PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092201
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092201
The global Agricultural Variable Rate Technology market is estimated to be worth $7,100.8 million in 2021. Agricultural Variable Rate Technology market is expected to expand at an 15.4% CAGR during the forecast period.
For various activities, the traditional agriculture industry is heavily reliant on laborers. Automation is replacing laborers' jobs, allowing industry players to produce more in less time, thanks to technological improvements. Agriculture technical improvements are supported by a number of government institutions, economists, and policymakers. Smart sensors, GPS, GNSS, auto-steering and navigation technology, and VRT, are among the primary technologies utilized in agriculture variable rates. They not only help to cut labor costs, but they also aid in maximizing resource utilization and eliminating waste, which is common in traditional agricultural approaches.
Agriculture is one of the many domains where innovation and technology have resulted in significant advancements. Some of the most recent precision farming technologies include sensing technologies, software, communication systems, analytics solutions, and positioning technology. Various technologies, such as self-driving tractors, automated milking systems, and drone crop dusters are creating significant and appealing prospects for precision agriculture to flourish. According to the United Nations Conference on Trade and Development, the application of digital technology in agriculture has increased significantly over the years. For various activities, the traditional agriculture industry is heavily reliant on laborers. Automation is replacing laborers' jobs, allowing industry players to produce more in less time, thanks to technological improvements. Agriculture technical improvements are supported by a number of government institutions, economists, and policymakers. Smart sensors, GPS, GNSS, auto-steering and navigation technology, and VRT are among the primary technologies utilized in agriculture variable rates. They not only help to cut labor costs, but they also aid in maximizing resource utilization and eliminating waste, which is common in traditional agricultural approaches. According to the United Nations' median prediction, the world's population will expand to roughly 8.5 billion by 2030, increasing the global demand for food and water. The agriculture industry, on the other hand, is experiencing substantial growth, but the current landmass will be a major criterion. As a result, several governments are funding agricultural technological breakthroughs that will aid in improving crop yields on existing terrain.
Agricultural Variable Rate Technology Market is segmented by application, crop type, and geography. Based on application, the fertilizers segment is expected to dominate the global market with a 28% market share. Agriculture VRT is used to distribute fertilizers, crop protection chemicals, weed, lime, and seed, among other agricultural inputs. Most fields have substantial differences in soil qualities, as well as water and fertilizer availability. As a result, it is critical to apply nutrients according to site-specific conditions in order to account for geographical and temporal fluctuations, which improves yields while also reducing environmental impacts. Furthermore, rising agricultural input prices are a primary motivator for the precision application of various farm inputs, with fertilizers being one of the most important farm inputs for the healthy crop. Different solid and liquid nutrients and fertilizers are used in variable rate fertilizer technology.
The global Agricultural Variable Rate Technology market is fairly competitive with the presence of a large number of international and national players. Some of the major players in the market are Deere & Company, Trimble, and AGCO Corporation, among others. Industry players are relying on product approvals, product launches, mergers, and acquisitions to gain a significant share of the global Agricultural Variable Rate Technology market. For instance, In December 2021, Kubota Corporation partnered with Bloomfield Robotics. This partnership aims to promote the transition to smart farming on tree crop farms.
The scope of this report covers the market by its major segments, which include as follows: