New York, United States , June 13, 2024 (GLOBE NEWSWIRE) — The Global Agricultural Variable Rate Technology Market Size is to Grow from USD 6.95 Billion in 2023 to USD 25.43 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13.85% during projected period.
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Utilizing data-driven technologies, variable rate technology is a cutting-edge approach to farming management that enhances the application of commodities including seeds, fertilizer, and irrigation water. These supplies incorporate crop protection agents, fertilizers, and seeds to maximize crop yield. This is a technology sector that specializes in automated applications, especially those deployed in agriculture. A GPS unit, maps, and sensors are utilized to gather agricultural data. Farmers can apply insecticides, fertilizer, seed, and water at different rates over a field with the aid of variable rate technology (VRT). Farmers can maximize production per acre of land while reducing waste by using VRT to apply the right amount of fertilizers at the right sowing pace. By tailoring crop nutrition and sowing strategies to each zone, they can make maximum use of all available opportunities. The conventional agriculture industry relies heavily on labor for a wide range of tasks. Automation has replaced laborers’ responsibilities due to advancements in technology, enabling industrial players to create more in less time. Agriculture technology is being developed by several government agencies, economists, and politicians. Among the most often used technologies for agriculture variable rates are smart sensors, GPS, GNSS, auto-steering and guidance technology, and VRT. They assist in minimizing waste, which is more common in traditional agricultural methods, and increase resource usage in addition to lowering labor expenses.
Browse key industry insights spread across 250 pages with 110 Market data tables and figures & charts from the report on the “Global Agricultural Variable Rate Technology Market Size, Share, and COVID-19 Impact Analysis By Component (Hardware, Services, and Software), By Technology (Map-Based and Sensor-Based), By Crop Type (Grains and Cereals, Oilseeds and Pulses, Fruits and Vegetables, Commercial Crops and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The hardware segment is anticipated to dominate the global agricultural variable rate technology market during the projected timeframe.
Based on component, the global agricultural variable rate technology market is divided into hardware, services, and software. Among these, the hardware segment is anticipated to dominate the global agricultural variable rate technology market during the projected timeframe. The widespread adoption of VRT solutions, such as GPS/DGPS receivers, portable computers, sensors, and yield monitors, significantly contributes to the market’s expansion.
The map-based assessment segment is anticipated to contribute the largest share of the global agricultural variable rate technology market during the projected time frame.
Based on the technology, the global agricultural variable rate technology market is divided into map-based and sensor-based. Among these, the map-based segment is anticipated to contribute the largest share of the global agricultural variable rate technology market during the projected time frame. Map-based Variable Rate Technology (VRT) utilizes electronic prescription maps to adjust application rates. By calculating input concentrations based on planned speed and field location from GPS data, VRT optimizes the application.
The cereals and grains segment is anticipated to dominate the global agricultural variable rate technology market during the projected timeframe.
Based on the crop type, the global agricultural variable rate technology market is divided into grains and cereals, oilseeds and pulses, fruits and vegetables, commercial crops, and others. Among these, the cereals and grains segment is anticipated to dominate the global agricultural variable rate technology market during the projected timeframe. Cereals like wheat, corn, and rice lead in VRT adoption due to their prevalence on large farms. VRT optimizes input rates for site-specific field management, reducing environmental impact and enhancing land and crop yield.
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North America is expected to hold the largest revenue share of the global agricultural variable rate technology market over the forecast period.
North America is expected to hold the largest revenue share of the global agricultural variable rate technology market over the forecast period. Farmers can maximize inputs, boost yields, and lessen their environmental impact with the use of VRT. Investments made by agricultural technology businesses in precision agriculture technologies have increased significantly in the US. North America’s notable advancements in the automation and digitization of agriculture have led to the region’s current dominance of the worldwide market for variable rate technology. The increasing industrialization and the digital revolution of agriculture are creating new industry standards for the agricultural VRT sector
Asia Pacific is predicted to grow at the fastest CAGR in the global agricultural variable rate technology market during the projected timeframe. Future major growth of VRT is anticipated due in part to Asia Pacific’s vast farmlands and rapid population growth. Due to its enormous cropland and quick population increase, it is one of the most potential markets for agriculture VRT. The large Asia Pacific region is home to nations including Australia, China, South Korea, Japan, and India. The need for VRT (Variable Rate Technologies) is driven by the pressure on the agriculture industry to increase efficiency due to population growth in the rising countries of the region. In the Southeast Asian nation, where limits on employee migration and the coronavirus outbreak have resulted in a labor shortage, drones used for seed planting and pesticide and fertilizer spraying are becoming more and more common.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Agricultural Variable Rate Technology Market include Deere & Company, Trimble Inc., Blue River Technology, AGCO Corporation, Delaval, Boumatic, Lely, and TartanSense. Topcon, Ageagle Aerial Systems Inc., Farming Revolution Gmbh, Harvest Automation, Naïo Technologies and other key vendors.
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Recent Developments
- In October 2023, to create an experimental facility with four fields and processes, Deere & Company established a significant relationship with Iowa State University (ISU). This partnership allowed Deere to explore sustainable solutions for massively grain-producing systems in an actual setting.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global agricultural variable rate technology Market based on the below-mentioned segments:
Global Agricultural Variable Rate Technology Market, By Component
Global Agricultural Variable Rate Technology Market, By Technology
Global Agricultural Variable Rate Technology Market, By Crop Type
- Grains and Cereals
- Oilseeds and Pulses
- Fruits and Vegetables
- Commercial Crops
- Others
Global Agricultural Variable Rate Technology Market, Regional
- North America
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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