Farm variable-rate technology (VRT) is technology that enables producers to vary the rate of crop inputs. Farm variable-rate technology is a combination of variable-rate control system and application equipment. Input is applied at a precise time or site to achieve location-specific application rates. VRT is a combination of components such as a computer, DGPS receiver, controller, and VR software. Growers can use the products only where they are needed in a field with the help of farm VRT. VRT can reduce labor costs, increase productivity, and reduce the impact over-application may have on the environment.
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Governments of various countries emphasize on providing subsidies to farmers in order to buy agricultural machinery. Increasing Support and Promotion towards small-scale farms from governments is likely to propel the global farm variable rate technologies market. This is anticipated to boost the market for farm variable rate technologies during the forecast period. Increased production of off-road vehicles is likely to propel the farm variable rate technologies market during the forecast period. Moreover, a rise in automation in various industries such as agriculture has increased the usage of off-road vehicles in this sector. Unavailability of farm labor is a major issue related to farmers, currently. Furthermore, precision is required in agriculture in order to avoid losses. These issues can be overcome by usage of farm variable rate technologies, which in turn is likely to boost the market.
High cost and maintenance expenditure are anticipated to significantly restrain the farm variable rate technologies market.
The farm variable rate technologies market can be segmented based on application, product, crop, farm size, offering, and geography.
Based on product, the farm variable rate technologies market can be segmented into map-based variable rate technologies and sensor-based variable rate technologies. Map-based VRT is pre-planned, and applications are based on VRT prescription maps that are an advisor, which is based on data sources. Sensor-based VRT is calculated real-time, based on sensors that are local to the variable rate technologies.
Based on offerings, the farm variable rate technologies market can be segmented into hardware, and two more segments. Hardware is mechanical/ electronics components that are used in the field.
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Based on farm size, the farm variable rate technologies market can be segmented into large size, and two more segments. Large size farms are more prone to new technologies as it has great applications in such farms.
Based on crop, the farm variable rate technologies market can be classified into cereals & grains and three more segments.
In terms of application, the farm variable rate technologies market can be categorized into fertilizers variable rate technologies (VRT) and five other segments. Fertilizers VRT is commonly employed for the protection of farm from the foreign harmful particles.
Based on geography, the farm variable rate technologies market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounts for a major share of the global farm variable rate technologies market. This leads to the considerable adoption of farm variable rate technologies, as most vehicles manufactured in this regions are equipped with farm variable rate technologies, especially in countries such as India and China. FDI has further encouraged agricultural activities owing to the usage of automation in these countries, thereby creating a need for efficient agricultural machinery. The automotive industry in regions such as Europe, North America accounts for a significant share of the economies in these regions.
Key players operating in the global farm variable rate technologies market include AGCO Corporation, SZ DJI Technology Co., Ltd., Ag Leader Technology, Deere & Company, CNH Industrial N.V., Trimble, Inc., Raven Industries, Inc., Topcon Corporation, and Yara International ASA.
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