PUNE, India, July 20, 2017 /PRNewswire/ --
The report "Variable Rate Technology (VRT) Market by Type, Offering, Crop Type (Cereals & Grains, Oilseeds & Pulses, and Fruits & Vegetables), Application Method (Map-based and Sensor-based), Farm Size (Large, Mid-sized, Small), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the Variable Rate Technology Market was valued at USD 1.31 Billion in 2016. It is projected to grow at a CAGR of 9.65% from 2017, to reach 2.24 Billion by 2022.
Browse 75 Market Data Tables and 41 Figures spread through 151 Pages and in-depth TOC on "Variable Rate Technology (VRT) Market - Global Forecast to 2022"
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Increasing focus on farm efficiency and productivity is the most significant factor driving the Variable Rate Technology Market. Increase in global food demand, extended profitability & production, and crop monitoring for yield production benefits are the major factors behind the growth of the Variable Rate Technology Market. Also, government initiatives across countries are helping farmers to use optimized agricultural and technological tools and improve their production levels.
Seeding VRT is estimated to account for the largest share in 2017
Variable rate seeding is being increasingly used by growers for reducing seed costs and maximization of yield by optimizing seeding rates according to field variability. Seeding is the basic functionality of any VRT system and is also the cheapest. Thus, growers adopting VRT mostly start with seeding VRT. For this reason, the seeding VRT segment is estimated to dominate the market.
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The oilseeds & pulses segment is projected to be the fastest-growing during the forecast period
The oilseeds & pulses segment is projected to grow at the highest CAGR of from 2017 to 2022, due to increased usage of VRT in soybean and cotton. Soybean is an important global crop which finds major usage in animal feed. Population growth and increase in per capita meat consumption will continue to drive the demand for soybean production in the future. Cotton is the basic resource for thousands of consumer and industrial products manufactured in the U.S. and throughout the world, and the contribution made by cotton to the food and fiber industry continues to grow in importance. Thus, the use of VRT in oilseeds & pulses is expected to grow significantly.
North America, the largest market for variable rate technology
North America is estimated as the largest contributor to the global Variable Rate Technology Market due to early adoption of variable rate technologies by countries in this region such as the U.S. and Canada. The presence of a large number of vendors, continuous advancements in technology, and reduced price of equipment are contributing to the growth of the Variable Rate Technology Market in North America.
This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. These companies include Deere & Company (U.S.), AGCO Corporation (U.S.), Trimble, Inc. (U.S.), CNH Industrial N.V. (U.K.), and Topcon Corporation (Japan); these are well-established and financially stable players that have been operating in the industry for several years. Other players include Raven Industries, Inc. (U.S.), Ag Leader Technology (U.S.), SZ DJI Technology Co., Ltd. (China), and Yara International ASA (Norway).
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