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Agriculture Variable Rate Technology Market Demand Size Share Overview Analysis 2023-2030

Agriculture Variable Rate Technology Market Demand Size Share Overview Analysis 2023-2030

February 23
23:39 2023
Agriculture Variable Rate Technology Market Demand Size Share Overview Analysis 2023-2030
DataM Intelligence
Agriculture Variable Rate Technology Market is forecasted to reach at a CAGR of 10.11% during the forecast period (2023-2030).

Market Dynamics:

The rapid adoption of advanced technologies in the agriculture sector drives market growth

Adopting new technologies in the agricultural sector has reduced labor costs, allowing industry participants to produce large amounts of product in a shorter time. For instance, automation is taking over the task that laborers once performed. Drone-assisted pesticide application is the most recent agricultural technology to gain popularity. Numerous other ways in agriculture are also aided by it. Drones’ sensors include time-of-flight, chemical, stabilization, and orientation sensors, as well as ultrasonic, laser, or lidar distance sensors. Smart sensors, GPS, GNSS, and guidance technology are the main technologies for agriculture variable rates. To locate exact locations in the field for material application, VRT uses GPS and GIS technology. This technology is combined with data collection to inform a piece of equipment that is VRT-enabled, such as a seeder, sprayer, or fertilizer spreader. These technologies are used to make the best use of the available resources, reduce waste, and lower labor costs.

On the other hand, the global agriculture variable rate technology market is expected to grow significantly due to rising requirements for food demand, reducing water resources and cropland area, and rising agricultural input costs.

 

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Market Segmentation:

The fertilizer VRA segment accounted for the highest share in global agriculture variable rate technology market

To promote sustainable development in the agricultural sector, the fertilizer VRT is used. While enhancing the health of the soil and crop production, it also helps to cut back on labor, expenses, and time. Depending on the crops’ needs and the soil’s state, the fertilizing solution is applied using technology as needed. To prevent over-fertilization, which results in increased nutrient runoff into water systems that pollute the environment, the fertilizing application can be automatically adjusted per soil requirements for different plants or crops.

On the other hand, soil sensing VRA accounting the fastest growth in the forecast period. Sensing of the soil VRT is a variable rate technology that makes more precise fertilizer application possible by using data from sensors. Better yield and higher profits are made possible as a result. The sensor-based system continuously collects data about water content, temperature, the amount of nitrogen or phosphorus in the field, and other factors that affect how much fertilizer is required. This data can be used to develop personalized rates for each parcel’s unique requirements at different stages of its growth cycle (e.g., plant development).

However, the VRT has been used in the oil seeds and pulses sector to boost yield and lower nitrogen pollution. The technology can help farmers control their irrigation process better, which can help them use less water overall. Nitrous oxide, one of the strongest greenhouse gases released into the atmosphere from agricultural activities, is released by fertilizers in oilseeds and pulses production facilities. However, with variable rate application technologies installed on equipment like sprayers and spreaders, farmers could use the proper amount of fertilizer for each area and reduce emissions.

 

Geographical Penetration:

North America is dominating region during the forecast period

The high demand for technology farming to reduce input wastage and increase the productivity of land and crops is expected to make North America the dominant region in the industry. Increased investments in the use of agricultural variable rate technologies, such as drones and automated harvesting systems, are promoting the market’s expansion in North America. Manure can be controlled manually by the equipment operator or automatically by a computer in communication with a global positioning system in the United States, where the increasing use of smartphones and other intelligent media to technological developments or advancements in the agricultural industry (GPS). The evolution of agricultural practices and new technologies, such as specialized machinery.

On the other hand, Europe is the fastest-growing region due to high farmer adoption rates and extensive agricultural industries. Key players in the region are introducing new technologies to generate high revenue in the market.

 

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Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major key players are CNH Industrial NV, Deer & Co., Trimble, Inc., AGCO Corporation, Kubota Corporation, Yara International, Valmount Industries, Lindsay Corporation, Hexagon, Teejet Tecxhnologies, and The Climate Corporation, among others. Efficient agricultural technologies for increasing yield and productivity. Due to the manufacturers focusing on bringing the most this, there is acquisition in the market. For instance, On 21st June 2021, CNH Industrial acquired Raven Industries, enhancing precision agriculture capabilities and scale. The acquisition expands on a long-standing partnership between the two businesses. It will strengthen CNH Industrial’s position in the global market for agricultural equipment by bringing in strong innovation capabilities in precision and autonomous agriculture. On the other hand, on 10th November 2021, XAG launched a new generation of agricultural drones named XAG P40 Agricultural Drone that can carry up to 40 kg and cover up to 20 hectares of land in 1 hour. This helps protect lands from weeds, pests, and diseases. This new launch can help medium-to-large farm owners address the rural labor shortage.

 

COVID-19 Impact:

Positive impact on the global agriculture variable rate technology market

Nearly every industry has been impacted by the unmatched global public health emergency known as COVID-19, and the long-term effects are expected to impact industry growth throughout the forecast period. Due to the worst labor shortage during the pandemic, which adversely affected overall production, the COVID-19 outbreak helped farmers realize the advantages of investing in technologies rather than relying on the workforce. Using variable rate technology in agriculture is a good way to get around these issues. By helping farmers understand the financial advantages of investing in variable rate technology, COVID-19 has, in the long run, had a positive impact on the global market for agriculture variable rate technology.

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