Global Agricultural Variable Rate Technology Market Growth Forecast 2024 - 2033
7 May, 2024
The agricultural variable rate technology market has demonstrated robust growth, climbing from $3.84 billion in 2023 to $4.38 billion in 2024, reflecting a commendable compound annual growth rate (CAGR) of 14.0%. This growth is driven by the adoption of precision agriculture, government support and subsidies, increased awareness of sustainability, rising global population, and the development of autonomous machinery. Anticipated to sustain momentum, the market is forecasted to reach $7.38 billion in 2028, with a CAGR of 13.9%. Contributing factors include the emergence of new agricultural technology solutions, focus on soil health management, advancements in autonomous farming machinery, resource efficiency needs, and a heightened focus on sustainable agriculture. Major trends include water management focus, blockchain for traceability and transparency, robotic and autonomous farming machinery, carbon farming emphasis, and data connectivity and IoT integration.
Major Driver In The Agricultural Variable Rate Technology Market
Government expenditure and policies in the agricultural sector play a pivotal role in driving the agricultural variable rate technology market, which streamlines agricultural processes and substantially reduces labor costs. Notably, initiatives such as the Indian government's announcement of a 100% subsidy for drone usage in agriculture, along with a contingency fund of Rs.6000/hectare for drone rentals introduced in January 2022, serve as strong catalysts for the widespread adoption of agricultural variable rate technology, bolstering market growth and efficiency in agricultural operations.
Request A Free Sample Of The Global Agricultural Variable Rate Technology Market ReportAgricultural Variable Rate Technology Market Competitive Landscape
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.
Key Agricultural Variable Rate Technology Market Trend
Technological advancements are shaping the agricultural variable rate technology market. Key companies operating in this sector are dedicated to the development of innovative technological solutions to fortify their market positions. For instance, in February 2021, XAG, a China-based agricultural machinery manufacturer, introduced the XAG P40 Agricultural Drone, a new generation of agricultural drones tailored for smallholder farms. The XAG P40 boasts a 20L smart liquid tank and can cover 15 hectares of land per hour, while the AG P80 Agricultural Drone, designed for larger fields, can carry up to 40 kg and cover up to 20 hectares of land in one hour. These drones aid in land protection against weeds, pests, and diseases, thereby assisting medium-to-large farm owners in mitigating rural labor shortages.
Get The Full Global Agricultural Variable Rate Technology Market ReportAgricultural Variable Rate Technology Market Segmentation
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
By Geography:The regions covered in the agricultural variable rate technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.North America was the largest region in the agricultural variable rate technology market in 2023.
The Agricultural Variable Rate Technology Global Market Report 2024 furnishes information about the global agricultural variable rate technology market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.