Variable Rate Technology Market Forecasts to 2030 – Global Analysis By Type (Crop Protection Chemical VRT, Yield Monitoring, Irrigation VRT, Seeding VRT, Fertilizer VRT, Soil Sensing and Other Types), Crop Type, Component, Farm Size, Technology, Applicati

Variable Rate Technology Market Forecasts to 2030 – Global Analysis By Type (Crop Protection Chemical VRT, Yield Monitoring, Irrigation VRT, Seeding VRT, Fertilizer VRT, Soil Sensing and Other Types), Crop Type, Component, Farm Size, Technology, Application and By GeographyAccording to Stratistics MRC, the Global Variable Rate Technology Market is accounted for $8.6 billion in 2023 and is expected to reach $23.2 billion by 2030 growing at a CAGR of 15.2% during the forecast period. The agricultural variable rate technology market is made up of company sales of this technology. With a focus on the automated applications utilised in agriculture, this technological area deals with automated applications. Information about agriculture is gathered via sensors, maps, and GPS. Farmers can use a gadget called Variable Rate Technology (VRT) to apply water, fertiliser, seed, and pesticides to different parts of a field at various rates. By tailoring the planting and crop nutrition solutions for each zone, they can take advantage of every opportunity.

According to USDA, over 60% of the United States' agricultural input dealers offer some kind of variable-rate technology services. Contrasting to this, less than 20% of the acreage is currently being managed using technology due to the relatively higher costs of gathering precise field data.

Market Dynamics:

Driver:

Increasing demand for workforce automation

The dramatic fall in the number of agricultural labourers is being replaced by an efficient technological solution to address the supply and demand imbalance in the farming industry. One of the main factors propelling the need for variable rate application technologies is also the growing labour shortage in the agricultural sector. The use of the variable rate technology mechanism results in a large decrease in overall labour costs by automating the application of pesticides, fertilisers, irrigation water, and other farm inputs at various rates across the field.

Restraint:

Lack of Standardization

A high level of understanding is needed before implementing variable rate farming methods, which are still in the early stages of development. Numerous interfaces, technologies, and protocols are used to integrate the full variable rate irrigation system; all of these elements must be in sync to prevent any technological hiccups. The market expansion may be hampered by the inaccurate data, which could result in the wasteful use of agricultural inputs and have a detrimental impact on crop output.

Opportunity:

Growing use of digital technology

Significant advancements in a variety of fields, including agriculture, have been made possible by innovation and technology. Some of the most recent technologies utilised in precision farming include sensing technologies, software applications, communication systems, data analytics tools, and positioning technology. Numerous technological advancements, like driverless vehicles, automated milking systems, and crop dusting drones, are creating significant and alluring potential for the expansion of precision agriculture.

Threat:

High costs of agriculture VRT equipment

Small, medium-sized, and large farms can all use the agriculture VRT, although huge farms are the ones that are mostly using it. Smart sensors, drones, VRT, GPS, GNSS, guidance tools, and receivers are only a few of the pricey but very effective technology and techniques utilised in agriculture variable rate. Due to the substantial investment required, producers in underdeveloped nations with limited resources for agricultural practises prefer traditional farming over innovative technology-based farming.

Covid-19 Impact

The need for agricultural equipment and related technology has temporarily diminished due to the COVID-19 pandemic epidemic. Due to the low level of employee involvement required in VRT and the fact that labour prices are rising daily, the agriculture variable rate technology industry has rebounded since the epidemic. The pandemic's acute labour shortage, which had a negative impact on overall production, forced farmers to learn the benefits of investing in technologies rather than relying on workers. Using variable rate technology in agriculture is a great approach to get around these problems. It had a positive long-term impact on the target market by assisting farmers in comprehending the financial benefits of making an investment in variable rate technology.

The map-based segment is expected to be the largest during the forecast period

The map-based segment is estimated to have a lucrative growth. Map-based VRT adjusts the application rate using an electronic map, also referred to as a prescription map. As the applicator moves over the field, the input concentration is calculated using a prescription map of the planned speed and the field position from a GPS device. Some strategies rely on a variety of information sources, while others just use one. These systems must be able to locate the machine in the field and link its location to the desired application rate by scanning the prescription map.

The cereals and grains segment is expected to have the highest CAGR during the forecast period

The cereals and grains segment is anticipated to witness the fastest CAGR growth during the forecast period, owing to the crops that are harvested the most worldwide are grains and cereals. Cereals like wheat, corn, and rice have the highest rate of adoption among the many crop types because they are typically farmed on huge farms. VRT assists in reducing input utilisation, hence reducing negative environmental effects including soil erosion and deterioration as well as greenhouse gas emissions. VRT reduces input waste while assisting in increasing crop and land yield.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to extensive farmlands and rapid population expansion. Given the huge farmlands and rapid population increase, it is one of the potential markets for agriculture VRT. The need for Variable Rate Technologies is driven by the pressure the region's emerging nations' growing populations place on the agriculture sector to raise output.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to increasing activities by key market players. Variable rate technology is gaining popularity as a result of a shortage of agricultural employees and increased input costs. In order to calculate the image of a field that a satellite would see if there were no clouds blocking its camera, the new ""ClearSky"" service feeds radar data into a deep neural network. Weather-dependent imaging, however, frequently experiences gaps of several weeks between clear images.

Key players in the market

Some of the key players profiled in the Variable Rate Technology Market include Topcon Corporation, Trimble, Inc., CNH Industrial N.V., Deere & Company, AGCO Corporation, Ageagle Aerial Systems, Lindsay Corporation, Raven Industries, Inc, AG Leader Technology, Valmont Industries, Inc., Yara International, Climate LLC, Farmers Edge Inc, Crop Quest Inc and Hexagon Agriculture.

Key Developments:

In June 2023, Yara International ASA today announced at the 4th World Intelligent Farming Summit, that the company is opening its AgTech portfolio up to third parties through the new agricultural API-solution, YaraFX Insight.

In Aprl 2023, Hexagon Agriculture division launches app and exhibits technologies for manufacturers and producers in Agrishow 2023. The trade show, considered the greatest agribusiness fair in Latin America, will take place this year from May 1 to May 5, in Ribeirão Preto/SP.

Types Covered:
• Crop Protection Chemical VRT
• Yield Monitoring
• Irrigation VRT
• Seeding VRT
• Fertilizer VRT
• Soil Sensing
• Other Types

Crop Types Covered:
• Fruits and Vegetables
• Oilseeds and Pulses
• Cereals and Grains
• Other Crop Types

Components Covered:
• Software
• Services
• Hardware
• Other Components

Farm Sizes Covered:
• Small Farms
• Mid-sized Farms
• Large farms

Technologies Covered:
• Sensor-based
• Map-based
• Other Technologies

Applications Covered:
• Crop Protection Chemicals
• Fertilizers
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements