The Variable Rate Technology (VRT) Market size was valued at USD 4.62 Billion in 2023 and is expected to grow to USD 11.7 Billion By 2031 and grow at a CAGR of 12.4 % over the forecast period of 2024-2031.
Variable rate technology is a cutting-edge precision agriculture technology that enables farmers to apply precise amounts of fertilizer and agrochemicals. This technology is designed to optimize agricultural yields, reduce costs through the use of input-saving technology, and improve soil health. VRT systems are equipped with sensors that collect data on soil quality, allowing for customized application rates. By delivering the necessary amounts only where they are most needed, this technique ensures that farmers achieve optimal yields and enhanced crop protection. With VRT, farmers can say goodbye to the guesswork and inefficiencies of traditional farming methods. This technology allows for a more targeted approach to crop management, resulting in higher yields and healthier soil. By using VRT, farmers can reduce their input costs while maximizing their output, making it a win-win situation for both the farmer and the environment.
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variable rate technology is a game-changer in the world of agriculture. It offers farmers a more precise and efficient way to manage their crops, resulting in higher yields, healthier soil, and reduced costs. With VRT, farmers can take their farming practices to the next level and achieve greater success in their fields.
Drivers
Improved efficiency and productivity as a result of increased crop yields and field quality is also boosting market revenue growth.
Improved efficiency and productivity, resulting from increased crop yields and improved field quality, are contributing to the growth of market revenue. This positive trend is a result of advancements in agricultural technology and practices, which have enabled farmers to produce more crops with less effort and resources. As a result, the market is experiencing a surge in demand for high-quality products, which is driving up prices and creating new opportunities for farmers and businesses alike. This trend is expected to continue as the industry continues to innovate and adapt to changing market conditions.
Restrains
The high cost of agricultural VRT equipment is projected to limit market revenue growth.
The projected limitation of market revenue growth in agriculture is due to the high cost of Variable Rate Technology (VRT) equipment. This equipment is essential for precision farming, but its expensive nature poses a challenge for farmers and agribusinesses. As a result, the adoption of VRT technology is slow, and market revenue growth is hindered.
Opportunities
The integration of cell phones with agricultural software and hardware devices will speed up the development of numerous business potentials.
Challenges
lack of knowledge of farmers.
The Russia-Ukraine war has had several potential impacts on the Variable Rate Technology (VRT) market. Ukraine is known as the "breadbasket of Europe" due to its fertile farmland and large agricultural sector. The war could potentially disrupt agricultural activities in the region, including the implementation of VRT. If farms and agricultural operations are affected or displaced, it can lead to a decline in the adoption and usage of VRT technology. The conflict between Russia and Ukraine has led to political and economic instability in the region. Economic uncertainties can impact the willingness of farmers to invest in advanced technologies like VRT. Limited access to credit, currency fluctuations, and market disruptions can hinder the growth of the VRT market in the affected areas. If the conflict disrupts transportation routes or affects the supply chain, it can have indirect implications for the VRT market. Equipment manufacturers and technology providers may face challenges in delivering products and services to customers in the region. This can lead to delays in VRT adoption or even a decline in demand. During times of war or conflict, government priorities often shift towards defense and security. This may result in reduced funding and support for agricultural initiatives, including VRT adoption programs. Government subsidies and incentives that could have facilitated the growth of the VRT market may be diverted toward other areas.
Impact of the Ongoing Recession
A recession can have both direct and indirect impacts on the Variable Rate Technology (VRT) market. Variable Rate Technology refers to the use of advanced technologies used in agricultural practices.
During a recession, farmers may face financial constraints as commodity prices decline and revenues decrease. As a result, they may reduce their farming budgets and cut back on investments in new technologies, including VRT. This can lead to a slowdown in the adoption and implementation of VRT systems. In a recession, farmers may delay or cancel their plans to upgrade or expand their farming operations. This can reduce the demand for VRT equipment, such as GPS devices, sensors, and variable rate applicators. As a result, manufacturers and suppliers of VRT equipment may experience a decline in sales. During an economic downturn, farmers tend to focus more on cost-saving measures to maintain profitability. VRT technologies are known for their ability to optimize input applications, reduce waste, and improve resource efficiency. Therefore, despite the overall decrease in demand, some farmers may still see value in investing in VRT systems to achieve cost savings in the long run. During a recession, governments may implement policies and programs to support the agricultural sector and stimulate economic recovery. These measures can include subsidies, grants, or tax incentives aimed at promoting the adoption of sustainable and efficient farming practices. If such support includes incentives for VRT adoption, it can help mitigate the negative impact of the recession on the VRT market.
