Soil Testing Equipment Market size to increase by USD 1.59 billion during 2022-2027| Increasing demand for the precision agriculture to drive the market growth- Technavio
NEW YORK, Sept. 26, 2023 /PRNewswire/ -- The Soil Testing Equipment Market size is projected to grow by USD 1.59 billion, accelerating at a CAGR of 7.71% during the forecast period. The soil testing equipment market is driven by increasing demand for precision agriculture. Farmers and agronomists employ soil testing equipment to make informed decisions regarding crop management, encompassing planting, irrigation, and fertilization. Precision agriculture aims to optimize the utilization of resources like fertilizers, herbicides, and water by tailoring their application based on soil quality variations within a field. This approach minimizes waste and maximizes resource efficiency. This growing demand for precision agriculture is expected to fuel the expansion of the global soil testing equipment market from 2022 - 2027. Technavio's report analyses market size and growth and provides accurate predictions on the growth of the market. Request Free Sample report now
The report recognizes the following as some of the key players in the soil testing equipment market: Agilent Technologies Inc., ALFA Testing Equipment, EIE instruments, ELE International, Eurofins Scientific SE, Geotechnical Testing Equipment UK Ltd., Gilson Co. Inc., Hanna Instruments Inc., Humboldt Mfg. Co., Hydraulic and Engineering Instruments, LaMotte Co., Matest Spa, Merck KGaA, Naugra Export, Nova Ventures Group Corp., PerkinElmer Inc., Plasti Surge Industries Pvt. Ltd., S.W.COLE Engineering Inc., Sun LabTek Equipments I Pvt. Ltd., and Thermo Fisher Scientific Inc.
Soil Testing Equipment Market is fragmented in nature.
Trends - Portable soil testing devices offer several benefits that align with the evolving requirements of farmers, researchers, and land managers. These devices save costs by eliminating the necessity to send soil samples to a lab for analysis. Many portable soil testers are equipped with user-friendly software and interfaces, making them accessible to individuals with diverse technical proficiency. As a result, farmers can now gather precise data without the need for extensive training sessions.
Challenges - Soil testing equipment might not see widespread adoption, particularly on small-scale farms or those with limited resources, primarily due to the significant initial costs involved. Small-scale farmers, despite the potential for improved crop yields and eventual cost reductions, often face financial constraints that prevent them from investing in costly soil testing equipment. Consequently, they may resort to conventional or less precise soil testing methods or may altogether forgo soil testing.
The market is segmented by Test (Physical, Chemical, and Residual), End-user (Agriculture and Construction), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
The physical segment is expected to dominate the market's growth during the forecast period. The physical characteristics of soils have a significant impact in various fields such as environmental research, geotechnical engineering, and construction projects. These instruments evaluate soil particle distribution and the presence of aggregates, which influence factors like water flow, root penetration, and overall soil stability. Additionally, they measure soil pores or voids, impacting the movement of water, air, and nutrients within the soil.
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How do the major trends impact the market?
How big is the North America market?
How do the key drivers and challenges impact the market?
Agricultural Testing Market: The agricultural testing market share is expected to increase to USD 2.10 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.25%.
Soil Fumigants Market: The soil fumigants market share is expected to increase by USD 149.86 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.07%.
Table of Contents:
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Test
Market Segmentation by End-Users
Market Segmentation by Geography
Drivers, Challenges, & Trends
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