Variable Rate Technology Market Size, Share, And Trends By Type (Crop Protection Chemical, Seeding, Fertilizer, Irrigation, Others), By Offering (VRT Software, Hardware, VRT Service), By Crop Type (Cereals And Grains, Oilseeds And Pulses, Fruits And Vegetables), By Application Method (Map Based, Sensor Based), By Farm Size (Large, Mid-sized, Small), And By Geography – Forecast From 2019 To 2024

Farm Variable rate technology enables producers to vary the rate of crop inputs. It is a combination of the variable rate control system and application equipment and the components are a computer, DGPS receiver, controller, and VR software. VRT increases efficiency and reduces wasteful use of resources. The Variable Rate Technology market is expected to grow at a significant rate due to the increasing focus on farm efficiency and productivity. Growing demand for food and support from the government in adopting advanced technologies in agriculture is expected to drive market growth. However, the high cost of equipment required and high maintenance expenditure is expected to hamper the market growth.

By type, Seeding VRT is estimated to have a significant market share as it is increasingly used to optimize productivity and reduce seed costs. By crop type, the oilseed and pulses segment is expected to have notable market growth due to an increase in demand for oilseeds and pulses, particularly soybean and cotton. By geography, North America is estimated to have a significant market share due to the greater adoption of advanced technology in this region.

DRIVERS

Focus on increasing efficiency and productivity

Rising food demand

Government support in the adoption of agricultural technology

RESTRAINTS

High initial cost and maintenance expenditure

INDUSTRY UPDATE

In November 2018, CNH Industrial entered into a strategic digital agreement with Farmers Edge, an agri-tech company to provide a platform for comprehensive digital and professional agronomic decision making support for enhanced farming efficiency and productivity

In June 2019, Ag Leader Technology showcased its latest products in precision technology, its new dual-antenna GPS solution for auto-steer, and the latest cloud service features from AgFiniti.

SEGMENTATION

The Variable Rate Technology Market has been analyzed through the following segments:

By type

Crop Protection Chemical VRT

Seeding VRT

Fertilizer VRT

Irrigation VRT

Others

By offering

VRT Software

Hardware

VRT Service

By crop type

Cereals and grains

Oilseeds and Pulses

Fruits and vegetables

By application method

Map based

Sensor based

By farm size

Large

Mid-sized

Small

By Geography

North America

USA

Canada

Mexico

South America

Brazil

Argentina

Others

Europe

Germany

France

United Kingdom

Spain

Others

Middle East and Africa

Saudi Arabia

Israel

Others

Asia Pacific

China

Japan

South Korea

India

Others