NEW YORK, United States, Aug. 11, 2024 (GLOBE NEWSWIRE) — The global floating rate technology market size is expected to reach USD 13.61 billion by 2033 from USD 4.29 billion in 2023, growing at a compound annual growth rate (CAGR) of 12.24% during the forecast period.
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Variable rate technology (VRT) is an innovative agricultural practice that optimizes seed, fertilizer, and pesticide use by adjusting applications based on specific field conditions. Unlike traditional methods that apply uniform amounts across an entire field, VRT leverages data from soil tests, weather forecasts, and crop health sensors to customize treatment for each area. This precision approach ensures inputs are used efficiently, improving crop yields, reducing waste, and minimizing environmental impact. VRT systems often incorporate GPS technology and advanced machinery that automatically adjust application rates as they move through the field. This technology increases productivity and promotes sustainable agriculture by reducing chemical overuse and conserving resources. As technology advances, VRT will continue to provide farmers with increasingly sophisticated tools to manage their fields more effectively and profitably. Innovations in GPS, sensor technology, and data analytics are making variable rate technology (VRT) in agriculture more accessible and effective. Advanced GPS provides precise location data, allowing for accurate field mapping and targeted application of inputs such as fertilizers and pesticides. Sensors such as soil moisture and crop health monitors collect data on field conditions in real time, providing farmers with detailed information on field fluctuations. Data analytics then processes this information, helping farmers identify patterns, make informed decisions, and apply precise interventions to specific field areas. These advancements improve resource use efficiency, reduce waste, increase crop yields, and ultimately result in more sustainable and profitable agricultural practices. However, a lack of technology standards makes systems difficult to integrate, preventing variable rate technologies from reaching their full potential. Misrepresented data leads to inefficient use of agricultural inputs and reduced crop yields, slowing market growth.
See 221 pages of key industry insights with 110 market data tables, figures and charts from the report on “Global Variable Rate Technology Market Size, Share, COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Technology (Map-Based and Sensor-Based), By Crop Type (Grains, Fruits, Vegetables, Oilseeds, Pulses, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), Analysis and Forecast 2023-2033”.
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The hardware segment will dominate the market, accounting for the highest market share in the variable rate technology market during the forecast period.
Based on component, the variable rate technology market is bifurcated into hardware, software, and services. Of these, the hardware segment dominates the market, accounting for the highest market share in the variable rate technology market during the forecast period. GNSS receivers are the most profitable hardware in the global variable rate technology (VRT) market, followed by sensors, drones, and other components. GNSS receivers play a key role in the VRT value chain as they are used for both input data collection during application processing and tractor navigation. To meet the market demand, hardware manufacturers are developing new GNSS receivers with high accuracy. Sensors, especially canopy sensors, are essential for sensor-based VRT and are often paired with drones for data collection in map-based VRT. As the demand for precision-based technology increases in developed countries, manufacturers are introducing new sensor products. Furthermore, variable rate controllers and displays are key hardware categories in the VRT market.
The map-based segment is expected to grow fastest in the variable rate technology market during the forecast period.
Based on technology, the variable rate technology market is categorized into map-based and sensor-based. Of these, the map-based segment is expected to grow the fastest in the variable rate technology market during the forecast period. Map-based technology is widely used in variable rate technology (VRT) across the globe. It is based on data from yield mapping, soil sampling, and crop monitoring. This technology uses zone-based maps that divide the fields into zones and assign numbers. These differentiated zones can be used for various VRT applications, such as fertilization, seeding, and irrigation. Another method is grid sampling, where GNSS-enabled software is used to divide the field into grids. Each grid is numbered similar to the zones in the zone-based map, allowing the GNSS system to accurately match the data to the appropriate zone. A consistent naming scheme ensures that VRT is applied with precision.
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North America is expected to account for the largest share of the variable rate technology market during the forecast period.
North America is expected to hold the largest share of the variable rate technology market during the forecast period. North America currently leads the global variable rate technology (VRT) market, owing to significant advancements in automation and digitalization in agriculture. Increased industrialization and digitalization in agriculture in the region is setting new business standards for VRT. The North American market is growing year on year, owing to the increasing adoption of VRT across various crops. This expansion is driven by the region's efforts to incorporate cutting-edge technologies into agricultural practices to improve efficiency and productivity.
Asia Pacific is projected to grow at the fastest pace in the variable rate technology market during the forecast period. Asia Pacific's vast farmland and rapid population growth are expected to drive future growth of VRT. The vast farmland and rapid population growth make it one of the most promising markets for agricultural VRT. The Asia Pacific region is vast and includes countries such as Japan, China, South Korea, India, and Australia. The growing population of developing countries in the region is putting the agricultural industry under pressure to increase productivity, increasing the demand for VRT. Drones, which are used to sow seeds and spray pesticides and fertilizers, are becoming increasingly popular in Southeast Asian countries that are dealing with labor shortages exacerbated by the coronavirus outbreak and employee migration restrictions.
Competitive Analysis:
The report provides a proper analysis of the key organizations/companies involved in the global market along with a comparative assessment based mainly on product offerings, business overview, geographical presence, corporate strategies, segment market share, and SWOT analysis. The report also provides a detailed analysis focusing on the current news and developments of the companies, including product developments, innovations, joint ventures, partnerships, mergers & acquisitions, and strategic alliances, which allows to evaluate the overall competition within the market. The key vendors in the Variable Rate Technology market are Deere & Company, Trimble Inc., Farmers Edge Inc., AGCO Corporation, Kubota Corporation, CNH Industrial NV, Lindsay Corporation, Hexagon Agriculture, Yara International, Climate LLC, Topcon Corporation, Crop Quest Inc, Valmont Industries, DJI, Ag Leader Technology, and others.
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Recent developments
In April 2021, Trimble Inc. and HORSCH, a leading global manufacturer of cutting-edge agricultural equipment, joined forces on an initiative focused on autonomy in agriculture. The partnership will focus on developing solutions such as autonomous devices and workflows, heralding a variety of exciting advancements for the future.
Market Segments
The study forecasts revenue at global, regional and country levels from 2020 to 2033. Spherical Insights segments the variable rate technology market on the basis of the following segments:
Global Variable Rate Technology Market, by Component
Global floating rate technology market, by technology
Global Variable Rate Technology Market by Crop Type
Grains and CerealsFruits and VegetablesOilseeds and PulsesOthers
Global Floating Rate Technology Market by Region
North America Europe Germany UK France Italy Spain Russia Rest of Europe Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific South America Brazil Argentina Rest of South America Middle East and Africa United Arab Emirates Saudi Arabia Qatar South Africa Rest of Middle East and Africa
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