Variable Rate Agriculture Technology Market to reach US$23.2 Billion by 2032, grow at a CAGR of 11.50% from 2022-2032
The Variable Rate Agriculture Technology Market was valued at USD 6.8 Billion in 2021 and is projected to reach USD 23.2 Billion with a CAGR of 11.50% from 2022 to 2032.
MILWAUKEE, WISCONSIN, USA, April 24, 2022 /EINPresswire.com/ — According to a market report published by Sheer Analytics and Insights, the total agricultural variable rate technology market was valued at $6.8 billion in 2021 and it is expected to reach $23.2 billion at a CAGR of 11.50% during the forecast period. Variable rate farming technology can have a positive impact on crop yield, which should help reduce costs, improve yield and improve input efficiency. Hence, the adoption of variable rate technology is gaining notoriety and providing economic benefits that are expected to drive the market over the forecast period. Variable rate technology is a kind of tool used to vary the rate of agricultural inputs such as fertilizers and crop protection chemicals based on crop characteristics. Advanced technology and innovation have supported the development of several areas of agriculture. Technologies such as software applications, communication systems, data analysis solutions, sensing technologies and other technologies are used in agriculture. Various other technologies such as automatic milking systems, drones, dust collectors, and driverless machines are supporting the growth of the market across the globe.
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In the United States, some agricultural dealers provide farmers with various types of variable technology services. Hence, the adoption of this type of variable rate technology application services is further expected to generate profitable growth for the market across the region. Moreover, some major factors such as government regulations of various countries, improving efficiency and productivity with increasing average age of farmers in developed countries are one of the major factors fueling market growth. Additionally, the adoption of smartphones with agricultural tools and equipment would support various growth opportunities that will expand the market during the next forecast period of 2022 to 2032. Based on Product, Agricultural Variable Rate Technology is segmented in Fertilizer VRT, Seeding VRT, Crop Protection Chemicals VRT, Soil Detection VRT, Yield VRT and others.
On the basis of regions, the variable rate agricultural technology market is segmented into Europe, North America, Asia-Pacific, Latin America and Africa. Among these regions, North America is dominating the market over the past few years and is expected to hold a similar position throughout the forecast period. Additionally, the Asia-Pacific region is also expected to witness a significant growth rate over the forecast period owing to the vast agricultural lands and increasing population in the region. Additionally, grains and cereals are the largest type of crop harvested in the world; hence, this segment is supporting the market to have profitable growth.
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Key players such as Deere and Company (US), AGCO Corporation (US), Topcon Corporation (Japan), Trimble Inc (US), Yara International (Norway), Valmont Industries Inc (US) , Lindsay Corporation (USA), Hexagon (Brazil), AG Leader Technology (USA), The Climate Corporation (USA), SJ DJI Technology (China), Kubota Corporation (Japan) and other companies dominate the variable rate agricultural technology market. These major players are enhancing their market growth by implementing new innovative technologies and providing various services to farmers and agricultural value chains.
Global Variable Rate Agricultural Technology Market has been segmented into:
Global Variable Rate Technology for Agriculture Market – By Product Type:
crop protection chemical TRV
Global Variable Rate Technology for Agriculture Market – By Services:
Global Variable Rate Agricultural Technology Market – By Crop Type:
Cereals and Cereals
Oil seeds and pulses
Fruits and vegetables
Variable rate technology for global agriculture – by applications:
VRT based on sensors
Variable rate technology for global agriculture – by farm size:
Variable rate technology for global agriculture – by region:
Rest of Europe countries
Rest of Asian countries
Latin America, Middle East and Africa (LAMEA):
Rest of LAMEA
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