Variable Rate Technology Market Size- By Component, By Technology, By Crop Type, By Farm Size, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Global Variable Rate Technology Market Overview:

According to SPER Market Research, the Global Variable Rate Technology Market is estimated to reach USD 26.07 billion by 2032 with a CAGR of 13.42%.

The agricultural variable rate technology market consists of sales of agricultural variable rate technology made by organizations, individuals, and partnerships. With a focus on the automated applications utilized in agriculture, this technological area deals with automated applications. Information about agriculture is gathered via sensors, maps, and GPS. Farmers can use a tool called Variable Rate Technology (VRT) to apply water, fertilizer, seed, and pesticides to different parts of a field at various rates. One can get more crop per acre of land while using less wasted material when they utilize VRT to apply the right number of fertilizers together with the right sowing rate. The rising usage of these cutting-edge agricultural solutions has increased the growth opportunities for VRT suppliers. Competitors can improve their positions in the agriculture variable rate market by taking advantage of technological advancements in the machinery used to increase output. The automation of farming practices will increase as technology advances. The use of VRT will rise with the use of sensors, images, control systems, data management, big data, and AI, supporting new rivals in gaining a footing in the market.

Impact of COVID-19 on the Global Variable Rate Technology Market:

The need for agricultural equipment and related technology has temporarily diminished due to the COVID-19 pandemic epidemic. Because VRT requires little employee involvement and labor prices are rising daily, the agriculture variable rate technology industry has recovered since the epidemic. The pandemic's acute labor shortage, which had a negative impact on overall production, forced farmers to learn the benefits of investing in technologies rather than relying on workers. Using variable rate technology in agriculture is a great approach to get around these problems. COVID-19 has had a positive long-term impact on the target market since it helped farmers comprehend the financial benefits of investing in variable rate technology. Western Europe and North America are home to the majority of agriculture technology companies. These areas were severely affected by COVID-19, and economic activity was at its lowest point as a result of the temporary shutdown and quarantine measures taken to combat the fatal COVID-19 epidemic.

Scope of the Report:

• Market size available for years: 2019-2032

• Base year considered: 2021

• Forecast period: 2022-2032

• Segments covered: By Component, By Technology, By Crop Type, By Farm Size, By Application

• Regions covered: North America, Europe, Asia Pacific, Latin America, Middle East and Africa

• Companies Covered: AGCO Corporation, AgJunction, CNH Industrial NV, Deere & Company, Hexagon, Kubota Corporation, Lindsay Corporation, Topcon Corporation, Trimble Inc., Valmont Industries, Inc., Yara International

Target Audience:

• Growers or farmers
• Agriculture variable rate technology manufacturers
• OEMS
• Component suppliers
• Dealers
• Service providers
• Government and Research Organizations
• Associations
• Regulatory bodies

Global Variable Rate Technology Market Segmentation:

• By Component: Based on the Component, Global Variable Rate Technology Market is segmented as; Hardware (Guidance and Steering systems, Flow and Application Control Devices, GPS/DGPS Receivers, Handheld Mobile Devices/Computers, Yield Monitors, Others), Services (Farm Operation Service, Integration and Consultation Services), Software.

• By Technology: Based on the Technology, Global Variable Rate Technology Market is segmented as; Map-based, Sensor-based (Active Optical Sensor VRT, Drone-based VRT, Satellite-based VRT).

• By Crop Type: Based on the Crop Type, Global Variable Rate Technology Market is segmented as; Cereals and Grains (Corn, Wheat, Others), Fruits and Vegetables, Oilseeds and Pulses (Soybeans, Cotton, Other), Others.

• By Farm Size: Based on the Farm Size, Global Variable Rate Technology Market is segmented as; Large Farms, Mid-Sized Farms, Small Farms.

• By Application: Based on the Application, Global Variable Rate Technology Market is segmented as; Fertilizers (Urea VRT, UAN VRT, NH3 VRT, Other VRT), Crop Protection Chemicals (Herbicides, Fungicides & Bactericides, Insecticides, Nematicides & Others), Soil Sensing, Yield Monitoring, Irrigation, Others.

• By Region: The overall market was topped by North America. North America currently controls the majority of the global market for variable rate technology because of the region's tremendous progress in the automation and digitization of agriculture. Agriculture is becoming more industrialized and digitalized, which is creating new industry standards for the agricultural VRT market. Due to increased crop use, the VRT market in North America is developing each year. The fastest CAGR is anticipated to occur in Asia Pacific. It is anticipated that the Asia Pacific region's vast farmlands and quick population growth will lead to the rapid growth of VRT in the future. Given the huge farmlands and rapid population increase, it is one of the potential markets for agriculture VRT. The Asia Pacific region has a huge landmass and includes nations like Japan, China, South Korea, India, and Australia. The region's emerging nation's growing populations put pressure on agriculture to raise output, which fuels demand for VRT (Variable Rate Technologies).