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Increasing industrialization and urbanization in emerging economies
NEW YORK CITY, NEW YORK, USA, August 5, 2022 /EINPresswire.com / -- The global soil testing equipment market size is expected to reach USD 8.57 Billion by 2028 at a CAGR of 11.2%, according to a latest report by Reports and Data. Increasing adoption of precision agriculture and rapid industrialization across the globe has boosted demand for soil testing equipment from the agriculture and construction sectors and this is expected to drive market revenue growth to a significant extent over the forecast period. Increasing need for more precise and efficient farm management practices and increasing number of government policies to promote soil testing are some other key factors expected to contribute to revenue growth of market going ahead.
Soil testing equipment provides important information about soil and rock characteristic that are vital for end-use industries such as agriculture and construction sectors. Soil testing equipment is used to determine nutrient levels in soil, composition, acidity and pH balance, and moisture content. It offers critical insights about soil, which can be used by civil engineers to help select the ideal foundation system and design parameters for building, dams, roads, and other infrastructure. Adoption of precision agriculture has maximized crop yield and profitability and enabled assessment of soil fertility and nutrient content to optimize soil quality and formulation. This has further resulted in increased crop yield and reduction in initial costs, and is expected to further drive market growth over the forecast period.
Increasing urbanization and industrialization in emerging economies has boosted growth of the construction and building sectors in the recent past. Rapid rise in infrastructure development in various countries across the globe has resulted in increased demand for soil testing equipment and this trend is expected to continue over the forecast period. However, lack of training and increasing reluctance to accept modern technologies in the agricultural sector are expected to hamper market growth to a certain extent. In addition, high costs of equipment is also expected to restrain market growth to some extent during the forecast period.
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Some Key Highlights From the Report:
•Physical tests segment is expected to account for considerable revenue share in the global market over the forecast period owing to rapid industrialization and urbanization in emerging economies such as India and China and increasing growth of the construction industry in countries across the globe.
•Automatic segment revenue is expected to expand significantly over the forecast period owing to increasing need for fast and more precise test results, rapid adoption of precision agriculture, and increasing need for more efficient farm management platforms.
•Extensive spread of construction and road building activities require on-site soil testing, and this is expected to contribute significantly to revenue growth of the on-site segment over the forecast period.
•The construction segment among the end-use industry segments is expected to account for largest revenue share in the market owing to fast-paced industrialization and urbanization worldwide, increasing expenditure on infrastructure, and implementation of stringent government policies and standards for construction materials.
•North America market revenue is expected to expand considerably over the forecast period owing to increasing funding for development of advanced soil testing equipment, increasing adoption of organic farming, and robust presence of key manufacturers and suppliers in countries in the region.
•Key companies operating in the market include Agilent Technologies (US), Thermo Fisher Scientific Inc., Merck Group, PerkinElmer Inc., Controls S.p.A, LaMotte Company, Geotechnical Testing Equipment UK Ltd., Sun Labtek Equipments (I) Pvt. Ltd., Martin Lishman Ltd., Humboldt Mfg. Co., Eurofins Scientific, Alfa Testing Equipment, M&L Testing Equipment, Shambhavi Impex, and Matest, among others.
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For the purpose of this report, Reports and Data has segmented the global soil testing equipment market based on type of tests, degree of automation, site, end-use industry, and region:
Type of Tests Outlook (Revenue, USD Billion; 2018-2028)
oShear strength equipment
oSalinity testing equipment
oTest kits & reagents
Degree of Automation Outlook (Revenue, USD Billion; 2018-2028)
Site Outlook (Revenue, USD Billion; 2018-2028)
End-user Industry Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
oRest of Europe
oRest of APAC
oRest of LATAM
•Middle East & Africa
oRest of MEA
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