Soil Monitoring Market Growth 2022: Research by Business Analysis, Growing CAGR of 14.85% Future Strategy and Analysis Forecast to 2032: SPER Market Research
According to SPER Market Research, Soil Monitoring Market is estimated to reach USD 2.20 billion by 2032 with a CAGR of 14.85%. Soil monitoring systems consist of instruments that can read and store data, sense soil, and communicate data to computers. This information is used to make decisions about the state of the soil. These systems are used in a variety of settings, including farming, golf courses, research facilities, and urban farming neighbourhoods. The market for soil monitoring systems is expected to grow because of increased demand for increased farm productivity, as well as the increasing popularity of precision agriculture and fertility management services. Additionally, rising public spending on agricultural research and development is helping to fuel the market. The market for soil monitoring is projected to grow, but this growth could be hampered by a lack of technical know-how and awareness about the subject. On the other hand, it is expected that increasing the adoption of soil monitoring systems in developing nations will provide lucrative market opportunities. Several trends, including technological development and its uptake, climate changes, and variable agricultural output, are factors that impact the market’s expansion. Opportunities have arisen for those involved in the agriculture value chain as a result of the growing global population, soaring demand for agricultural products, shifting climatic conditions, and technological advancements in the industry.
Soil Monitoring Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 14.85%
- Forecast Market Size (2032): 2.20 billion
Soil monitoring market is growing rapidly, due to the introduction of technologies like remote sensing, smart sensors, and the internet of things. This is due to the need to preserve soil quality, government regulations pertaining to ecological stability, and the need to increase farm productivity to feed the growing population. Sensors, hardware, and software for soil monitoring are becoming more widely used due to developments in telematics, sensing, and imagery systems.
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Impact of COVID-19 on the Global Soil Monitoring Market
The COVID-19 outbreak has currently limited R&D in the electronics and semiconductor industries and has resulted in the closure of various manufacturing locations across the globe. The production capacity of sensor makers is hampered by a lack of or unavailability of raw materials and components as a result of supply chain disruption. Moreover, customers’ declining purchasing power as a result of the unstable economy hinders the market’s expansion. The market for soil monitoring systems is only expected to be negatively impacted by COVID-19 for a brief period of time, there should be a strong demand for the installation of IoT devices across agricultural farms all over the world to enable the most efficient use of resources with fewer demands for labour in the fields.
Soil Monitoring Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
- Construction & Mining
- Middle East & Africa
- North America
- Latin America
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Soil Monitoring Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Campbell Scientific Inc., CropX Inc., Earth Observing System, Element Materials Technology, Manx Technology Group, METER Group Inc., SGS SA, Spectrum Technologies Inc., Stevens Water Monitoring Systems Inc., The Toro Company.
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Soil Monitoring Market Future Outlook
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Sara Lopes, Business Consultant – U.S.A.
SPER Market Research