Soil Testing Equipment Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Soil Testing Equipment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The soil testing equipment market size has grown rapidly in recent years. It will grow from $4.66 billion in 2023 to $5.24 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to increasing agricultural activities, government initiatives and regulations, awareness about soil health, global food security concerns, farm consolidation and size increase.

The soil testing equipment market size is expected to see rapid growth in the next few years. It will grow to $7.95 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to increasing emphasis on precision agriculture, climate change adaptation, growing popularity of sustainable agriculture, government support and subsidies, expanding agricultural export markets. Major trends in the forecast period include focus on cost-effective solutions, market consolidation and partnerships, global food security concerns, demand for sustainable agriculture, data-driven decision-making.

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Market Drivers and Trends:

The rise in the number of construction activities is expected to boost the growth of the soil testing equipment market going forward. Construction activities refers to all work done in connection with the development, assembly, modification of buildings, structures, roadways, including the clearing, grading, excavation, and filling of land. Soil testing is a scientific instrument for evaluating and analyzing soil's intrinsic technical and physical properties and carrying capacity. It facilitates the selection of the particular foundation where construction has to be done. For instance, in 2022, according to a report shared by ToolSense, an Austria-based software company related to construction, facility services, mining, agriculture, logistics, or manufacturing, the number of housing units built in 2021 was 1,337,800, which is a 4% rise over the previous year. Between March and July 2020, the volume of residential building rose by 275%. Therefore, the rise in the number of construction activities is driving the growth of the soil testing equipment market.

Technological advancements are a key trend gaining popularity in the soil testing equipment market. Companies operating in the soil testing equipment market are adopting new technologies to sustain their position in the market. For instance, in August 2022, Precision Planting, a US-based agricultural service provider, launched a cloud-based system called Radicle Agronomics. It includes a self-calibration technology running on Radicle Lab and a fully automated soil sample tagging machine, GeoPress™. With this, an agronomist can provide enhanced soil nutrient management advice to their clients by utilizing a cloud-based software solution that integrates every stage of the field-to-lab process. Radicle Lab™ is the first wholly automated soil laboratory with self-calibration technology and the capacity to run hundreds of samples unattended. Radicle Lab breakthrough, patent-pending Microflow technology eliminates all human interactions during the standard laboratory process, allowing agronomists to produce a precision soil analysis in minutes without lifting a finger.

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Major Key Players of the Market:

Controls S.p.A.; ELE International; Gilson Company Inc.; Thermo Fisher Scientific Inc.; Agilent Technologies Inc.; PerkinElmer Inc.; Merck KGaA; LaMotte Company; Humboldt Mfg. Co.; EIE Instruments Private Limited; Sun Labtek Equipments (I) Private Limited; S.W. Cole Engineering Inc.; Eurofins Scientific S.E.; M&L Testing Equipment LLC; Alfa Testing Equipment LLC; Martin Lishman Ltd.; Geotechnical Testing Equipment (UK) Ltd; Matest; Shambhavi Impex; SGS Société Générale de Surveillance SA; ALS Limited; Element Materials Technology Group Limited; Intertek Group plc; Bureau Veritas S.A.; PCE Instruments; GDS Instruments; Seidner Laboratories Inc.; Geotest Instrument Corporation; Geo-Slope International Ltd.; Soil Mechanics Corporation

Soil Testing Equipment Market 2024 Key Insights:

• The soil testing equipment market size will grow to $7.95 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.
• Construction Boom Fuels Surge In Soil Testing Equipment Market Growth
• Technological Innovations Reshaping The Soil Testing Equipment Market Landscape
• North America was the largest region in the soil testing equipment market in 2023

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