HOME Top Market Reports 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

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

By: marketsandmarkets.com
Publishing Date: July 2017
Report Code: AGI 5433

 

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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. The objectives of the study are to define, segment, and measure the size of the variable rate technology market with respect to its type, crop type, application method, farm size, offering, and region. The report also aims to provide detailed information about the crucial factors influencing the growth of the market, strategical analysis of micro-markets, opportunities for stakeholders, details of competitive landscape, and profile of the key players with respect to their market share and competencies.

This report includes estimations of the market size in terms of value (USD million). Both, top-down and bottom-up approaches have been used to estimate and validate the size of the global variable rate technology market and of the various dependent submarkets. Key players in the market have been identified through secondary research; some of the sources are press releases, annual reports, financial journals, and paid databases. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. The figure below shows the breakdown of profiles of industry experts that participated in the primary discussions.

Variable Rate Technology (VRT) Market

To know about the assumptions considered for the study, download the pdf brochure

The key players that have been profiled in this report include Deere & Company (U.S.), AGCO Corporation (U.S.), Trimble, Inc. (U.S.), CNH Industrial N.V. (U.K.), Topcon Corporation (Japan), Raven Industries, Inc. (U.S.), Ag Leader Technology (U.S.), SZ DJI Technology Co., Ltd. (China), and Yara International ASA (Norway).

This report is targeted at the existing players in the industry, which are as follows:

  • Variable rate technology component manufacturers
  • Variable rate technology product importers and exporters
  • Variable rate technology product traders, distributors, and suppliers
  • Government and research organizations
  • Original equipment manufacturers
  • Satellite service providers
  • Software, service, and technology providers
  • Original equipment manufacturers
  • Commercial research & development (R&D) institutions and financial institutions
  • End users

“The study answers several questions for stakeholders, primarily which market segments to focus on in next two to five years for prioritizing efforts and investments”.

Scope of the report

On the basis of Type, the variable rate technology market has been segmented as follows:

  • Fertilizer VRT
  • Crop protection chemical VRT
  • Soil sensing VRT
  • Seeding VRT
  • Yield monitor VRT
  • Irrigation VRT
  • Others (weed control VRT and lime VRT)

On the basis of Crop Type, the variable rate technology market has been segmented as follows:

  • Cereals & grains
  • Oilseeds & pulses
  • Fruits & vegetables
  • Others (turf & ornamentals, plantation crops, fiber crops, and silage & forage crops)

On the basis of Application Method, the variable rate technology market has been segmented as follows:

  • Map-based VRT
  • Sensor-based VRT

On the basis of Farm Size, the variable rate technology market has been segmented as follows:

  • Large
  • Mid-sized
  • Small

On the basis of Offering, the variable rate technology market has been segmented as follows:

  • Hardware
  • Variable rate software
  • Variable rate services

On the basis of Region, the variable rate technology market has been segmented as follows:

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Rest of the World (RoW)

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific scientific needs.

The following customization options are available for the report:

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company

Geographic Analysis

  • Further breakdown of the Rest of Europe variable rate technology market into Austria, Denmark, Sweden, Finland, Hungary, Belgium, and the Czech Republic
  • Further breakdown of the Rest of Asia-Pacific variable rate technology market intoJapanThailand, Vietnam, Indonesia, India and the Philippines
  • Further breakdown of the Rest of South America variable rate technology market into Peru, , Chile, and Venezuela

Company Information

  • Detailed analyses and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Periodization Considered for the Study
    1.4 Currency Considered for the Study
    1.5 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Key Industry Insights
                    2.1.2.2 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions & Limitations
           2.4.1 Assumptions
           2.4.2 Limitations

3 Executive Summary (Page No. - 25)

4 Premium Insights (Page No. - 29)
    4.1 Attractive Opportunities in the Agricultural Variable Rate Technology Market
    4.2 Agricultural Variable Rate Technology Market, By Type
    4.3 North American Agricultural Variable Rate Technology Market, By Country & Offering
    4.4 Agricultural Variable Rate Technology Market, By Application Method
    4.5 Country-Wise Analysis of the Agricultural Variable Rate Technology Market

