Soil Monitoring System Market Size is projected to reach $853.4 million by 2027, growing at a CAGR of 6.7% from 2020 to 2027

"According to a recent report published by Report Ocean, titled, “Soil Monitoring System Market by Component, Connectivity, and Application: Opportunity Analysis and Industry Forecast, 2020-2027,” the global soil monitoring system industry size was valued at $529.2 million in 2019, and is projected to reach $853.4 million by 2027, growing at a CAGR of 6.7% from 2020 to 2027.

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The soil monitoring system consists of sensors such as temperature sensors, light sensors, and soil moisture sensors. It is used to measure the important parameters of soil such as moisture, temperature, and light using sensors, which is suitable for various types of soil. These soil sensors can be used at multilayers and multi points of the soil. Measurement of soil moisture has become important particularly in the agriculture industry. Soil moisture sensor is a vital component of the soil monitoring, which measures the volumetric water content in the soil. The soil monitoring is popularly being used in various applications such as agriculture, research studies, weather forecasting, and others.

Growing demand to improve farm productivity to feed extensively rising population and the rise in popularity of precision agriculture and fertility management services are the major factors that drive the growth of soil monitoring system market. In addition to this, availability of technologically advanced soil monitoring systems at affordable prices fuels the market growth. Also, surge in government investments on agriculture R&D fuels the market. However, lack of technical skills and awareness related to soil monitoring may hinder the market growth to some extent. On the contrary, rise in adoption of soil monitoring in emerging countries is anticipated to provide lucrative opportunities for the market growth. In addition, emergence of advanced technologies such as data analytics and IoT in soil monitoring is expected to be opportunistic for growth of the soil monitoring system market during the forecast period.

The COVID-19 outbreak has currently restrained the R&D activities in the electronics & semiconductor industry and has led to shutdown of several manufacturing facilities globally. The shortage or unavailability of raw materials and components due to supply chain disruption has hindered the production capacity of sensor manufacturers. Further, decline in purchase capability among consumers due to uncertain economy will further hinder the market growth. However, the negative impact of COVID-19 on the soil monitoring system market is expected to be there for a short period, and by early 2021 the market is anticipated to observe robust recovery rate along with the extensive demand for installation of IoT devices across the agricultural farms around the globe to enable optimal usage of resources with reduced requirements of the labor in the fields.

Region wise, soil monitoring system market size is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue generator in 2019, accounting for $137.1 million, and is estimated to garner $239.8 million by 2027, growing at a CAGR of 7.8%.

The global soil monitoring system market is segmented on the basis of component, connectivity, application, and region. On the basis of component, the market is classified into hardware, software, and service. By connectivity, the market is bifurcated into wired and wireless. On the basis of application, it is divided into agriculture, archaeology, research, and construction & mining. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players that have major global soil monitoring system market share include Campbell Scientific, CropX Technologies, Earth Observing System, Element Material Technology, Manx Technology Group, METER Group, Inc., SGS Group, Spectrum Technologies, Stevens Water Monitoring Systems Inc., and The Toro Company, which are profiled in this report. The global soil monitoring industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the soil monitoring system market growth.

Key Findings Of The Study

By component, the hardware segment held the highest revenue of $356.3 million in 2019, and contributed a major part in soil monitoring system market share.
By connectivity, the wired segment held the highest revenue of $309.3 million in 2019.
By application, the agriculture segment held the highest revenue share of the market in 2019, generating $249.1 million as per the soil monitoring system market analysis.
By region, Asia-Pacific is expected to dominate the market, garnering a major share during the forecast period.

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This release was published on openPR.