WELLESLEY, Mass, June 26, 2018 (GLOBE NEWSWIRE) -- Due to a wide variety of factors, ranging from the need for increased food production, to water conservation and maintaining turfs, the global market for soil moisture sensors is anticipated to experience significant growth over the next five years, according to a new report from BCC Research.
The global market for soil moisture sensors was worth $113.8 million in 2016 and $131.3 million in 2017. It is expected to reach a value of $274.4 million by 2022, indicating a compound annual growth rate (CAGR) of 15.9%, according to the report Soil Moisture Sensors: Global Markets to 2022.
A significant amount of the world’s freshwater is utilized in irrigation processes, especially in agriculture-based economies. Therefore, it is essential to monitor soil moisture in order to make an informed decision regarding cost-effective irrigation. This has led to an increase in the demand for soil moisture sensors, which is expected to only increase in the coming years.
Research Highlights:
- North America is the largest and most prominent user of soil moisture sensors in the world and is anticipated to maintain steady growth. However, the European market follows close behind.
- Major influencers of the market include niche soil moisture sensor manufacturers, large agricultural technology vendors, conglomerates and manufacturers with a presence in the soil moisture sensor space.
- Sports turf—owing to its smaller size and worldwide growth—is expected to be a particularly strong adopter of soil moisture sensors.
“A key advancement in the soil moisture sensor space is IoT (Internet of Things)-based soil moisture sensors, which is expected to see further growth in the coming years,” said Ritam Biswas, BCC Research analyst and author of this report. “The key to an IoT-based soil moisture sensor is the long-range transmission capability of the sensors and their ability to communicate with each other and with the IoT module.”
North America to Lose Market Share by 2022
North America is the largest and most prominent user of soil moisture sensors in the world and is expected to see a strong growth rate in the coming years (15.4%). However, it is expected to be slightly lower than average market growth, resulting in a decline in this region’s market share by 2022. The Asia-Pacific region, on the other hand, is the strongest growing market (19.5% CAGR) and will see significant an increase in its market share.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.