Portland, OR, Jan. 13, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global soil monitoring system market was pegged at $529.2 million by 2027, and is projected to reach $853.4 million by 2027, growing at a CAGR of 6.7% from 2020 to 2027.
Increase in popularity of precision agriculture and fertility management services, surge in demand for improving farm productivity to feed extensively growing population, rise in government investments in agriculture R&D, and advent of technologically advanced soil monitoring systems at affordable prices have boosted the growth of the global soil monitoring systems market. However, lack of technical skills and awareness regarding soil monitoring hamper the market growth. On the contrary, increase in adoption of soil monitoring in developing countries and advancements in technologies such as IoT and data analytics are expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 outbreak has hampered R&D activities in the electronics and semiconductor industry. Moreover, the shortage of raw materials and components due to disruption in the supply chain has negatively affected the production capacity of sensor manufacturers.
- Reduction in purchase capability among consumers due to the uncertain economy has drastically affected the manufacturing of IoT devices.
- However, the soil monitoring system market is expected to get back on track by early 2021 as the demand for installation of IoT devices across agricultural farms has been slowly increasing.
The global soil monitoring system market is segmented on the basis of component, connectivity, application, and region. Based on component, the market is divided into hardware, software, and service. The hardware segment held the largest share in 2019, accounting for more than two-thirds of the market. However, the service segment is projected to register the highest CAGR of 7.3% during the forecast period.
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On the basis of connectivity, the market is classified into wired and wireless. The wired segment held the lion’s share in 2019, contributing to nearly three-fifths of the market. However, the wireless segment is expected to manifest the highest CAGR of 7.3% from 2020 to 2027.
The global soil monitoring system market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2019, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is estimated to portray the highest CAGR of 7.8% during the forecast period.
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The global soil monitoring system market report includes an in-depth analysis of the major market players such as 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.
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