Soil Monitoring Market with Covid-19 Impact Analysis by Offering (Hardware, Software, Services), System Type (Sensing & Imagery, Ground-based Sensing, Robotic & Telematics), Application (Agricultural, Non-agricultural), Region - Global Forecast to 2025
The soil monitoring market is estimated to be worth USD 370 million in 2020 and is projected to reach USD 680 million by 2025, at a CAGR of 12.9%. The soil monitoring market has a promising growth potential owing to sevral factors such as concerted efforts of governments and companies to promote sustainable agriculture practices, pressing need to preserve soil quality, stringent government regulations pertaining to ecological stability and growing need for improving farm productivity to feed rising population have become the prominent factors for the growth of the soil monitoring market globally.
The soil monitoring market is at a promising stage and is expected to see a strong growth during the forecast period. The low technical know-how of the ground based monitoring systems has led to a wider adoption of several soil monitoring sensors. Moreover the use of various IoT based devices as ell as several niche offering provided by the companies for soil monitoring purpose has led to the development of telematics and remote monitoring. The impact of COVID-19 on the soil monitoring market is likely to be there for a short term, and by end of 2020 or early 2021 the market is expected to witness robust recovery with higher demand for installation of IoT devices in agricultural farms across the world to make optimum use of resources with reduced labor requirements in the fields.
The market for robotic and telematics systemis estimated to grow at highest CAGR during the forecast period
The demand for remote monitoring of farms is increasing owing to several labor crisis and large size of the farms. The market for other system types which includes robotics and telematics systems is expected to witness a high growth rate during the forecat period. The major factor for the high demand for the telematics and robotics in the soil monitoring market is the various challenges faced by the farmers such as labor crisis and associated costs. A key factor supporting the growth of the segment is the advent of connected farming. A number of agriculture technology companies exist in the market that provide integrated solutions to monitor fields and enables farmers to optimize the farming operation by timely actions.
The market for hardware is estimated to account for the largest share between 2020 and 2025
The soil monitoring market for hardware is expected to flourish at the significant growth rate and estimated to hold the dominant position during the forecast period. Hardware components, sensors, devices, and equipment are increasingly being adopted in agricultural and non-agricultural applications. The integration of varieties of sensors into remote monitoring solutions owing to the reduced cost of these sensors has resulted in the largest market share of the hardware segment.
The market for non-agricultural application is estimated to grow at highest CAGR from 2020 to 2025
The soil monitoring market for the non-agricultural application is expected to grow at the highest CAGR during the forecast period. The use of several sensors, soil scanners, devices for the soil moniotirng purpose for the non-agricultural application has been on the rise. The weather forecasting, flood and drought management, sports turf management, landscaping and ground care has been using soil monitoring sensors to optimize their operations.
Soil monitoring market in the APAC region is expected to witness a robust growth during 2020-2025
The surging invetments in the ag-tech sector in APAC, increasing penetration of ground-based monitoring systems as well as sensing and imagery systems are some of the major factors for the high growth of soil monitoring market in APAC. The region has a promising growth prospects in the soil monitoring market owing to the presence of various international and domestic players in the field of soil monitoring in countries such as India, China, Japan, and Australia. Several other factors for the growth of soil monitoring market in the APAC region are strong government support to digitize agriculture, rising concerns to boost productivity and integration of advanced systems with the various equipment.
The breakup of primaries conducted during the study is depicted below:
By Company Type: Tier 1 – 20 %, Tier 2 – 45%, and Tier 3 –35%
By Designation: C-Level Executives – 35%, Directors – 25%, and Others – 40%
By Region: Americas– 45%, Europe – 25%, APAC – 20%, and RoW – 10%
The major players in the soil monitoring market are Stevens Water Monitoring Systems (US), SGS Group (Switzerland), METER Group (US), Element Material Technology (UK), The Toro Company (US), Campbell Scientific (US), Sentek Technologies (Australia), Spectrum Technologies (US), Irrometer (US) and CropX Technologies (Israel).
The report segments the soil monitoring market and forecasts its size, by volume and value, based on region (Americas, Europe, Asia Pacific, and RoW), offering (hardware, softwar and services), system type (sensing and imagery systems, ground-based monitoring systems, others (robotics and telematics system)), application (agricultural and non-agricultural) and region (Americas, Europe, APAC and RoW)
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the soil monitoring market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying This Report
This report includes the market statistics pertaining to offering, system type, application and region
An in-depth value chain analysis has been done to provide deep insight into the soil monitoring market.
Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
The report includes an in-depth analysis and ranking of key players.
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