The report “Soil Testing Equipment Market by Type of Test [Physical (Shear strength equipment, Leachability equipment, Plasticity equipment, Permeability equipment), Residual (GC-MS, ICP-MS), Chemical (pH meters, Salinity testing equipment, Test kits & reagents), End User (Agriculture, Construction, Others), Degree of Automation (Manual, Semi-automatic Automatic), Based on Site (Laboratory, On-site)} - Global Forecast to 2025" was valued around USD 3.3 billion in the year 2020 and is expected to account to a value of USD 6.2 billion by 2025, with 10.8% CAGR from during forecast period 2020-2025.
Some of the key driver factoring to this growth in this market are need for better farm management methods, industrialization, agricultural intensification, and the need for quicker and more accurate test results. The rapid implementation of precision farming maximizes crop yield and profitability and tests the fertility of the soil, leachability, and nutrient movement, helping to improve soil formulation and quality. This has also allowed farmers or growers to segregate fields into zones, developing a site-specific strategy to optimize yields and minimize input costs. Thus, these variables have contributed to the development of the global market for soil testing equipment.
Demand for soil testing equipment decreased in 2020 due to the government's lockdown and low demand from the construction and agricultural industries. The COVID-19 pandemic has shut down the production of different soil test equipment items, mainly due to prolonged lock-downs in major global countries. This has greatly slowed the development of the demand for soil testing equipment over the last few months, as is expected to continue throughout 2020. In the first quarter of 2020, COVID-19 has already impacted equipment and machinery sales and is expected to have a negative effect on business development during the year.
Huge manufacturing countries such as the U.S., Germany, Italy, the United Kingdom, and China, which are badly affected by the spread of coronavirus, have previously seen substantial demand for equipment and machinery, thereby stopping demand for equipment and machinery.
Currently, the future effect of the lockdown is vague and the financial recovery of firms is completely dependent on their cash reserves. Only for a few months would equipment and machinery companies afford a complete lockdown, during which the players will have to change their investment plans. Manufacturers of equipment and machinery must concentrate on protecting their staff, facilities, and supply chains to respond to urgent emergencies and find new ways to operate after cases of COVID-19 infection begin to decrease.
Browse 63 market data Tables and 40 Figures spread through 156 Pages and in-depth TOC on “Soil Testing Equipment Market by Type of Test [Physical (Shear strength equipment, Leachability equipment, Plasticity equipment, Permeability equipment), Residual (GC-MS, ICP-MS), Chemical (pH meters, Salinity testing equipment, Test kits & reagents), End User (Agriculture, Construction, Others), Degree of Automation (Manual, Semi-automatic Automatic), Based on Site (Laboratory, On-site)} - Global Forecast to 2025"
Based on Geography, the Soil testing equipment market is segmented into-
Significant growth is to be witnessed by Asia Pacific & North America segments from the year 2020 to 2025.
From 2020 to 2025, North America, followed by Asia Pacific, is expected to rise at high rates. The US is the North American region's leading market. The presence of key players, increasing funds for environmental protection, and growth in organic farming are the main drivers of the market in this area. While, Asia Pacific is projected to develop at the second fastest CAGR in the global market for soil testing equipment, with some countries offering lucrative growth opportunities in this area. In China, agricultural professionals are seeking modern farming methods for the sustainable production of agricultural yields. In the on-farm management research programs, Chinese scientists from fields such as agronomy, agro-engineering, information technology and geography were involved. The Chinese government has made considerable efforts to encourage research into precision farming and has sponsored many projects. The growth of the global soil testing equipment industry is anticipated to be powered by these factors.
The manufacturing companies broadly use new product developments & acquisitions as one of their main strategies for the soil testing equipment market.
Key players in the global Soil Testing Equipment market include:
Global Soil Testing Equipment Market Coverage
Type of Test Insight and Forecast 2015-2025
End User Insight and Forecast 2015-2025
Degree of Automation Insight and Forecast 2015-2025
Site Insight and Forecast 2015-2025
Soil Testing Equipment Market by Region
Rest of the World (RoW)