New York, United States, Oct. 09, 2023 (GLOBE NEWSWIRE) -- Soil monitoring systems are instruments that perform various duties such as data reading/storage, soil sensing, and data transmission to computers through the transmitter. Soil monitoring systems have the potential to provide benefits such as a more remarkable ability to manage growth rates, quality, efficiency, and disease occurrence; and cost monitoring for irrigation management. According to Straits Research, “The global soil monitoring system size is projected to reach USD 1,115 million by 2030, growing at a CAGR of 6.9% during the forecast period (2022–2030).”
Key Drivers
Precision agriculture, often known as smart farming, is a common strategy that allows farmers to reduce input costs while increasing yields with limited resources such as water, fertilizer, and seeds. Soil monitoring technologies aid in field mapping and the deployment of soil monitoring sensors allows farmers to understand their crops at the micro-scale while lowering environmental impacts. Furthermore, several governments are taking steps to satisfy the spike in food demand. Precision farming is supported by NASA, the US Department of Agriculture, and the National Oceanic and Atmospheric Administration (NOAA). In addition, the government of India grants a 100 percent cost subsidy to Precision Farming Development Centers (PDFCs).
Growth Opportunities
Countries in Asia-Pacific, the Middle East, and Africa are experiencing an increase in development rate as the number of industries and population grows, boosting infrastructure and construction activity. This aspect is likely to drive demand for soil monitoring systems in these countries, providing multiple chances for soil monitoring market manufacturers to develop their operations in the coming years. Furthermore, farmers in emerging markets are increasingly selecting mobile soil testing laboratories, which will likely expand the number of such laboratories, increasing sales.
Regional Insights
North America is the dominant region and is estimated to grow at a CAGR of 6.2% during the forecast period. The main factors driving growth in the soil monitoring market in North America are advances in advanced technologies and relatively higher awareness among growers due to the support of organizations like the Environmental Protection Agency (EPA), The Nature Conservancy, and the National Research Council. On the other hand, the North America Free Trade Agreement (NAFTA) presents huge prospects for expansion by supporting economic activity in North America's powerhouse economies, increasing its worldwide competitiveness.
Asia-Pacific is the fastest-growing region and is projected to grow at a CAGR of 8%. The region's substantial reliance on agriculture and the availability of low-cost agricultural products from China are significant factors driving the region's rising use of soil monitoring. Furthermore, the growing demand of farmers for mobile soil testing laboratories is likely to cause an increase in the number of such laboratories.
Europe is the third-largest region. Factors such as the export-based agriculture industry, strong demand for high-quality food, and highly mechanized agriculture urge European farmers to use soil treatment products to keep soil conditions in good shape. Furthermore, the widespread use of precision agriculture techniques in crop and soil management in this region and the need to improve soil quality drive market demand.
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Key Highlights
- The agriculture segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.9%.
- Based on components, the global soil monitoring system market is bifurcated into Hardware, Software, and Service. The Hardware segment dominates the market and is estimated to grow at a CAGR of 7% during the forecast period.
- Based on connectivity, the global soil monitoring system market is segmented into Wired and Wireless. The Wired segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.5% during the forecast period.
Competitive Analysis
Key players in the global soil monitoring system market include Campbell Scientific, Earth Observing System, Element Material Technology, Manx Technology Group, CropX Technologies, METER Group, Inc., SGS Group, Stevens Water Monitoring Systems Inc., Spectrum Technologies, and The Toro Company
Market News
- In June 2022, CropX, a global pioneer in digital farm management, expanded its system to incorporate a novel disease management capability that can result in lower chemical use while safeguarding crop yields. The CropX farm management system monitors important fungal diseases on over 320 crop and fungal disease combinations and provides spraying recommendations. This new feature incorporates Dacom Farm Intelligence's 20 years of agronomic research and knowledge, which CropX bought in 2021.
- In April 2022, Aliaxis, a global leader in providing access to water and energy through innovative fluid management solutions, signed an investment contract with CropX, a global leader in ag-tech solutions for total farm management, and will be working together with them.
Global Soil Monitoring System Market: Segmentation
By Component
- Hardware
- Software
- Service
By Connectivity
- Wired
- Wireless
By Application
- Agriculture
- Archaeology
- Research
- Construction & Mining
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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