How is the Agricultural Variable Rate Technology Market Poised for Growth: Trends and Opportunities Through 2034
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How has the agricultural variable rate technology market size evolved in recent years?
In recent times, there has been a swift expansion in the size of the agricultural variable rate technology market. It is projected to increase from $4.29 billion in 2024 to $4.84 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 12.8%. Factors such as the adoption of precision farming, government aid and subsidies, heightened awareness about sustainability, escalating global populace and food requirements, and the intensified development of autonomous machinery have contributed to this growth during the historical period.
What are the predictions for the agricultural variable rate technology market size in the coming years?
Over the coming years, the market size of agricultural variable rate technology is projected to experience a substantial rise. It is forecasted to reach $8.57 billion by 2029 with a compound annual growth rate (CAGR) of 15.4%. This surge in the projected period can be linked to the evolution of new agtech solutions, emphasis on preservation of soil health, progress in autonomous farming equipment, increased demand for resource effectiveness, and a growing commitment to sustainable farming. In the forecast period, the major trends include a spotlight on water management, blockchain application for assurance of traceability and transparency, the use of robotics and self-operating farming machinery, a concentration on carbon farming and emission cutback, and integration of data connectivity and IoT.
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What key factors are fueling the growth of the agricultural variable rate technology market?
The escalation in government spending and policy generation pertinent to the agricultural sector are key contributors to the expansion of the agricultural variable rate technology market. Agricultural variable rate technology is a technological domain that centralizes on the automated applications deployed in agriculture. By integrating technology into farming, labor expenses could be curtailed by 80 percent. The recent adoption of drones to spray pesticides is an emergent technological advancement in agriculture that has garnered widespread attention. This technology aids agriculture in several ways. For example, the Indian government, in January 2022, declared a full subsidy for drones reaching up to 10 lakhs in value to endorse the use of drones in farming and diminish the labor strain on farmers. Concurrently, Krishi Vigyan Kendras and State Agriculture Universities have embarked on providing training to farmers. The contingency funding set aside by the government, amounting to Rs. 6000 per hectare, is also available for farmers to hire Drones from Custom Hiring Centers (CHC). Therefore, the surge in governmental regulations and investments towards agriculture-centered technology facilitates the growth of the agricultural variable rate technology market.
How is the global agricultural variable rate technology market divided into key segments?
The agricultural variable rate technology market covered in this report is segmented –
1) By Product: Soil Sensing Variable Rate Technology, Fertilizer Variable Rate Technology, Seeding Variable Rate Technology, Crop Protection Chemical Variable Rate Technology, Yield Monitor Variable Rate Technology, Irrigation Variable Rate Technology
2) By Crop Type: Cereals And Grains, Oilseeds And Pulses, Fruits And Vegetables
3) By Farm Size: Large Farms, Small Farms, Mid-Size Farms
4) By Application: Fertilizers, Crop Protection Chemicals, Soil Sensing, Yield Monitoring, Irrigation
Subsegments:
1) By Soil Sensing Variable Rate Technology: Electrical Conductivity Sensors, Soil Moisture Sensors, PH Sensors, Nutrient Sensors
2) By Fertilizer Variable Rate Technology: Granular Fertilizer Application Systems, Liquid Fertilizer Application Systems
3) By Seeding Variable Rate Technology: Planters With Variable Rate Technology, Seeders With Variable Rate Technology
4) By Crop Protection Chemical Variable Rate Technology: Sprayers With Variable Rate Technology, Application Controllers
5) By Yield Monitor Variable Rate Technology: Grain Flow Sensors, Moisture Sensors, Yield Mapping Software
6) By Irrigation Variable Rate Technology: Drip Irrigation Systems, Sprinkler Irrigation Systems, Automated Control Systems
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Who are the key firms paving the way for growth in the agricultural variable rate technology market?
Major companies operating in the agricultural variable rate technology market include The Climate Corporation, Deere & Company, Trimble Inc., AGCO Corporation, Topcon Corporation, CNH Industrial N. V., Yara International ASA, Valmont Industries Inc., AgJunction Inc., AG Leader Technology Inc., Raven Industries Inc., Kubota Corporation, Lindsay Corporation, Ageagle Aerial Systems Inc., Hexagon AB, CropX Inc., Farmers Edge Inc., Agribotix LLC, AgriData Inc., Agri-Trend Agrology Ltd., CropMetrics LLC, Dickey-john Corporation, Echelon Ag Inc., Fieldin Inc., Granular Inc., Iteris Inc., Mavrx Inc., PrecisionHawk Inc., SST Software Corporation, Taranis AG, TerrAvion Inc., The Yield Pty Ltd.
Which trends are expected to transform the agricultural variable rate technology market?
In an effort to enhance their market position, key participants in the agricultural variable rate technology sector are focusing on forging new alliances. A strategic business partnership is typically a well-structured relationship between two or more business entities, usually formed by one or more business contracts. For example, Trimble Inc., a US-based firm specializing in advanced location-based software solutions, announced a collaboration with AGCO Corporation, a US-based supplier of smart solutions for sustainable agriculture, in September 2023. The partnership hopes to boost precision in agricultural solutions by blending their skills in mixed fleet technologies, ensuring smooth integration across different equipment brands. This partnership’s goal is to foster innovative factory-fit and aftermarket solutions, aiding farmers in boosting their productivity, efficiency, and sustainability globally.
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What regions are contributing significantly to the growth of the agricultural variable rate technology market?
North America was the largest region in the agricultural variable rate technology market in 2024. The regions covered in the agricultural variable rate technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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