Variable Rate Technology (VRT) Market by Type, Offering, Crop Type, Application, Farm Size and Region - Global Forecast to 2022
DUBLIN, August 3, 2017 /PRNewswire/ --
The "Variable Rate Technology (VRT) Market by Type, Offering, Crop Type, Application, Farm Size and Region - Global Forecast to 2022" report has been added to Research and Markets' offering.
The variable rate technology market is projected to grow at a CAGR of 9.65% from 2017, to reach a projected value of USD 2.24 billion by 2022. The most significant factor driving the market is the increasing focus on farm efficiency and productivity. The implementation of variable rate technology (VRT) has the potential to change agriculture, making this traditional activity more efficient and predictable. Increasing global food demand, extended profitability & production, and crop monitoring for yield production benefits are the major factors for the growth of the variable rate technology market.
Cereals & grains form the most dominant crop type in terms of application of VRT; however, the market for VRT in the cultivation of oilseeds & pulses is projected to grow at the highest rate. The cereals & grains segment comprises crops such as wheat and corn, which are widely cultivated across the world for food and use in animal feed. Wheat is among the most dominant crops grown worldwide and corn is extensively used for animal feed. Thus, the use of VRT is the highest in this segment. Increase in meat consumption and population growth are driving the demand for oilseeds & pulses (around 80% of the soybean crop is used as a meal for animal feed).
Hardware systems such as GPS/DGPS receivers, handheld computers, sensors, and yield monitor systems accounted for more than half of the total VRT offering market in 2016, owing to their extensive use in variable rate technology. The VRT software segment is projected to grow at the highest rate due to its different functionalities such as data management, data security, crop health monitoring, farm work mapping, and stock management.
In 2016, the seeding VRT accounted for the largest share in the variable rate technology market; the fertilizer VRT market has been projected to grow at the highest CAGR during the forecast period. The cost-effectiveness of seeding and fertilizer VRTs, when compared to other expensive VRTs, is the major factor driving their markets.
The major challenge in the variable rate technology market is the effective management of data for making productive decisions. Factors such as the requirement of high initial investments for implementation and maintenance of solutions and devices further act as restraints for the market.
Companies Mentioned
- 360 Yield Center (U.S.)
- Ag Leader Technology (U.S.)
- Agco Corporation (U.S.)
- Ageagle Aerial Systems (U.S.)
- Agjunction, Inc. (U.S.)
- Agribotix Llc (U.S.)
- Agrisight Inc. (U.S.)
- Aquaspy Inc. (U.S.)
- Capstan Ag Systems, Inc. (U.S.)
- CNH Industrial N.V. (U.K.)
- Cropmetrics (U.S.)
- Deere & Company (U.S.)
- Iteris, Inc. (U.S.)
- Kubota Corporation (Japan)
- (10+ Others)
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Agricultural Variable Rate Technology Market, By Type
7 Agricultural Variable Rate Technology Market, By Offering
8 Agricultural Variable Rate Technology Market, By Crop Type
9 Agricultural Variable Rate Technology Market, By Application Method
10 Agricultural Variable Rate Technology Market, By Farm Size
11 Agricultural Variable Rate Technology Market, By Region
12 Competitive Landscape
13 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/nc674q/variable_rate
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