According to a new report published by Allied Market Research, titled, “Soil Moisture Sensor Market By Product, Type, and Application: Opportunity Analysis and Industry Forecast, 2020-2027”, the soil moisture sensor market size was valued at $215.8 million in 2019, and is projected to reach at $411.2 million by 2027, growing at a CAGR of 9.1% from 2020 to 2027. North America is expected to be the leading contributor to the global soil moisture sensor market, followed by Asia-Pacific and Europe.
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Soil is one of the important resource available on earth’s crust, and soil moisture is a prominent factor that affects vegetation and crop production. Hence, knowing the soil moisture content is essential. Soil moisture sensor is an agricultural equipment used to determine the volumetric moisture content in the soil. Usage of soil moisture sensors allows water saving, preventing soil erosion, weather forecasting, and increase in crop yield.
The global soil moisture sensor market growth is majorly driven by development of the agricultural sector. In addition, soil moisture monitoring assists farmers in taking irrigation decisions to yield high-quality crops. Moreover, soil moisture sensors aid environmentalist in understanding the functioning of natural environment, which is expected to boost the growth of the global market.
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Furthermore, the introduction of wireless soil moisture sensors and increase adoption of smart agriculture techniques are expected to provide potential opportunities for the expansion of the market. However, the emergence of soilless farming techniques such as hydroponics is expected to hinder the growth of the soil moisture sensor market.
The volumetric segment was the highest contributor to the market in 2019. This is attributed to the fact that the volumetric and tensiometric soil moisture sensors are most widely used worldwide, owing to the ease of use and accuracy of results obtained from these sensors. Furthermore, companies are highly investing in developing soil moisture sensors and integrating them with other technologies such as IoT and Big Data analytics, which significantly contribute toward the growth of the global market.
The demand for soil moisture sensors during the COVID-19 pandemic remained unaffected, as agricultural activities were operational across the world. However, companies and distributors faced some challenges in delivering products, owing to disrupted supply chain. As food production always remains a priority, the soil moisture sensor industry is estimated to exhibit steady growth post COVID-19.
Region wise, the soil moisture sensor market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a major share of the global market in 2019, and is expected to dominate the market in terms of revenue during the forecast period, owing to the fact that countries in North America highly invest in technology for agriculture. In 2019, the Asia-Pacific region held the second largest share in the global market, and is expected to witness significant growth in forecast period, owing to increase in adoption of technology in agriculture to suffice the growing demand of food
production.
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Key Findings of the Study
In 2019, the volumetric segment accounted for the maximum revenue, and is projected to grow at a notable CAGR of 9.2% during the forecast period.
The tensiometric and volumetric segment together accounted for around 95.0% of the soil moisture sensor market share in 2019.
Agriculture contributed major share of 73.0% in global soil moisture sensor market during 2019.
U.S. was the major shareholder in the North America soil moisture sensor market, accounting for more than 10.0% share in 2019.
The key players profiled in the report include Acclima Inc., Delta-T Devices Ltd., METER Group Inc., OTT Hydromet GmbH, SDEC France, Smartcultiva Corporation, Spectrum Technologies Inc., Stevens Water Monitoring Systems Inc., Trellis, and Vegetronix Inc. These players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the market.
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