Soil Testing Equipment Market Will Hit Big Revenues In Futureby Mit K. SEO
The soil testing equipment market size is estimated to be valued at USD 3.3
billion in 2019 and is projected to reach USD 6.2 billion by 2025, at a CAGR of
10.8% from 2019 to 2025. The need for proper farm management practices,
industrialization, intensification of agriculture, and the need for faster
& reliable test results have driven the market growth.
The rapid adoption of precision farming maximizes the yield and profitability of crops and gauge the soil fertility, leachability, and movement of nutrients, which would aid in optimizing soil formulation and quality. This has also allowed farmers or growers to segregate fields into zones, creating a site-specific approach to maximize yields and minimize input costs. Thus, these factors have resulted in driving the global soil testing equipment market growth.
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By end-user industry, the construction segment is projected to account for the largest soil testing equipment market share
The construction industry in countries such as India has received substantial foreign direct investments (FDI) for the improvement of infrastructure in the light of rapid industrialization. Additionally, China is one of the world’s most significant players in the construction business due to the thriving residential and commercial sectors. The increasing global infrastructure spending is expected to fuel the growth of associated industries, including soil testing equipment. Technological advancement, coupled with rising awareness regarding the benefits of soil testing, is anticipated to drive the demand for requisite equipment.
By type of tests, the market for soil testing equipment market for residues is projected to account for the largest market size during the forecast period
Based on type of tests, the market has been segmented into physical, residual, and chemical tests. Physical tests include testing the soil for shear strength, leachability, plasticity, and porosity. Rapid urbanization in China and India are driving the market for physical tests. The growing awareness among consumers about the presence of chemical residues, such as pesticides and fertilizers in fresh fruits & vegetables, has been driving the market.
North America dominated the global soil testing equipment market in 2018
The presence of key soil testing equipment industry players, such as Agilent Technologies, Thermo Fisher Scientific, Merck Group, and PerkinElmer, in the US coupled with the high adoption of modern agriculture practices, has resulted in North America dominating the global soil testing equipment market. Several environmental organizations have been actively contributing to market development and have enforced various environment protection policies. The North American soil testing equipment industry addresses multiple environmental issues, such as climate change, acid rain reduction, industrialization, soil erosion, and construction. The growing funds for soil pollution control for ecological safety and R&D investments for new product developments are also responsible for the growth of the market.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the soil testing equipment market. It consists of the profiles of leading companies such as Agilent Technologies (US), Thermo Fisher Scientific Inc. (US), Merck Group (Germany), PerkinElmer Inc. (US), Controls S.p.A (Italy), LaMotte Company (US), Geotechnical Testing Equipment UK Ltd (UK), Sun Labtek Equipments (I) Pvt. Ltd (India), Martin Lishman Ltd (UK), S.W. Cole (UK), Ele International (UK), Gilson Company Inc. (US), Humboldt Mfg. Co. (US), EIE Instruments Pvt. Ltd (India), Eurofins Scientific (Luxemburg), Alfa Testing Equipment (US), Matest (Italy), M&L Testing Equipments (Canada), and Shambhavi Impex (India), among others. Manufacturers broadly adopted new product developments and acquisitions as their major strategies for the market.
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Created on Feb 16th 2021 07:12. Viewed 231 times.