5 Market Overview (Page No. - 32)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Improved Efficiency and Productivity Through Improved Crop Yields and Field Quality
                    5.2.1.2 Favorable Government Initiatives for Adoption of Modern Agricultural Techniques
                    5.2.1.3 Increase in Average Age of Farmers in Developed Countries
           5.2.2 Restraints
                    5.2.2.1 High Initial Capital Investment
                    5.2.2.2 Lack of Technical Awareness and Understanding Regarding Advantages of VRT Over Traditional Agricultural Practices
           5.2.3 Opportunities
                    5.2.3.1 Integration of Smartphones With Agricultural Hardware and Software Applications
                    5.2.3.2 VRT Services Provided By Leading Market Players in Developing Economies
           5.2.4 Challenges
                    5.2.4.1 Lack of Data Management Practices for Productive Utilization of VRT in Agriculture
                    5.2.4.2 Smaller Land Holdings in Developing Economies
    5.3 Value Chain Analysis
    5.4 Supply Chain Analysis

6 Agricultural Variable Rate Technology Market, By Type (Page No. - 40)
    6.1 Introduction
    6.2 Fertilizer VRT
    6.3 Crop Protection Chemical VRT
    6.4 Soil Sensing VRT
    6.5 Seeding VRT
    6.6 Yield Monitor VRT
    6.7 Irrigation VRT
    6.8 Other VRT Types

7 Agricultural Variable Rate Technology Market, By Offering (Page No. - 48)
    7.1 Introduction
    7.2 Hardware
           7.2.1 GPS/DGPS Receivers
           7.2.2 Handheld Computers
           7.2.3 Sensors
           7.2.4 Yield Monitors
           7.2.5 Others
    7.3 VRT Software
    7.4 VRT Service
           7.4.1 Farm Operation Services
           7.4.2 Integration & Consulting Services
           7.4.3 Others

8 Agricultural Variable Rate Technology Market, By Crop Type (Page No. - 56)
    8.1 Introduction
    8.2 Cereals & Grains
           8.2.1 Corn
           8.2.2 Wheat
           8.2.3 Others
    8.3 Oilseeds & Pulses
           8.3.1 Soybean
           8.3.2 Cotton
           8.3.3 Others
    8.4 Fruits & Vegetables
    8.5 Others

9 Agricultural Variable Rate Technology Market, By Application Method (Page No. - 63)
    9.1 Introduction
    9.2 Map-Based VRT
    9.3 Sensor-Based VRT

10 Agricultural Variable Rate Technology Market, By Farm Size (Page No. - 67)
     10.1 Introduction
     10.2 Large Farms
     10.3 Mid-Size Farms
     10.4 Small Farms

11 Agricultural Variable Rate Technology Market, By Region (Page No. - 72)
     11.1 Introduction
     11.2 North America
             11.2.1 U.S.
             11.2.2 Canada
             11.2.3 Mexico
     11.3 Europe
             11.3.1 Germany
             11.3.2 France
             11.3.3 Italy
             11.3.4 Spain
             11.3.5 Rest of Europe
     11.4 Asia-Pacific
             11.4.1 China
             11.4.2 South Korea
             11.4.3 Australia
             11.4.4 Rest of Asia-Pacific
     11.5 South America
             11.5.1 Brazil
             11.5.2 Argentina
             11.5.3 Rest of South America
     11.6 Rest of the World (RoW)
             11.6.1 South Africa
             11.6.2 Middle East
             11.6.3 Others in RoW

12 Competitive Landscape (Page No. - 105)
     12.1 Introduction
     12.2 Competitive Leadership Mapping, 2017
             12.2.1 Visionary Leaders
             12.2.2 Dynamic Differentiators
             12.2.3 Innovators
             12.2.4 Emerging Companies
     12.3 Competitive Benchmarking
             12.3.1 Strength of Product Portfolio (For 25 Companies)
             12.3.2 Business Strategy Excellence (For 25 Companies)
Top Companies Analyzed for This Study are — Deere & Company (U.S.); Trimble, Inc. (U.S.); Agco Corporation (U.S.); Topcon Corporation (Japan); CNH Industrial N.V. (U.K.); Kubota Corporation (Japan); Yara International ASA (Norway); Valmont Industries, Inc. (U.S.); SZ DJI Technology Co., Ltd. (China); Lindsay Corporation (U.S.); Raven Industries, Inc. (U.S.); AG Leader Technology (U.S.); Agjunction, Inc. (U.S.); Sst Software (U.S.); Teejet Technologies (U.S.); the Climate Corporation (U.S.); Aquaspy Inc. (U.S.); Capstan AG Systems, Inc. (U.S.); Agrisight Inc. (U.S.); Iteris, Inc. (U.S.); Cropmetrics (U.S.); Ageagle Aerial Systems (U.S.); 360 Yield Center (U.S.); Agribotix LLC (U.S.); Sentera, LLC (U.S.)
     12.4 Market Ranking Analysis

