PORTLAND, Ore., Sept. 10, 2020
The ability of soil moisture to act as a vital parameter for agriculture and understand the functioning of natural environment drives the growth of the global soil moisture sensor market.
PORTLAND, Ore., Sept. 10, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Soil Moisture Sensor Market By Product (Tensiometric, Volumetric, and Solid-State Sensor), Type (Analog and Digital), and Application (Agriculture, Research, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". According to the report, the global soil moisture sensor industry was pegged at $215.8 million in 2019, and is expected to hit $411.2 million by 2027, registering a CAGR of 9.1% from 2020 to 2027.
Drivers, Restraints and Opportunities
The ability of soil moisture to act as a vital parameter for agriculture and understand the functioning of natural environment drives the growth of the global soil moisture sensor market. On the other hand, emergence of soilless farming techniques impedes the growth to some extent. However, advent of wireless soil moisture sensors is expected to create multiple opportunities in the industry.
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The Volumetric Segment to Lead the Trail By 2027
Based on product, the volumetric segment accounted for more than four-fifths of the global soil moisture sensor market revenue in 2019 and is projected to retain its dominance by the end of 2027. The same segment would also portray the fastest CAGR of 9.2% throughout the forecast period. Rapid technological developments of sensors escalates the segment growth.
The Digital Segment to Dominate During the Estimated Period
Based on type, the digital segment contributed to more than half of the global soil moisture sensor market share in 2019 and is expected to dominate till 2027, owing to increasing adoption of IoT devices. The analog segment, on the other hand, would manifest the fastest CAGR of 9.5% from 2020 to 2027. Its increasing adoption in developing countries fuels the growth of the segment.
North America to Rule the Roost
Based on geography, North America held the highest share in 2019, garnering nearly two-fifths of the global oil moisture sensor market. Heavy dependence of agriculture on technology makes North America to be the largest segment of the market. Simultaneously, Asia-Pacific would portray the fastest CAGR of 10.8% during the study period. Growing awareness on benefits of usage of soil moisture sensors among farmers in the region drives the market growth.
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