The study projects the market to grow at a CAGR of 20.28% between 2022 and 2027
FREMONT, Calif., Aug. 4, 2022 /PRNewswire/ — BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Variable Rate Technology Market – A Global and Regional Analysis.
According to this study, the global variable rate technology market size (in revenue) was $2.02 billion in 2021 and is projected to reach $6.09 billion by 2027.
The following factors are responsible for the increase in demand for variable rate technology:
- Rapid adoption of precision agricultural technologies
- Need for automation of workforce in agriculture
- Need for input optimization in agriculture
The detailed study is a compilation of 153 market data tables and 29 figures spread through 236 pages.
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Existing Competitive Landscape
The extensive market study has included some prominent names established in this market. These companies are further classified into different types.
Company Type 1: Public Companies
- AGCO Corporation
- Climate LLC
- CNH Industrial N.V.
- Deere & Company
- Farmers Edge Inc
- Hexagon Agriculture
- Kubota Corporation
- Lindsay Corporation
- Topcon Corporation
- Trimble Inc.
- Valmont Industries
- Yara International
Company Type 2: Private Companies
- Ag Leader Technology
- Crop Quest Inc
Company Type 3: Start-Up Companies
- CropX Inc.
- DataFarming Pty Ltd
- Hummingbird Technologies Ltd.
Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).
Analyst’s Take on the Market
According to Rakhi Tanwar, Principal Analyst, BIS Research, “The U.S. Bureau of Labor Statistics suggests that the employment of agriculture workers is expected to grow only 2% between 2020-2030, which is slower than the average employment growth for all other occupations. Growing labor scarcity in the agriculture industry is one of the major drivers expected to accelerate the demand for variable rate technology in the forecast period. The variable rate technology helps to automate the application of chemicals, fertilizers, irrigation water, and other farm inputs at different rates across the agricultural field without any manual intervention”.
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Recent Developments in the Global Variable Rate Technology Market
- In August 2021, AGCO Corporation launched Massey Ferguson VE series planters that offer solutions for all growers from conventional to no-till operations requiring the most cutting-edge technology like variable rate, high-speed planting, and individual row control.
- In November 2021, CNH Industrial N.V. acquired Raven Industries Inc. The acquisition was a significant step forward in CNH Industrial N.V.’s digital transformation and building on long-standing cooperation.
- In August 2020, Lindsay Corporation launched FieldNET with a water trend that provides growers with important crop water usage insights. It can incorporate satellite imagery, customize irrigation parameters, and receives continuously updated variable-rate irrigation prescriptions.
Why Should You Buy the Report?
Following are some key reasons to buy the report on the global variable rate technology market:
- Extensive competitive benchmarking of the top 20 players (including established players and key start-ups operating in the market) to offer a holistic view of the global variable rate technology market landscape
- Market ranking analysis based on product portfolio, recent development, and regional spread
- Investment landscape including product adoption scenario and patent analysis
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BIS Research Related Market Studies:
Global Fertigation & Chemigation Market
Global Precision Agriculture Market
Global Smart Farming Market
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them specific and actionable insights on novel technology markets, business models, and competitive landscape.
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