Global Soil Monitoring Market Size to Reach USD 1,483 Million in 2032 | Emergen Research
Rising investments in the research & development of the agricultural sector and increasing utilization of advanced technologies to increase the efficiency of the traditional agricultural practices are driving the demand of the market
Vancouver, Nov. 13, 2023 (GLOBE NEWSWIRE) — The global Soil Monitoring Market will be worth USD 1,483 Million by 2032, according to a current analysis by Emergen Research. The growth of this market can be attributed to the growing utilization of advanced technologies to enhance the efficiency of traditional agricultural practices. High labor cost due to the declining agricultural workforce is expected to increase the adoption of soil monitoring devices in the agricultural sector. The increasing installations of the Internet Of things (IoT) devices in the agricultural and non-agricultural systems are projected to fuel the growth of the industry. The limited availability of natural resources such as arable land and freshwater has resulted in the growth of the soil monitoring systems.
Lack of skill sets and technical knowledge among farmers, high cost of the soil monitoring systems, and the preference towards traditional farming practices in the emerging economies might restrain the growth of the market.
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|Market size value in 2019||USD 345.6 Million|
|CAGR (2023 – 2032)||13.0%|
|Revenue forecast in 2032||USD 1,483 Million|
|Base year for estimation||2019|
|Quantitative units||Volume in Tons, Revenue in USD Thousand, and CAGR from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||System Type, Offering, Application, region|
|Regional scope||North America; Europe; Asia Pacific; Central & South America; MEA|
|Country scope||U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey|
|Key companies profiled||The Toro Company, Stevens Water Monitoring Systems Inc., Element Materials Technology, SGS GROUP, CAMPBELL SCIENTIFIC, METER GROUP, SENTEK TECHNOLOGIES, CROPX TECHNOLOGIES, SPECTRUM TECHNOLOGIES, and Aquamonix|
|Customization scope||10 hrs of free customization and expert consultation|
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Major Companies and Competitive Landscape
The Soil Monitoring Market is moderately fragmented with a large number of small and medium-sized manufacturers, which account for a major part of the global share. The manufacturers are well-equipped with manufacturing facilities and are involved in several research & development activities.
Some of the prominent players in the Soil Monitoring Market include:
- The Toro Company
- Stevens Water Monitoring Systems, Inc.
- Element Materials Technology
- SGS GROUP
- CAMPBELL SCIENTIFIC
- METER GROUP
- SENTEK TECHNOLOGIES
- CROPX TECHNOLOGIES
- SPECTRUM TECHNOLOGIES
In March 2023, Venture Products (U.S.) was completely acquired by the Toro Company in order to remain competitive in the professional market and to expand its product portfolio among customers in turf, landscape, and ice and snow maintenance categories.
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Some Key Highlights from the Report
- In June 2019, Stevens Water Monitoring Systems Inc. completely acquired Structure Monitoring Inc, which provides intelligent Internet of Things (IoT) solutions for monitoring, analyzing, and managing critical infrastructure. The acquisition is expected to enhance the overall power of Stevens’-Connect, a cloud-based acquisition, and operational platform.
- The Ground-based monitoring systems are forecasted to grow with the fastest CAGR of 13.4% over the forecast period. The increasing labor cost due to the declining agricultural workforce in several countries has driven the utilization of ground-based monitoring systems.
- The Hardware segment held the largest market share of 53.3% in 2019. The rising adoption of soil scanners, soil moisture sensors, and weather stations has driven the growth of the hardware segment of the soil monitoring market.
- The Non-Agricultural segment is forecasted to be the fastest-growing segment over the forecast period. The Golf Courses and Sports ground, Turf & Landscapes are increasingly adopting soil monitoring systems to enhance the efficiency of the irrigation systems.
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For the purpose of this report, Emergen Research has segmented the global Soil Monitoring Market on the basis of System Type, Offering, Application, and region:
- System Type Outlook (Revenue, USD Million; 2023-2032)
- Ground-based Monitoring Systems
- Sensing and Imagery Systems
- Others (Telematics Systems and Robotics)
- Offering Outlook (Revenue, USD Million; 2023-2032)
- Application Outlook (Revenue, USD Million; 2023-2032)
- Regional Outlook (Revenue, USD Million; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
- North America
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