The variable rate technology (VRT) market was valued at USD 1.31 Billion in 2016. It is projected to grow at a CAGR of 9.65% from 2017, to reach 2.24 Billion by 2022. Increasing focus on farm efficiency and productivity is the most significant factor driving the variable rate technology market. Increase in global food demand, extended profitability & production, and crop monitoring for yield production benefits are the major factors behind the growth of the variable rate technology market. Also, government initiatives across countries are helping farmers to use optimized agricultural and technological tools and improve their production levels.
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Scope of the report:
On the basis of Type, the market for variable rate technology has been segmented as follows:
- Fertilizer VRT
- Crop protection chemical VRT
- Soil sensing VRT
- Seeding VRT
- Yield monitor VRT
- Irrigation VRT
- Others (weed control VRT and lime VRT)
On the basis of Crop Type, the market for variable rate technology has been segmented as follows:
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others (turf & ornamentals, plantation crops, fiber crops, and silage & forage crops)
On the basis of Application method, the market for variable rate technology has been segmented as follows:
- Map-based VRT
- Sensor-based VRT
On the basis of Farm Size, the market for variable rate technology has been segmented as follows:
- Large
- Mid-sized
- Small
On the basis of Offering, the market for variable rate technology has been segmented as follows:
- Hardware
- Variable rate software
- Variable rate services
On the basis of Region, the market for variable rate technology has been segmented as follows:
- North America
- Europe
- Asia-Pacific
- South America
- Rest of the World (RoW)
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North America is estimated as the largest contributor to the global variable rate technology market due to early adoption of variable rate technologies by countries in this region such as the U.S. and Canada. The presence of a large number of vendors, continuous advancements in technology, and reduced price of equipment are contributing to the growth of the variable rate technology market in North America.
Key Players:
- Deere & Company (U.S.)
- AGCO Corporation (U.S.)
- Trimble, Inc. (U.S.)
- CNH Industrial N.V. (U.K.)
- Topcon Corporation (Japan)
- Raven Industries, Inc. (U.S.),
- Ag Leader Technology (U.S.)