By Crop Type
Cereals and Grains
Fruits and Vegetables
Oilseeds and Pulses
Others
By Farm Size
Large farms
Mid-sized Farms
Small Farms
By Component
Hardware
Software
Services
By Technology
Map-based
Sensor-based
By Application
Fertilizers
Soil Sensing
Yield Monitoring
Irrigation
Others
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North America dominates the worldwide market for variable rate technology due to major advancements in automation and digitization of agriculture in the region. Agriculture's rising industrialization and digitalization are establishing new business norms for the agricultural VRT sector. The VRT market in North America is developing year after year as crop use grows.
The Asia Pacific region is expected to have the fastest CAGR. The vast farmlands and rapid population expansion in the Asia Pacific are likely to contribute to the rapid growth of VRT in the future. It is one of the potential markets for agriculture VRT because of its huge cropland and rapid population expansion. The Asia Pacific region includes nations such as Japan, China, South Korea, India, and Australia. Drones are becoming increasingly popular in the Southeast Asian country, which is battling a labor crisis exacerbated by the coronavirus epidemic and restrictions on staff migration.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major players are Hexagon, Deere & Company, Topcon Corporation, AGCO Corporation, Kubota Corporation, CNH Industrial NV, Yara International, Valmont Industries, Inc., Trimble Inc., Lindsay Corporation, AgJunction, and others in the final report.
On March 22, 2021, John Deere announced a new precision farming partnership with German agri-tech start-up Solorrow, along with the introduction of a new app. Farmers may use new site-specific software developed by German start-up Solorrow to swiftly create variable rate application maps for fertilizing and other field operations and share them with the John Deere Operations Centre. Maps may then be wirelessly transferred to field equipment to enable more accurate applications, resulting in more effective use of fertilizers and crop protection chemicals as well as long-term environmental protection.
| Report Attributes | Details |
| Market Size in 2023 | US$ 4.62 Bn |
| Market Size by 2031 | US$ 11.7 Bn |
| CAGR | CAGR of 12.4% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments |
|
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Hexagon, Deere & Company, Topcon Corporation, AGCO Corporation, Kubota Corporation, CNH Industrial NV, Yara International, Valmont Industries, Inc., Trimble Inc., Lindsay Corporation, AgJunction, and others |
| Key Drivers | • Improved efficiency and productivity as a result of increased crop yields and field quality is also boosting market revenue growth. |
| Market Opportunities | • The integration of cell phones with agricultural software and hardware devices will speed up the development of numerous business potentials. |
Ans: The North American region is dominating the Variable Rate Technology Market.
Ans: The Variable Rate Technology Market is growing at a CAGR of 12.54% Over the forecast period 2023-2030.
Ans: The Variable Rate Technology Market size was valued at US$ USD 3.98 Mn in 2022.
Ans: The forecast period for the Variable Rate Technology Market is 2023-2030.
Ans: The major players are Hexagon, Deere & Company, Topcon Corporation, AGCO Corporation, Kubota Corporation, CNH Industrial NV, Yara International, Valmont Industries, Inc., Trimble Inc., Lindsay Corporation, AgJunction, and others in the final report.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Variable Rate Technology Market Segmentation, By Crop Type
8.1 Cereals and Grains
8.2 Fruits and Vegetables
8.3 Oilseeds and Pulses
8.4 Others
9. Variable Rate Technology Market Segmentation, By Farm Size
9.1 Large farms
9.2 Mid-sized Farms
9.3 Small Farms
10. Variable Rate Technology Market Segmentation, By Component
10.1 Hardware
10.2 Software
10.3 Services
11. Variable Rate Technology Market Segmentation, By Technology
11.1 Map-based
11.2 Sensor-based
12. Variable Rate Technology Market Segmentation, By Application
12.1 Fertilizers
12.2 Crop Protection Chemicals
12.3 Soil Sensing
12.4 Yield Monitoring
12.5 Irrigation
12.6 Others
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 North America Variable Rate Technology Market By Country