13 Company Profiles (Page No. - 110)
(Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, MnM View)*
     13.1 Deere & Company
     13.2 Trimble, Inc.
     13.3 Agco Corporation
     13.4 Topcon Corporation
     13.5 CNH Industrial N.V.
     13.6 Kubota Corporation
     13.7 Yara International ASA
     13.8 SZ DJI Technology Co., Ltd.
     13.9 Valmont Industries, Inc.
     13.10 Lindsay Corporation
     13.11 Raven Industries, Inc.
     13.12 AG Leader Technology

*Details on Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 145)
     14.1 Discussion Guide
     14.2 Introducing RT: Real-Time Market Intelligence
     14.3 Available Customizations
     14.4 Related Reports
     14.5 Author Details


List of Tables (75 Tables)

Table 1 Agricultural Variable Rate Technology Market Scope
Table 2 Typical Configurations and Costs for Investment in Equipment and Services for Agricultural Variable Rate Technology (2016)
Table 3 Agricultural Variable Rate Technology Market Size, By Type, 2015–2022 (USD Million)
Table 4 Fertilizer VRT Market Size, By Region, 2015–2022 (USD Million)
Table 5 Crop Protection Chemical VRT Market Size, By Region, 2015–2022 (USD Million)
Table 6 Soil Sensing VRT Market Size, By Region, 2015–2022 (USD Million)
Table 7 Seeding VRT Market Size, By Region, 2015–2022 (USD Million)
Table 8 Yield Monitor VRT Market Size, By Region, 2015–2022 (USD Million)
Table 9 Irrigation VRT Market Size, By Region, 2015–2022 (USD Million)
Table 10 Other VRT Types Market Size, By Region, 2015–2022 (USD Million)
Table 11 Agricultural Variable Rate Technology Market Size, By Offering, 2015-2022 (USD Million)
Table 12 Hardware in Agricultural Variable Rate Technology Market Size, By Region, 2015-2022 (USD Million)
Table 13 Hardware in Agricultural Variable Rate Technology Market Size, By Type, 2015-2022 (USD Million)
Table 14 VRT Software in Agricultural Variable Rate Technology Market Size, By Region, 2015-2022 (USD Million)
Table 15 VRT Service in Agricultural Variable Rate Technology Market Size, By Region, 2015-2022 (USD Million)
Table 16 VRT Services in Agricultural Variable Rate Technology Market Size, By Type, 2015-2022 (USD Million)
Table 17 Agricultural Variable Rate Technology Market Size, By Crop Type, 2015–2022 (USD Million)
Table 18 Agricultural Variable Rate Technology Market Size for Cereals & Grains, By Region, 2015–2022 (USD Million)
Table 19 Agricultural Variable Rate Technology Market Size for Cereals & Grains, By Type, 2015–2022 (USD Million)
Table 20 Agricultural Variable Rate Technology Market Size for Oilseeds & Pulses, By Region, 2015–2022 (USD Million)
Table 21 Agricultural Variable Rate Technology Market Size for Oilseeds & Pulses, By Type, 2015–2022 (USD Million)
Table 22 Agricultural Variable Rate Technology Market Size for Fruits & Vegetables, By Region, 2015–2022 (USD Million)
Table 23 Agricultural Variable Rate Technology Market Size for Other Crop Types, By Region, 2015–2022 (USD Million)
Table 24 Agricultural Variable Rate Technology Market Size, By Application Method, 2015-2022 (USD Million)
Table 25 Map-Based Variable Rate Technology Market Size, By Region, 2015-2022 (USD Million)
Table 26 Sensor-Based Agricultural Variable Rate Technology Market Size, By Region, 2015-2022 (USD Million)
Table 27 Agricultural Variable Rate Technology Market Size, By Farm Size, 2015-2022 (USD Million)
Table 28 Agricultural Variable Rate Technology Market Size for Large Farms, By Region, 2015-2022 (USD Million)
Table 29 Agricultural Variable Rate Technology Market Size for Mid-Sized Farms, By Region, 2015-2022 (USD Million)
Table 30 Agricultural Variable Rate Technology Market Size for Small Farms, By Region, 2015-2022 (USD Million)
Table 31 Agricultural Variable Rate Technology Market Size, By Region, 2015–2022 (USD Million)
Table 32 North America: Agricultural Variable Rate Technology Market Size, By Country, 2015–2022 (USD Million)
