, HydroPoint, Manx Technology, SGS Group, Spectrum Technologies, and Earth Observing System.
Recent Developments
- In November 2022, Yampa Valley, announced the installation of high-tech soil moisture monitoring devices, to increase the knowledge and understanding about how dry soils impact the snowmelt and runoff with the continuously warming climate. It will be installed under a partnership with sustainability council and Center for Western Weather and Weather Extremes.
- Furthermore, In October 2021, The U.S. Department of Agriculture, announced about the investment of USD 10 million into a new initiative for monitoring soil carbon on the conservation reserve program. CRP is a very crucial tool in the country’s fight to educe the climate change impacts facing by farmers, foresters, and ranchers.
Soil Monitoring Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 593.66 million |
|
Revenue forecast in 2032 |
USD 1,865.99 million |
|
CAGR |
13.6% from 2023 – 2032 |
|
Base year |
2022 |
|
Historical data |
2019 – 2021 |
|
Forecast period |
2023 – 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
|
Segments covered |
By Offering, By Connectivity, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key companies |
Stevens Water Monitoring Systems, SGS Group, Meter Group, Elements Materials Technology, The Toro Company, Campbell Scientific, Sentek Technologies, Spectrum Technologies, Irrometer Company, CropX Technologies, HydroPoint, Soil Scout, Caipos, E.S.I. Environmental Sensors Inc., Manx Technology Group, and Earth Observing System. |
FAQ's
The soil monitoring market report covering key segments are offering, connectivity, application, and region.
Soil Monitoring Market Size Worth $1,865.99 Million By 2032.
The global soil monitoring market expected to grow at a CAGR of 13.6% during the forecast period.
North America is leading the global market.
Key driving factors in the soil monitoring market are growing demand to improve farm productivity to feed extensively rising population.
© 2024 Polaris Market Research and Consulting. All rights reserved
