PUBLISHER: The Business Research Company | PRODUCT CODE: 1414588
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414588
“Soil Testing Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on soil testing equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for soil testing equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The soil testing equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Soil testing equipment comprises instruments and devices used to analyze soil samples for various factors, including chemical composition, hazardous elements, acidity levels, salinity, and the presence of underground organisms. Its primary application is in conducting geotechnical tests that provide valuable insights into the soil mechanics properties affecting the strength and durability of structures such as pavements and embankments.
The main types of tests conducted by soil testing equipment include physical, residual, and chemical tests. Physical soil tests focus on identifying the texture and structure of the soil, crucial information for making effective decisions regarding land use. These tests can be carried out in various settings, including laboratories and on-site locations. The level of automation in soil testing equipment ranges from manual to semi-automatic and automatic, catering to diverse end-users such as the construction and agriculture industries.
The soil testing equipment market research report is one of a series of new reports from The Business Research Company that provides soil testing equipment market statistics, including soil testing equipment industry global market size, regional shares, competitors with a soil testing equipment market share, detailed soil testing equipment market segments, market trends and opportunities, and any further data you may need to thrive in the soil testing equipment industry. This soil testing equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historic period can be attributed to various factors, including the expansion of agricultural activities, government initiatives and regulations supporting the agricultural sector, heightened awareness about soil health and its importance, concerns about global food security, and trends related to farm consolidation and size increase. These elements collectively contributed to the positive growth trends during the specified historical period.
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 anticipated growth in the forecast period can be attributed to several factors, including a rising emphasis on precision agriculture practices, efforts to adapt to climate change, the increasing popularity of sustainable agriculture methods, government support and subsidies in the agricultural sector, and the expansion of agricultural export markets. Key trends expected in the forecast period encompass a focus on cost-effective solutions, market consolidation through partnerships and collaborations, heightened global concerns about food security, a growing demand for sustainable agriculture practices, and an increased reliance on data-driven decision-making in the agricultural industry. These trends are anticipated to shape and drive the growth of the agricultural sector in the coming period.
The increasing number of construction activities is poised to boost the soil testing equipment market. Construction activities encompass a broad range of tasks related to the development, modification, and assembly of buildings, structures, and roadways, including land clearing, grading, excavation, and filling. Soil testing plays a crucial role in evaluating the technical and physical properties of soil, helping in the selection of appropriate foundations for construction projects. In 2022, a report from ToolSense, an Austria-based software company related to construction and other industries, highlighted a 4% increase in the number of housing units built in 2021, totaling 1,337,800 units. The surge in residential building volume between March and July 2020 further demonstrated the growing demand for construction activities. Therefore, the rise in construction activities is a key driver for the growth of the soil testing equipment market.
The increasing adoption of smart farming techniques is expected to contribute significantly to the growth of the soil testing equipment market. Smart farming involves the integration of advanced technologies, data analytics, and the Internet of Things (IoT) in agricultural practices to enhance efficiency, productivity, and sustainability. Soil testing equipment plays a crucial role in smart farming by utilizing sensors and IoT devices to collect real-time data on soil quality. This data enables precise and automated decision-making for targeted irrigation, fertilization, and crop management practices, ultimately optimizing agricultural output and sustainability. A report from ScienceDirect in November 2023 highlighted the widespread adoption of auto-steer technology among Australian grain farmers and the use of yield monitoring and guidance systems by farmers in western Canada. This increased adoption of smart farming techniques is driving the demand for soil testing equipment.
Technological advancements have emerged as a significant trend in the soil testing equipment market, with companies actively adopting new technologies to stay competitive. A notable example is the introduction of Radicle Agronomics, a cloud-based system launched by Precision Planting, a US-based agricultural service provider, in August 2022. This system features self-calibration technology on Radicle Lab and an automated soil sample tagging machine called GeoPress. Radicle Agronomics enables agronomists to offer enhanced soil nutrient management advice to clients through a cloud-based software solution that integrates every stage of the field-to-lab process. Radicle Lab, the first fully automated soil laboratory with self-calibration technology, utilizes breakthrough Microflow technology to eliminate human interactions during the laboratory process, allowing agronomists to produce precise soil analyses in minutes.
Major companies in the soil testing equipment market are placing a strong emphasis on technological advancements, including agricultural Internet of Things (IoT) solutions, to meet evolving agricultural needs and enhance productivity. Bhu Vision's Krishi-Rastaa Soil Testing System, launched by the ICAR-Indian Institute of Rice Research (IIRR) in July 2023, exemplifies this trend. Bhu Vision is an IoT-based automated soil testing and agronomy advisory platform that conducts 12 parameters of soil testing fully automatically within half an hour. It generates a soil health card on the mobile devices of farmers and other stakeholders, enabling informed decision-making and optimizing agricultural yield and sustainability.
In March 2021, Matrix Sciences Inc., a US-based AgroScience company, made an undisclosed acquisition of AgroLab Inc. This strategic move allows Matrix Sciences Inc. to expand its services, including soil testing and pesticide testing. AgroLab Inc., a US-based provider of agricultural analysis, offers a comprehensive spectrum of tests, ranging from soil to feed to seed.
Major companies operating in the soil testing equipment market report are Controls S.p.A., ELE International, Gilson Company Inc., Thermo Fisher Scientific Inc., Agilent Technologies Inc., PerkinElmer Inc., Merck KGaA, LaMotte Company, Humboldt Mfg. Co., EIE Instruments Private Limited, Sun Labtek Equipments (I) Private Limited, S.W. Cole Engineering Inc., Eurofins Scientific S.E., M&L Testing Equipment LLC, Alfa Testing Equipment LLC, Martin Lishman Ltd., Geotechnical Testing Equipment (UK) Ltd., Matest, Shambhavi Impex, SGS Societe Generale de Surveillance SA, ALS Limited, Element Materials Technology Group Limited, Intertek Group plc, Bureau Veritas S.A., PCE Instruments, GDS Instruments, Seidner Laboratories Inc., Geotest Instrument Corporation, Geo-Slope International Ltd., Soil Mechanics Corporation
North America was the largest region in the soil testing equipment market in 2023. The regions covered in the soil testing equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the soil testing equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The soil testing equipment market consists of sales of shear strength equipment, salinity testing equipment, moisture testers, dial and pocket penetrometers, shear vane sets, classification charts, and meters. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.