DUBLIN--(BUSINESS WIRE)--The "Soil Monitoring Market by Offering (Hardware, Software, Services), System Type (Sensing & Imagery, Ground-based Sensing, Robotic & Telematics), Application (Agricultural, Non-agricultural) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The soil monitoring market is estimated to be worth USD 551 million in 2022 and is projected to reach USD 1,088 million by 2027, at a CAGR of 14.6%.
The market for sensing & imagery systems is estimated to grow at the highest CAGR during the forecast period.
The market for sensing and imagery will witness strong growth as the use of satellite imagery, drones, manned aircraft, or aerial imagery is more prominent in agricultural applications of soil monitoring; these imaging systems gather raw data pertaining to soil. Multispectral and hyperspectral sensors are usually mounted on these airborne vehicles. Remote sensing technology is an economical technique for mapping and monitoring crop and soil variability.
Remote sensing imagery helps in pasturing the growth rate, mapping soil variations, monitoring field variability, detecting pest-infected or diseased plants, enhancing crop input, etc. Sensing and imagery systems become complicated in the case of data mapping as they require instrument calibration, atmospheric correction, cloud screening of data, and image processing.
The market for hardware is estimated to account for the largest share between 2022 and 2027.
The soil monitoring market for hardware is expected to flourish at a significant growth rate and is estimated to hold the dominant position during the forecast period. Hardware components, sensors, devices, and equipment are increasingly adopted in agricultural and non-agricultural applications. The integration of various 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 applications is estimated to grow at the highest CAGR from 2022 to 2027.
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, and devices for soil monitoring purposes for the non-agricultural application has been on the rise. Weather forecasting, flood and drought management, sports turf management, landscaping, and ground care use soil monitoring sensors to optimize their operations.
The soil monitoring market in the APAC region is expected to witness robust growth during 2022-2027.
The surging investments 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 fast growth of the soil monitoring market.
The region has 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. Other factors contributing to the growth of the soil monitoring market in the APAC region include strong government support to digitalize agriculture, rising concerns to boost productivity, and integration of advanced systems with various equipment.
Market Dynamics
Drivers
- Efforts of Governments and Companies to Promote Sustainable Agriculture Practices
- Need to Preserve Soil Quality
- Stringent Government Regulations Pertaining to Ecological Stability
- Growing Need to Improve Farm Productivity
Restraints
- Difficulties in Monitoring due to Spatial Variability of Soil
- Poor Reliability and High Costs Associated with Soil Monitoring Sensors
- Low Adoption of Modern Agricultural Technologies
Opportunities
- Integration of Advanced Technologies Like IoT and Data Analytics to Promote Smart Agriculture
- Huge Government Spending on Agriculture
- Digitalization of Agriculture and Adoption of Advanced Farming Techniques Post-COVID-19
Challenges
- Lack of Awareness and Technical Skills
Companies Mentioned
- Acclima, Inc.
- Aquacheck USA
- Aquaspy
- Caipos GmbH
- Campbell Scientific
- Cropx Technologies Ltd.
- Delta-T Devices Ltd.
- E.S.I. Environmental Sensors
- Element Materials Technology Group Limited
- Hydropoint
- Imko Micromodultechnik GmbH
- Irrometer Company, Inc.
- Meter Group
- Sentek Technologies
- Sgs Group
- Soil Scout Oy
- Spectrum Technologies, Inc.
- Stevens Water Monitoring Systems Inc.
- The Toro Company
- Vegetronix
For more information about this report visit https://www.researchandmarkets.com/r/boky6p
