Global Variable Rate Technology Market projected to grow to $13.61 billion by 2033
From GlobeNewswire: 2024-08-11 01:00:00
The Global Variable Rate Technology Market is projected to grow from $4.29 billion in 2023 to $13.61 billion by 2033, with a CAGR of 12.24%. VRT optimizes seed, fertilizer, and pesticide use by adjusting application based on field conditions, improving yields and reducing waste. GPS and sensor technology enhance productivity and sustainability in agriculture.
Advances in GPS, sensor technology, and data analytics are making Variable Rate Technology (VRT) increasingly accessible and effective in agriculture. VRT adjusts input application rates based on field data, leading to more efficient resource use, increased crop yields, and sustainable farming practices. However, the lack of technical standards hinders system integration and market growth.
The hardware segment dominates the variable rate technology market, with GNSS receivers playing a significant role in VRT. Sensor-based VRT, combined with drones and precision technology, is on the rise in developed countries. Variable rate controllers, displays, and drones are essential hardware categories driving VRT market growth.
Map-based VRT technology, using data from yield mapping, soil sampling, and crop monitoring, is expected to grow fastest in the VRT market. North America leads the VRT market due to advancements in agricultural automation and digitalization, while Asia Pacific is expected to grow rapidly due to extensive farmland and population growth. Drones are increasingly used in the Asia Pacific region to address labor shortages.
Major vendors in the VRT market include Deere & Company, Trimble Inc., Farmers Edge Inc., AGCO Corporation, and others. Recent collaborations and initiatives, such as Trimble Inc. and HORSCH’s agricultural autonomy-focused partnership, are driving innovation in the market. The study forecasts revenue globally and by region, segmenting the VRT market by component, technology, crop type, and region for analysis and forecast purposes.
Read more at GlobeNewswire: Global Variable Rate Technology Market Size To Worth USD