Variable Rate Technology (VRT) Market - Evolution Landscape 2022 | Deere & Company, Trimble, Inc., AGCO Corporation


Posted August 19, 2019 by kmitalee

The variable rate technology market is projected to grow at a CAGR of 9.65% from 2017, to reach a projected value of USD 2.24 Billion by 2022.

 
The variable rate technology market is projected to grow at a CAGR of 9.65% from 2017, to reach a projected value of USD 2.24 Billion by 2022. The most significant factor driving the market is the increasing focus on farm efficiency and productivity. The implementation of variable rate technology (VRT) has the potential to change agriculture, making this traditional activity more efficient and predictable. Increasing global food demand, extended profitability & production, and crop monitoring for yield production benefits are the major factors for the growth of the market.

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The global variable rate technology market was dominated by the cereals & grains application segment; the market for VRT in oilseeds and pulses is projected to grow at the highest CAGR. Increase in meat consumption and population growth are driving the demand for oilseeds & pulses (around 80% of the soybean crop is used as a meal for animal feed). The cereals & grains segment comprises crops such as wheat and corn, which are widely cultivated across the world for food and use in animal feed. Wheat is among the most dominant crops grown worldwide and corn is extensively used for animal feed. Thus, the use of VRT is the highest in this segment.

Furthermore, the VRT software segment is projected to grow at the highest rate due to its different functionalities such as data management, data security, crop health monitoring, farm work mapping, and stock management. Hardware systems such as GPS/DGPS receivers, handheld computers, sensors, and yield monitor systems accounted for more than half of the total VRT offering market in 2016, owing to their extensive use in variable rate technology.

In 2016, the seeding VRT accounted for the largest share in the variable rate technology market; the fertilizer VRT market has been projected to grow at the highest CAGR during the forecast period. The cost-effectiveness of seeding and fertilizer VRTs, when compared to other expensive VRTs, is the major factor driving their markets.

Target Audience:

• Variable rate technology component manufacturers
• Variable rate technology product importers and exporters
• Variable rate technology product traders, distributors, and suppliers
• Government and research organizations
• Original equipment manufacturers
• Satellite service providers
• Software, service, and technology providers
• Original equipment manufacturers
• Commercial research & development (R&D) institutions and financial institutions
• End users

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North America is estimated to account for the largest share of the variable rate technology market in 2017. Considering this potential, new market players are entering the market. The increase in automation and digitization of agriculture is creating new business models for this market. Asia-Pacific has been projected as the fastest-growing market for variable rate technology, owing to large farmlands and a high population growth rate. In this region, Australia held the largest market share in 2016, whereas the Chinese VRT market is projected to grow at the highest CAGR during the forecast period.

Key Players:

• Deere & Company (U.S.)
• Trimble, Inc. (U.S.)
• AGCO Corporation (U.S.)
• AgJunction Inc. (U.S.)
• Raven Industries Inc. (U.S.)
• AG Leader Technology (U.S.)
• Kubota Corporation (Japan)
• SZ DJI Technology Co., Ltd. (China)

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Issued By MarketsandMarkets™ INC.
Country United States
Categories Agriculture
Tags variable rate technology , variable rate technology vrt market , vrt , vrt market
Last Updated August 19, 2019