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The variable rate technology market is anticipated to expand at a high CAGR over the forecast period.
Farm Variable rate technology enables producers to vary the rate of crop inputs. It is a combination of the variable rate control system and application equipment and the components are a computer, DGPS receiver, controller, and VR software. VRT increases efficiency and reduces wasteful use of resources. The Variable Rate Technology market is expected to grow at a significant rate due to the increasing focus on farm efficiency and productivity. Growing demand for food and support from the government in adopting advanced technologies in agriculture is expected to drive market growth. However, the high cost of equipment required and high maintenance expenditure is expected to hamper the market growth.
By type, Seeding VRT is estimated to have a significant market share as it is increasingly used to optimize productivity and reduce seed costs. By crop type, the oilseed and pulses segment is expected to have notable market growth due to an increase in demand for oilseeds and pulses, particularly soybean and cotton. By geography, North America is estimated to have a significant market share due to the greater adoption of advanced technology in this region.
DRIVERS
Focus on increasing efficiency and productivity
Rising food demand
Government support in the adoption of agricultural technology
RESTRAINTS
High initial cost and maintenance expenditure
INDUSTRY UPDATE
In November 2018, CNH Industrial entered into a strategic digital agreement with Farmers Edge, an agri-tech company to provide a platform for comprehensive digital and professional agronomic decision making support for enhanced farming efficiency and productivity
In June 2019, Ag Leader Technology showcased its latest products in precision technology, its new dual-antenna GPS solution for auto-steer, and the latest cloud service features from AgFiniti.
SEGMENTATION
The Variable Rate Technology Market has been analyzed through the following segments:
By type
Crop Protection Chemical VRT
Seeding VRT
Fertilizer VRT
Irrigation VRT
Others
By offering
VRT Software
Hardware
VRT Service
By crop type
Cereals and grains
Oilseeds and Pulses
Fruits and vegetables
By application method
Map based
Sensor based
By farm size
Large
Mid-sized
Small
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
South Korea
India
Others