North America Agriculture Variable Rate Technology Market Overview
The North America Agriculture Variable Rate Technology (VRT) Market was valued at USD 4.06 billion in 2023 and is projected to grow at a CAGR of 11% from 2024 to 2030. This growth trajectory reflects the rising adoption of precision agriculture technologies amid challenges faced by farmers, particularly during the COVID-19 pandemic. The pandemic exacerbated existing market issues, leading to oversupply and decreasing commodity prices, as highlighted by the drastic price drops for key crops like corn and soybeans from 2012 to 2019.
Dynamics
The growth of the North America VRT market is driven by:
- Technological Advancements: Integration of robotics, IoT, GPS, and sensor technologies enables precise monitoring and management of agricultural resources. This not only boosts productivity but also ensures sustainable farming practices.
- Economic Pressures: With the agricultural sector facing labor shortages (e.g., a 7% reduction in hired labor from 2018), farmers are increasingly turning to advanced technologies to maintain efficiency and profitability.
- Government Initiatives: Supportive policies aimed at enhancing food security and climate resilience have led to increased funding and programs that encourage the adoption of VRT.
- Cost Reductions: Decreasing costs of devices and technology facilitate broader adoption, enabling farmers to implement advanced solutions that enhance yield and operational efficiency.
Segmentation
The North America Agriculture Variable Rate Technology Market is segmented as follows:
- By Product Type:
- Soil Sensing
- Fertilizer VRT
- Crop Protection Chemical VRT
- Seeding VRT
- Yield Monitoring
- Irrigation VRT
- Others
- By Application:
- Sensor-Based VRT
- Map-Based VRT
- Other Applications
- By Services:
- Hardware
- Software
- Other Services
- By Crop Type:
- Cereals and Grains
- Oilseeds and Pulses
- Fruits and Vegetables
- By Farm Type:
- Small
- Medium
- Large
Regional Analysis
The North American VRT market is primarily driven by the United States and Canada, two countries with advanced agricultural systems and significant investments in technology. In 2023, food expenditures represented 11.9% of U.S. household spending, underscoring the importance of agriculture to the economy.
In Canada, agriculture plays a vital role, employing over 2.1 million people and contributing $139.3 billion to the GDP in 2021. The sector’s resilience is bolstered by government support focused on innovation and environmental sustainability.
Key Players
The competitive landscape of the North America Agriculture Variable Rate Technology Market includes notable players that continuously innovate to maintain market relevance:
- A.G. Leader Technology (U.S.)
- AGCO Corporation (U.S.)
- Deere & Company (U.S.)
- Lindsay Corporation (U.S.)
- Teejet Technologies (U.S.)
- The Climate Corporation (U.S.)
These companies are investing in research and development to enhance their technology offerings and meet the evolving needs of the agricultural sector.
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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