Variable Rate Technology Market Share 2023- Global Industry Trends, Upcoming Trends, Growth Drivers, Business Challenges and Future Opportunities till 2032: SPER Market Research
Agriculture VRT is a technology-driven precision farming technique that applies a variety of crop materials to a specific landscape. These resources, which aid in maximising crop yield, include fertilisers, pesticides, and seeds. The advantages of VRT-based crop management over traditional uniform crop management include lower production costs, more crop production profitability, and a beneficial environmental impact. In order to support other agricultural advances that will boost crop yields and profitability, VRT in agriculture is dedicated to offering intelligent and creative technical solutions through drone technology, artificial intelligence (AI), and machinery that can operate at variable rates.
According to SPER market research, 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’ state that the Global Variable Rate Technology Market is predicted to reach USD 26.07 billion by 2032 with a CAGR of 13.42%.
Workers are essential to the conventional agriculture business for a variety of tasks. Automation is taking the place of labourers in tasks and allowing industrial players to produce large amounts of work quickly thanks to developments in technology. Technological developments in agriculture are being supported by a number of government agencies, economists, and policy makers. Smart sensors, GPS, GNSS, auto-steering and guidance technology, and VRT are some of the main technologies utilised for agriculture variable rates. Not only do they assist in lowering labour costs, but they also make optimal use of available resources and eliminate waste, which is more common in conventional agricultural methods.
Although small, mid-size, and big farms can use the agriculture VRT, large farms are the ones primarily implementing the technology. The variable rate equipment in agriculture comes with hefty expenses. Smart sensors, drones, VRT, GPS, GNSS, navigation tools, and receivers are only a few of the pricey but extremely effective technologies and equipment utilised in agriculture variable rate. In addition, the setup and operation of agriculture variable rate equipment need trained workers. Due to the expensive cost of new technology-based farming, producers choose conventional farming over it in developing nations like China, Brazil, and India where resources for agricultural techniques are few.
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Impact of COVID-19 on Variable Rate Technology Market
The need for agricultural machinery and associated technology has momentarily declined due to the COVID-19 pandemic epidemic. Given that labour costs are rising daily, the agriculture variable rate technology industry has recovered since the pandemic since VRT requires very little in the way of worker engagement. The pandemic’s extreme labour shortage, which had a negative impact on overall production, forced farmers to learn the benefits of investing in technologies rather than relying on labour. Using variable rate technology in agriculture is a great approach to circumvent these problems.
Variable Rate Technology Market key players
Geographically, North America is currently the world’s top producer of agricultural VRT. The region is dominated by large-scale farming operations, which are the main source of the high market size for VRT. North America is the leading exporter of a variety of agricultural products. Regarding crop type, fruits and vegetables are expected to develop at the quickest rate in terms of crop type segment adoption. Additionally, some of the key market players are Lindsay Corporation, Topcon Corporation, Trimble Inc., Valmont Industries, Inc., Yara International and others.
Variable Rate Technology Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Component
- 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
- Map-based,
- Sensor-based
- Active Optical Sensor VRT
- Drone-based VRT
- Satellite-based VRT
By Crop Type
- Cereals and Grains
- Corn, Wheat, Others
- Fruits and Vegetables
- Oilseeds and Pulses
- Soybeans, Cotton, Other
- Others
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Variable Rate Technology Market Growth
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