13.2.2North America Variable Rate Technology Market By Crop Type
13.2.3 North America Variable Rate Technology Market By Farm Size
13.2.4 North America Variable Rate Technology Market By Component
13.2.5 North America Variable Rate Technology Market By Technology
13.2.6 North America Variable Rate Technology Market By Application
13.2.7 USA
13.2.7.1 USA Variable Rate Technology Market By Crop Type
13.2.7.2 USA Variable Rate Technology Market By Farm Size
13.2.7.3 USA Variable Rate Technology Market By Component
13.2.7.4 USA Variable Rate Technology Market By Technology
13.2.7.5 USA Variable Rate Technology Market By Application
13.2.8 Canada
13.2.8.1 Canada Variable Rate Technology Market By Crop Type
13.2.8.2 Canada Variable Rate Technology Market By Farm Size
13.2.8.3 Canada Variable Rate Technology Market By Component
13.2.8.4 Canada Variable Rate Technology Market By Technology
13.2.8.5 Canada Variable Rate Technology Market By Application
13.2.9 Mexico
13.2.9.1 Mexico Variable Rate Technology Market By Crop Type
13.2.9.2 Mexico Variable Rate Technology Market By Farm Size
13.2.9.3 Mexico Variable Rate Technology Market By Component
13.2.9.4 Mexico Variable Rate Technology Market By Technology
13.2.9.5 Mexico Variable Rate Technology Market By Application
13.3 Europe
13.3.1 Europe Variable Rate Technology Market By country
13.3.2 Europe Variable Rate Technology Market By Crop Type
13.3.3 Europe Variable Rate Technology Market By Farm Size
13.3.4 Europe Variable Rate Technology Market By Component
13.3.5 Europe Variable Rate Technology Market By Technology
13.3.6 Europe Variable Rate Technology Market By Application
13.3.7 Germany
13.3.7.1 Germany Variable Rate Technology Market By Crop Type
13.3.7.2 Germany Variable Rate Technology Market By Farm Size
13.3.7.3 Germany Variable Rate Technology Market By Component
13.3.7.4 Germany Variable Rate Technology Market By Technology
13.3.7.5 Germany Variable Rate Technology Market By Application
13.3.8 UK
13.3.8.1 UK Variable Rate Technology Market By Crop Type
13.3.8.2 UK Variable Rate Technology Market By Farm Size
13.3.8.3 UK Variable Rate Technology Market By Component
13.3.8.4 UK Variable Rate Technology Market By Technology
13.3.8.5 UK Variable Rate Technology Market By Application
13.3.9 France
13.3.9.1 France Variable Rate Technology Market By Crop Type
13.3.9.2 France Variable Rate Technology Market By Farm Size
13.3.9.3 France Variable Rate Technology Market By Component
13.3.9.4 France Variable Rate Technology Market By Technology
13.3.9.5 France Variable Rate Technology Market By Application
13.3.10 Italy
13.3.10.1 Italy Variable Rate Technology Market By Crop Type
13.3.10.2 Italy Variable Rate Technology Market By Farm Size
13.3.10.3 Italy Variable Rate Technology Market By Component
13.3.10.4 Italy Variable Rate Technology Market By Technology
13.3.10.5 Italy Variable Rate Technology Market By Application
13.3.11 Spain
13.3.11.1 Spain Variable Rate Technology Market By Crop Type
13.3.11.2 Spain Variable Rate Technology Market By Farm Size
13.3.11.3 Spain Variable Rate Technology Market By Component
13.3.11.4 Spain Variable Rate Technology Market By Technology
13.3.11.5 Spain Variable Rate Technology Market By Application
13.3.12 The Netherlands
13.3.12.1 Netherlands Variable Rate Technology Market By Crop Type
13.3.12.2 Netherlands Variable Rate Technology Market By Farm Size
13.3.12.3 Netherlands Variable Rate Technology Market By Component
13.3.12.4 Netherlands Variable Rate Technology Market By Technology
13.3.12.5 Netherlands Variable Rate Technology Market By Application
13.3.13 Rest of Europe
13.3.13.1 Rest of Europe Variable Rate Technology Market By Crop Type
13.3.13.2 Rest of Europe Variable Rate Technology Market By Farm Size
13.3.13.3 Rest of Europe Variable Rate Technology Market By Component
13.3.13.4 Rest of Europe Variable Rate Technology Market By Technology
13.3.13.5 Rest of Europe Variable Rate Technology Market By Application
13.4 Asia-Pacific
13.4.1 Asia Pacific Variable Rate Technology Market By country
13.4.2 Asia Pacific Variable Rate Technology Market By Crop Type
13.4.3 Asia Pacific Variable Rate Technology Market By Farm Size
13.4.4Asia Pacific Variable Rate Technology Market By Component
13.4.5Asia Pacific Variable Rate Technology Market By Technology
13.4.6 Asia Pacific Variable Rate Technology Market By Application
13.4.7 Japan
13.4.7.1 Japan Variable Rate Technology Market By Crop Type
