LONDON--(BUSINESS WIRE)--Technavio’s new market research report on the global farm variable rate technologies (VRT) market provides an in-depth analysis of the vital trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global farm variable rate technologies market will grow at a CAGR of over 11% during the forecast period. A major factor driving the market’s growth is the increase in the number of vendors offering VRT system.
VRT is used for crop monitoring to check the growth of the crop and if any protection pesticide is required. Numerous new vendors have launched their VRT software as the market has the potential to grow in the future. VRT uses various tools such as sensors, GPS, soil sensors, drones, and cameras to take various inputs related with management zones and then processes the data to arrive at the final stage, wherein the various rates of inputs that need to be given to specified management zone are decided. For instance, there can be a management zone, wherein the VRT detect the low water level in the soil in an area and sufficient water level in other areas using the sensors.
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In this report, Technavio researchers highlight the increased adoption of precision agriculture techniques as one of the key emerging trends in the global farm variable rate technologies market:
Increased adoption of precision agriculture techniques
Consumers are prepared to pay for the food, which is grown as per the environmental and ethical standards. Some studies suggest that consumers’ willingness to pay for the food grown using Agtech can provide support price premiums up to 20%. This will increase the farmers’ dividends up to two times more than food grown by conventional farming in the form of cost savings and increased revenue. At the macro level, investors and commodity traders can use the crop yield data to make decisions related to investment, along with hedging decisions that minimize the agriculture commodity risk and reduce the price fluctuation in the market.
“Precision farming technology will allow farmers to use the inputs required for crop production optimally. The input can be in various forms such as seeding, fertilizing, crop protection, and irrigation. Precision farming will utilize sensors, robots, drones, GPS, variable rate technology, and cameras to know the details of the crops in the field. They will evaluate the parameters such as the type of soil, amount of fertilizer, and water required by specific crop. After getting the minute details about the soil type, type of crop, and nutritional value required, farmers will give inputs accordingly using VRT,” says a senior analyst at Technavio for research on agricultural equipment.
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Global farm variable rate technologies market segmentation
This market research report segments the global farm variable rate technologies market by technology (map-based VRT and sensor-based VRT) and key regions (the Americas, APAC, and EMEA).
The map-based VRT segment held the largest market share in 2017, accounting for nearly 78% of the market. The market share for this application is expected to decrease by nearly 8% by 2022. However, this technology segment is expected to dominate the global market throughout the forecast period.
The Americas was the leading region for the global farm variable rate technologies market in 2017, accounting for a market share of more than 41%. Although developing economies such as India and parts of the Middle East and North Africa have vast agricultural lands and their agricultural output contributes significantly to the GDP of these countries, their low level of technology adoption for farming activities has resulted in their slow output growth.
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