Global Agricultural Variable Rate Technology Market projected to grow to USD 25.43 Billion by 2033

From GlobeNewswire: 2024-06-13 02:00:00

The Global Agricultural Variable Rate Technology Market is projected to grow from USD 6.95 Billion in 2023 to USD 25.43 Billion by 2033, with a CAGR of 13.85%. Utilizing data-driven technologies, the VRT sector specializes in automated applications, maximizing crop yield by applying the right amount of fertilizers. The hardware segment is expected to dominate the market, focusing on GPS and sensors. Map-based VRT is anticipated to lead the market, optimizing input rates for site-specific field management. The cereals and grains segment is expected to dominate the market, especially on large farms. North America is expected to hold the largest revenue share in the global market due to notable advancements in automation and digitization, while Asia Pacific is predicted to grow at the fastest CAGR, driven by population growth. The report provides an analysis of key companies like Deere & Company and Trimble Inc., offering product overviews and SWOT analysis. Recent developments include Deere & Company establishing a partnership with Iowa State University in October 2023. The market is segmented by component, technology, crop type, and region, with forecasts up to 2033. Other related reports include the Global Beneficial Insect Market and Precision Swine Farming Market.



Read more at GlobeNewswire: Global Agricultural Variable Rate Technology Market Size To