The Soil Testing Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Soil Testing Equipment Global Market Report 2024, 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.
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.
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The soil testing equipment market covered in this report is segmented –
1) By Type Of Test: Physical, Residual, Chemical
2) By Site: Laboratory, On-site
3) By Degree Of Automation: Manual, Semi-Automatic, Automatic
4) By End-User: Construction industry, Agriculture industry
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.
The soil testing equipment market report table of contents includes:
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