Global Soil Monitoring Market Set For 13.7% Growth, Reaching $0.98 Billion By 2028

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The soil monitoring global market has witnessed remarkable expansion in recent years. The projected growth from $0.52 billion in 2023 to $0.59 billion in 2024, indicating an impressive compound annual growth rate CAGR of 13.5%, has primarily been propelled by numerous factors. These include a rising need to maintain soil quality, growing demand for enhanced farm productivity, increasing awareness of climate change, and environmental degradation, alongside the advent of precision agriculture.

What does the future hold for the soil monitoring market?

The upcoming years are expected to showcase rapid growth in the soil monitoring market. The industry is projected to rise to a staggering $0.98 billion by 2028, illustrating a compound annual growth rate CAGR of 13.7%. The primary drivers behind this rapid expansion include increasing hardware-centric capabilities, penetrating soil sensor technologies, the surge in demand for advanced farming techniques, population growth, and a hike in agricultural production. Several major trends are foreseen within this period, including the integration of internet of things IoT-connected farming solutions, the merging of modern international soil monitoring techniques, the adoption of soil robotics, and innovative fluid management systems.

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What factors are driving the growth of the global soil monitoring market?

Anticipated growth in the soil monitoring market is significantly influenced by the blossoming agriculture sector. The sector, functioning as a key component of the global economy, entails the production, processing, and distribution of crops, livestock, and additional agricultural products. The surge in the agriculture sector is instigated largely by shifts in dietary patterns, burgeoning awareness of environmental issues, and amplified investments in agricultural research, development, and infrastructure. Soil monitoring plays a pivotal role in enhancing agricultural production by providing real-time data on soil conditions, thus permitting precise irrigation, fertilization, and crop health management.

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Who are the key industry players in the soil monitoring market?

Major companies operating in the soil monitoring market, such as Element Materials Technology Group Limited, SGS Group, Hoskin Scientific Ltd., HydroPoint Data Systems Inc., Campbell Scientific Inc., Onset Computer Corporation, METER Group Inc., Royal Eijkelkamp, and CropX Technologies Ltd. among others, are leading the industry's growth.

What new advancements are taking place in the soil monitoring market?

Major companies in the soil monitoring market are focusing on developing innovative solutions, such as wireless soil sensor probes. These probes monitor soil conditions, including moisture, temperature, and salinity, and transmit data wirelessly for precision agriculture applications. In April 2024, GroGuru, Inc., a US-based tech company that provides water monitoring and management service, launched a fully integrated wireless soil sensor probe for continuous root zone monitoring of annual field crops.

What are the key segments within the soil monitoring market?

The soil monitoring industry breaks down into significant segments, including:

1 Offering: Hardware, Software, Services
2 System: Sensing And Imagery, Ground-Based Monitoring System, Other System Types
3 Sector: Agriculture, Non-Agriculture

What regions are pivotal to the soil monitoring market?

North America was the largest region in the soil monitoring market in 2023, with Asia-Pacific expected to be the fastest-growing region in the forecast period. The regions scrutinized in the soil monitoring market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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