Agricultural Variable Rate Technology Market by Offering, Type, Crop Type, Application Method, Farm Size, Application Fit and Region - Global Forecast to 2027

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Executive Summary
The Global Agriculture VRT Market is estimated to be valued at USD 7.4 billion in 2022. It is projected to reach USD 13.7 billion by 2027, recording a CAGR of 13.2% during the forecast period. The most significant factor driving the agriculture VRT market is the increasing focus on farm efficiency and productivity. The implementation of agriculture VRT has the potential to change agriculture for good, making this traditional activity more efficient and predictable.

Increasing global food demand, extended profitability & production, and crop monitoring for yield production benefits are the major factors for the growth of the agriculture VRT market. Also, government initiatives in every country are helping farmers use optimized agriculture and technological tools and improve their production levels.

The high-tech solution providers offer drones, sensors, control systems, and software that support the application of agriculture variable rate technologies. The growing use of these high-tech solutions in agriculture variable rate is creating growth opportunities for agriculture VRT providers.

Moreover, technological advancements in the equipment used to maximize the yield are helping players strengthen their position in the agriculture variable rate market. The automation of farming processes will rise in the future with technological advancements. The applications of sensors and imagery and control systems and the use of data management and big data and AI will become prevalent, helping new entrants establish their position in the market.

“Asia Pacific is projected to witness the grow at CAGR of 16.0% “

The Asia pacific region is projected to grow at the highest CAGR of 16.0% during the forecast period. The agriculture VRT market in each region has witnessed the development of many subsidiaries, business units, and research centers of key players and employs strategies to achieve strong research and distribution networks with regional players to withstand stiff competition and capture a significant market share. Asia Pacific is one of fastest-growing markets for agri-tech. It is one of the prospective markets for agriculture VRT, as it has large farmlands and a high population growth rate.

Asia Pacific has an extensive land area, which comprises countries such as China, Japan, India, South Korea, and Australia. Population expansion in the region’s developing countries is mounting pressure on the agriculture industry to increase productivity, fueling the demand for VRT. Drones to plant seeds, and spray pesticides and fertilizers are growing in popularity in the Southeast Asian country as it grapples with a labor shortage that worsened during the coronavirus pandemic, with restrictions on workers' movement.

“The map-based VRT segment dominates the market growing at a CAGR of 12.8%”

The map-based VRT segment is the most widely used application method of agriculture VRT across the globe. Map-based VRT is popular majorly due to its cost effectiveness and lack of skilled farmers for operating sensor based VRT. There is huge cost involved for the sensor based VRT which makes farmers hesitant for using sensor-based VRT. However in developed countries such as US , Canada there is increase in the adoption of sensor-based VRT.

“The variable rate hardware segment dominates the market with 50.4% of total market share in terms of value.”

On the basis of offering, the variable rate technology is categorized into hardware, VRT service and VRT software. The huge investment in Hardware such as Guidance and steering system witness the largest market share. The guidance and steering systems have the highest application in advanced economies and on large farm holdings to improve agriculture productivity. Farmers can use various hardware devices to collect farm-related data, which would help them make better decisions and increase the productivity of their lands and crops.

“Rapid adoption of advanced technologies in agriculture variable rate to reduce labor cost”

The adoption of advanced technologies is helping farmers to cover a large area of their fields in less time and more efficiently. Agriculture variable rate is an advanced farming technique involving cutting-edge technologies that enable farmers to increase productivity and minimize labor costs. Remote sensing technology helps to monitor and manage land, water, and other resources. In the next 10 years, advanced technologies in agriculture variable rate are expected to gain momentum and reduce the need for and costs associated with manual labor.

Break-up of Primaries:
By Company Type: Tier 1 – 40.0%, Tier 2- 30.0%, Tier 3 – 30.0%n
By Designation: Managers – 50.0%, CXOs – 30.0%, and Executives- 20.0%n
By Region: Europe - 25%, Asia Pacific – 35%, North America - 5%, South America - 10%, RoW – 25%n

Leading players profiled in this report:
•Deere & Company (US)
• Trimble, Inc (US)
• AGCO Corporation (US)
• Topcon Corporation (Japan)
• CNH Industrial NV (UK)
• Kubota Corporation (Japan)
• Yara International (Norway)
• SZ DJI Technology Co., Ltd. (China)
• Valmont Industries, Inc (US)
• Lindsay Corporation (US)
• Hexagon (Brazil)
• AgJunction (Brazil)
• Teejet Technologies (US)
• AG Leader Technology (US)
• The Climate Corporation (US)

Research Coverage:
The report segments the agriculture variable rate technology market on the basis of Offering, Type, Crop Type, Application Method, Farm Size, Application Fit, and Region. In terms of insights, this report has focused on various levels of analyses—the competitive landscape, farm size analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the global agriculture variable rate technology, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.

Reasons to buy this report:
•To get a comprehensive overview of the agriculture variable rate technology market
•To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
•To gain insights about the major countries/regions in which the agriculture variable rate technology market is flourishing

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