New York, United States , Aug. 11, 2024 (GLOBE NEWSWIRE) -- The Global Variable Rate Technology Market Size is to Grow from USD 4.29 Billion in 2023 to USD 13.61 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 12.24% during the projected period.
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Variable Rate Technology (VRT) is an innovative farming method that optimizes the use of seeds, fertilizers, and pesticides by adjusting their application based on specific field conditions. Unlike traditional methods that apply uniform amounts across an entire field, VRT utilizes data from soil tests, weather reports, and crop health sensors to customize treatments for each area. This precision approach ensures inputs are used efficiently, improving crop yields, reducing waste, and minimizing environmental impact. VRT systems often incorporate GPS technology and advanced machinery to automatically adjust application rates as they move across the field. This technique enhances productivity and promotes sustainable agriculture by reducing chemical overuse and conserving resources. As technology progresses, VRT continues to offer farmers increasingly sophisticated tools to manage their fields more effectively and profitably. Innovations in GPS, sensor technology, and data analytics are making Variable Rate Technology (VRT) in agriculture more accessible and effective. Advanced GPS provides precise location data, enabling accurate field mapping and targeted application of inputs like fertilizers and pesticides. Sensors, such as soil moisture and crop health monitors, gather real-time data on field conditions, giving farmers detailed insights into field variability. Data analytics then processes this information, helping farmers identify patterns, make informed decisions, and apply precise interventions for specific field areas. These advancements lead to more efficient resource use, reduced waste, increased crop yields, and ultimately more sustainable and profitable farming practices. However, the lack of technical standards makes system integration difficult and prevents variable rate technology from reaching its full potential. Misrepresented data can lead to inefficient use of agricultural inputs and a decrease in crop yield, which slows market growth.
Browse key industry insights spread across 221 pages with 110 Market data tables and figures & charts from the report on the “Global Variable Rate Technology Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Technology (Map-based and Sensor-based), By Crop Type (Cereals and Grains, Fruits and Vegetables, Oilseeds and Pulses, 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 dominates the market with the highest market share of the variable rate technology market during the projected period.
Based on the component, the variable rate technology market is divided into hardware, software, and services. Among these, the hardware segment dominates the market with the highest market share of the variable rate technology market during the projected period. GNSS receivers are the most profitable hardware in the global variable rate technology (VRT) market, followed by sensors, drones, and other components. GNSS receivers play an important role in the VRT value chain, as they are used for both input data collection and tractor navigation during application processing. To meet market demand, hardware manufacturers are developing new GNSS receivers with high accuracy. Sensors, particularly canopy sensors, are critical for sensor-based VRT, and they are frequently combined with drones for data collection in map-based VRT. Manufacturers are introducing new sensor products as demand for precision-based technology rises in developed countries. Additionally, variable rate controllers and displays are important hardware categories in the VRT market.
The map-based segment is anticipated to grow fastest in the variable rate technology market during the projected period.
Based on the technology, the variable rate technology market is categorized into map-based and sensor-based. Among these, the map-based segment is anticipated to grow fastest in the variable rate technology market during the projected period. Map-based technology is widely used in variable rate technology (VRT) around the world. It is based on data from yield mapping, soil sampling, and crop monitoring. This technology employs zone-based maps, in which fields are divided into zones and assigned a number. These differential zones can be used for a variety of VRT applications, including fertilization, seeding, and irrigation. Another method is grid sampling, which divides fields into grids with GNSS-enabled software. Each grid is numbered similarly to the zones on zone-based maps, allowing the GNSS system to accurately match data to the appropriate zone. The consistent naming scheme ensures that VRT is applied precisely.
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North America is expected to hold the largest share of the variable rate technology market over the forecast period.
North America is expected to hold the largest share of the variable rate technology market over the forecast period. North America currently leads the global variable rate technology (VRT) market due to significant advances in agricultural automation and digitalization. The region's growing industrialization and digitization in agriculture are establishing new business standards for VRT. The North American market is growing year after year, owing to the increasing adoption of VRT across a variety of crops. This expansion is driven by the region's commitment to incorporating cutting-edge technology into farming practices, thereby increasing efficiency and productivity.
Asia Pacific is predicted to grow at the fastest pace in the variable rate technology market during the projected period. VRT's future growth is expected to be aided by Asia Pacific's extensive farmlands and rapid population expansion. It is one of the most promising markets for agriculture VRT because of its vast farmland and rapid population growth. The Asia Pacific region is vast, encompassing countries such as Japan, China, South Korea, India, and Australia. Population growth in the region's developing countries puts pressure on the agriculture industry to increase productivity, resulting in increased demand for VRT. Drones used to plant seeds and spray pesticides and fertilizers are becoming increasingly popular in the Southeast Asian country, which is dealing with a labor shortage exacerbated by the coronavirus outbreak and employee migration restrictions.
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 variable rate technology market are Deere & Company, Trimble Inc., Farmers Edge Inc., AGCO Corporation, Kubota Corporation, CNH Industrial N.V., Lindsay Corporation, Hexagon Agriculture, Yara International, Climate LLC, Topcon Corporation, Crop Quest Inc, Valmont Industries, DJI, Ag Leader Technology, Others.
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Recent Developments
- In April 2021, Trimble Inc. and HORSCH, one of the world's leading producers of cutting-edge agricultural equipment, collaborated on an initiative focused on agricultural autonomy. The alliance will concentrate on developing solutions such as autonomous devices and workflows, foreshadowing a plethora of exciting future advances.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the variable rate technology market based on the below-mentioned segments:
Global Variable Rate Technology Market, By Component
- Hardware
- Software
- Services
Global Variable Rate Technology Market, By Technology
- Map-based
- Sensor-based
Global Variable Rate Technology Market, By Crop Type
- Cereals and Grains
- Fruits and Vegetables
- Oilseeds and Pulses
- Others
Global Variable Rate Technology Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- 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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