Table 33 North America: Agricultural Variable Rate Technology Market Size, By Offering, 2015–2022 (USD Million)
Table 34 North America: Agricultural Variable Rate Technology Market Size, By Crop Type, 2015–2022 (USD Million)
Table 35 North America: Agricultural Variable Rate Technology Market Size, By Application Method, 2015–2022 (USD Million)
Table 36 North America: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 37 U.S.: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 38 Canada: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 39 Mexico: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 40 Europe: Agricultural Variable Rate Technology Market Size, By Country, 2015–2022 (USD Million)
Table 41 Europe: Agricultural Variable Rate Technology Market Size, By Offering, 2015–2022 (USD Million)
Table 42 Europe: Agricultural Variable Rate Technology Market Size, By Crop Type, 2015–2022 (USD Million)
Table 43 Europe: Agricultural Variable Rate Technology Market Size, By Application Method, 2015–2022 (USD Million)
Table 44 Europe: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 45 Germany: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 46 France: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 47 Italy: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 48 Spain: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 49 Rest of Europe: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 50 Asia-Pacific: Agricultural Variable Rate Technology Market Size, By Country, 2015–2022 (USD Million)
Table 51 Asia-Pacific: Agricultural Variable Rate Technology Market Size, By Offering, 2015–2022 (USD Million)
Table 52 Asia-Pacific: Agricultural Variable Rate Technology Market Size, By Crop Type, 2015–2022 (USD Million)
Table 53 Asia-Pacific: Agricultural Variable Rate Technology Market Size, By Application Method, 2015–2022 (USD Million)
Table 54 Asia-Pacific: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 55 Asia-Pacific: Agricultural Variable Rate Technology Market Size, By Type, 2015–2022 (USD Million)
Table 56 China: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 57 South Korea: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 58 Australia: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 59 Rest of Asia-Pacific: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 60 South America: Agricultural Variable Rate Technology Market Size, By Country, 2015–2022 (USD Million)
Table 61 South America: Agricultural Variable Rate Technology Market Size, By Offering, 2015–2022 (USD Million)
Table 62 South America: Agricultural Variable Rate Technology Market Size, By Crop Type, 2015–2022 (USD Million)
Table 63 South America: Agricultural Variable Rate Technology Market Size, By Application Method, 2015–2022 (USD Million)
Table 64 South America: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 65 Brazil: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 66 Argentina: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 67 Rest of South America: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 68 RoW: Agricultural Variable Rate Technology Market Size, By Country/ Region, 2015–2022 (USD Million)
Table 69 RoW: Agricultural Variable Rate Technology Market Size, By Offering, 2015–2022 (USD Million)
Table 70 RoW: Agricultural Variable Rate Technology Market Size, By Crop Type, 2015–2022 (USD Million)
Table 71 RoW: Agricultural Variable Rate Technology Market Size, By Application Method, 2015–2022 (USD Million)
Table 72 RoW: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 73 South Africa: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 74 Middle East: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)
Table 75 Others in RoW: Agricultural Variable Rate Technology Market Size, By Farm Size, 2015–2022 (USD Million)


List of Figures (41 Figures)

