April 26, 2022 11:45 ET | Source: FACT.MR FACT.MR
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United States, Rockville, MD , April 26, 2022 (GLOBE NEWSWIRE) — According to the latest report published by Fact.MR, a market research and competitive intelligence provider, the global soil analysis technology market is estimated to surpass a market valuation of US$ 684 Bn in 2022.
North America and Europe, have captured significant market shares of 22.6% and 31.7%, respectively in 2022. However, Europe is estimated to lose 24 BPS while the North America market is likely to expand at a CAGR of 5.6% through 2032.
Onsite tests analyze soil and recommend the actions required, such as adding nutrients, changing crops, or raising soil pH, and the major target groups for mobile soil testing laboratories are open field farmers who prefer to have soil tests at lower costs carried out when the mobile labs arrive through their neighborhood.
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According to a recent report by the Food and Agriculture Organization (FAO) of the United Nations, around 38% of the land across the world serves agricultural purposes, of which, around 10% is used in crop production.
High demand for agricultural products will lead to an increase in the agricultural area. Advancements in science and technology have improved agricultural soil analysis techniques. Improvement of soil quality and soil characteristics for advanced farming will thereby drive demand for soil analysis technology.
With the rise in industrial infrastructure in rural areas across the globe, demand for soil testing equipment is likely to grow due to concerns about industrial runoffs and waste.
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Key Takeaways from market Study
“Increased spending on development of agriculture fields likely to create ample market opportunities over the coming years,” says a Fact.MR analyst
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The methodology of collaboration with retailers and agriculture services providers has become a popular strategy followed by various soil analysis technology companies aiming at the establishment of a strong customer base. Few players have strengthened their consumer base by streamlining their product lines as per end-user demand. Many companies are providing mobile soil lab services where farmers get samples to the lab when the vehicle arrives in their village.
Constructive collaborations and partnerships is the go-to strategy adopted by service vendors to create consistency in demand. Moreover, technological advancements have been the backbone for capturing a higher market share, owing to the reliability, accuracy, and timely attributes of these services.
Demand for soil analysis technology is catered by tier-1 companies such as ALS Ltd, Merck KgaA, Eurofins Scientific, SGS SA, Thermo Fisher Scientific Inc., Bureau Veritas, Agilent Technologies, Inc., etc.
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global soil analysis technology market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of technology (hardware and devices, applications, and platforms), application (safety testing (heavy metal testing, toxin testing, pathogen testing, and pesticides testing), soil fertility testing, nutrient testing, and quality assurance), and end user (retail users / farmers, agriculture institutes and research centers, universities and colleges, corporates & companies, and government departments), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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