The variable rate technology market is projected to grow at a CAGR of 9.65% from 2017, to reach USD 2.24 billion by 2022. Improved efficiency & productivity through improved crop yields & field quality and favorable government initiatives for adoption of modern agricultural techniques are the major factors driving this market. However, high initial capital investment and lack of technical awareness & understanding regarding advantages of VRT over traditional agricultural practices are the major restraining factors in the variable rate technology market.
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The map-based VRT segment dominated the global variable rate technology market
The map-based VRT segment is the most widely used application method of variable rate technology across the globe. Map-based VRT is traditional application method, and is thus widely used; sensor based-VRT is relatively new and is under development. Also, the real-time sensor-based variable rate equipment is more complex and requires the working of several different components to achieve a desired output. Hence, growers prefer map-based VRT to sensor-based VRT.
The use of variable rate technology is expected to grow fastest in large farms
The large farms segment comprises farms larger than 200 hectares in size. Variable rate technology is most suitable for these farm sizes considering economies of scale. Advances in modern commercial farming machinery in recent years, particularly with respect to power and size, now allow a single owner to successfully manage a cropping enterprise of thousands of hectares, thus increasing the value of scale.
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Asia-Pacific is projected to be the fastest-growing region in the market
The variable rate technology market in Asia-Pacific is in its initial stages and is projected to grow at a double-digit rate between 2016 and 2022. The region has an extensive land area, which comprises countries such as China, Japan, India, and Australia. The high usage of agricultural inputs in the region, coupled with high population growth rate, makes it a prospective market for adoption of variable rate technology.
The global market for variable rate technology is dominated by large players such as 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), Yara International ASA (Norway), Valmont Industries, Inc. (U.S.), Lindsay Corporation (U.S.), and SZ DJI Technology Co., Ltd. (China).
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