Figure 1 Agricultural Variable Rate Technology Market: Research Design
Figure 2 Market Size Estimation Methodology: Bottom-Up Approach
Figure 3 Market Size Estimation Methodology: Top-Down Approach
Figure 4 Data Triangulation
Figure 5 Oilseeds & Pulses Segment Projected to Be the Fastest-Growing Crop Type During the Forecast Period
Figure 6 Software Segment is Projected to Grow at the Highest CAGR During the Forecast Period
Figure 7 Large Farms Segment is Projected to Dominate During the Forecast Period
Figure 8 Map-Based VRT to Be More Widely Used From 2017 to 2022
Figure 9 North America is Projected to Register Highest Growth Rate, 2017-2022
Figure 10 Rising Demand for Technology in Farming to Drive the Market During the Forecast Period
Figure 11 North America and Europe to Dominate the Agricultural Variable Rate Technology Market By Type
Figure 12 U.S. Held the Largest Share in the North American Agricultural Variable Rate Technology Market in 2016
Figure 13 North America is Estimated to Dominate the Agricultural Variable Rate Technology Market in 2017
Figure 14 U.S. Held the Largest Share of the Agricultural Variable Rate Technology Market in 2016
Figure 15 Agricultural Variable Rate Technology Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Average Age of the Principal Farm Operator
Figure 17 Average Farm Holding Size: 2015 (Ha/Holding)
Figure 18 Value Chain Analysis: Agricultural Variable Rate Technology Market
Figure 19 Supply Chain Analysis: Agricultural Variable Rate Technology Market
Figure 20 Seeding VRT Segment is Projected to Dominate the Market Through 2022
Figure 21 Hardware Segment is Projected to Dominate the Market Through 2022, in Terms of Value
Figure 22 Hardware in Agricultural Variable Rate Technology Market Size, By Region, 2017 vs 2022 (USD Million)
Figure 23 Cereals & Grains Segment is Projected to Dominate the Market Through 2022
Figure 24 Cereals & Grains in Agricultural Variable Rate Technology Market Size, By Region, 2017 vs 2022 (USD Million)
Figure 25 Map-Based VRT Segment is Projected to Dominate the Market Through 2022 in Terms of Value
Figure 26 Large Farms Segment is Projected to Dominate the Market Through 2022 in Terms of Value
Figure 27 Agricultural Variable Rate Technology Market, By Region
Figure 28 Geographic Snapshot (2017–2022): Rapidly Growing Markets are Emerging as New Hotspots
Figure 29 North America: Agricultural Variable Rate Technology Market Snapshot
Figure 30 Asia-Pacific: Agricultural Variable Rate Technology Market Snapshot
Figure 31 Agricultural Variable Rate Technology Market: Competitive Leadership Mapping, 2017
Figure 32 Deere & Company: Company Snapshot
Figure 33 Trimble, Inc.: Company Snapshot
Figure 34 Agco Corporation: Company Snapshot
Figure 35 Topcon Corporation: Company Snapshot
Figure 36 CNH Industrial N.V.: Company Snapshot
Figure 37 Kubota Corporation: Company Snapshot
Figure 38 Yara International ASA: Company Snapshot
Figure 39 Valmont Industries, Inc.: Company Snapshot
Figure 40 Lindsay Corporation: Company Snapshot
Figure 41 Raven Industries, Inc.: Company Snapshot

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.

North America is estimated to account for the largest share of the variable rate technology market in 2017. Considering this potential, new market players are entering the market. The increase in automation and digitization of agriculture is creating new business models for the variable rate technology market. Asia-Pacific has been projected as the fastest-growing market for variable rate technology, owing to large farmlands and a high population growth rate. In this region, Australia held the largest market share in 2016, whereas the Chinese variable rate technology market is projected to grow at the highest CAGR during the forecast period.

Variable Rate Technology (VRT) Market

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.

The market for variable rate technology consists of key players such as Deere & Company (U.S.), Trimble, Inc. (U.S.), AGCO Corporation (U.S.), AgJunction Inc. (U.S.), Raven Industries Inc. (U.S.), AG Leader Technology (U.S.), Kubota Corporation (Japan), and SZ DJI Technology Co., Ltd. (China). New product launches and collaborations are the most preferred strategies adopted by key players to gain a larger share of the market.

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