13.4.7.2 Japan Variable Rate Technology Market By Farm Size
13.4.7.3 Japan Variable Rate Technology Market By Component
13.4.7.4 Japan Variable Rate Technology Market By Technology
13.4.7. 5Japan Variable Rate Technology Market By Application
13.4.8South Korea
13.4.8.1 South Korea Variable Rate Technology Market By Crop Type
13.4.8.2 South Korea Variable Rate Technology Market By Farm Size
13.4.8.3 South Korea Variable Rate Technology Market By Component
13.4.8.4 South Korea Variable Rate Technology Market By Technology
13.4.8.5 South Korea Variable Rate Technology Market By Application
13.4.9 China
13.4.9.1 China Variable Rate Technology Market By Crop Type
13.4.9.2 China Variable Rate Technology Market By Farm Size
13.4.9.3 China Variable Rate Technology Market By Component
13.4.9.4 China Variable Rate Technology Market By Technology
13.4.9.5 China Variable Rate Technology Market By Application
13.4.10 India
13.4.10.1 India Variable Rate Technology Market By Crop Type
13.4.10.2 India Variable Rate Technology Market By Farm Size
13.4.10.3 India Variable Rate Technology Market By Component
13.4.10.4 India Variable Rate Technology Market By Technology
13.4.10.5 India Variable Rate Technology Market By Application
13.4.11 Australia
13.4.11.1 Australia Variable Rate Technology Market By Crop Type
13.4.11.2 Australia Variable Rate Technology Market By Farm Size
13.4.11.3 Australia Variable Rate Technology Market By Component
13.4.11.4 Australia Variable Rate Technology Market By Technology
13.4.11.5 Australia Variable Rate Technology Market By Application
13.4.12 Rest of Asia-Pacific
13.4.12.1 APAC Variable Rate Technology Market By Crop Type
13.4.12.2 APAC Variable Rate Technology Market By Farm Size
13.4.12.3 APAC Variable Rate Technology Market By Component
13.4.12.4 APAC Variable Rate Technology Market By Technology
13.4.12.5 APAC Variable Rate Technology Market By Application
13.5 The Middle East & Africa
13.5.1 The Middle East & Africa Variable Rate Technology Market By country
13.5.2 The Middle East & Africa Variable Rate Technology Market By Crop Type
13.5.3 The Middle East & Africa Variable Rate Technology Market By Farm Size
13.5.4The Middle East & Africa Variable Rate Technology Market By Component
13.5.5 The Middle East & Africa Variable Rate Technology Market By Technology
13.5.6The Middle East & Africa Variable Rate Technology Market By Application
13.5.7 Israel
13.5.7.1 Israel Variable Rate Technology Market By Crop Type
13.5.7.2 Israel Variable Rate Technology Market By Farm Size
13.5.7.3 Israel Variable Rate Technology Market By Component
13.5.7.4 Israel Variable Rate Technology Market By Technology
13.5.7.5 Israel Variable Rate Technology Market By Application
13.5.8 UAE
13.5.8.1 UAE Variable Rate Technology Market By Crop Type
13.5.8.2 UAE Variable Rate Technology Market By Farm Size
13.5.8.3 UAE Variable Rate Technology Market By Component
13.5.8.4 UAE Variable Rate Technology Market By Technology
13.5.8.5 UAE Variable Rate Technology Market By Application
13.5.9 South Africa
13.5.9.1 South Africa Variable Rate Technology Market By Crop Type
13.5.9.2 South Africa Variable Rate Technology Market By Farm Size
13.5.9.3 South Africa Variable Rate Technology Market By Component
13.5.9.4 South Africa Variable Rate Technology Market By Technology
13.5.9.5 South Africa Variable Rate Technology Market By Application
13.5.10 Rest of Middle East & Africa
13.5.10.1 Rest of Middle East & Asia Variable Rate Technology Market By Crop Type
13.5.10.2 Rest of Middle East & Asia Variable Rate Technology Market By Farm Size
13.5.10.3 Rest of Middle East & Asia Variable Rate Technology Market By Component
13.5.10.4 Rest of Middle East & Asia Variable Rate Technology Market By Technology
13.5.10.5 Rest of Middle East & Asia Variable Rate Technology Market By Application
13.6 Latin America
13.6.1 Latin America Variable Rate Technology Market By Country
13.6.2 Latin America Variable Rate Technology Market By Crop Type
13.6.3 Latin America Variable Rate Technology Market By Farm Size
13.6.4 Latin America Variable Rate Technology Market By Component
13.6.5Latin America Variable Rate Technology Market By Technology
13.6.6 Latin America Variable Rate Technology Market By Application
13.6.7 Brazil
13.6.7.1 Brazil Variable Rate Technology Market By Crop Type
13.6.7.2 Brazil Africa Variable Rate Technology Market By Farm Size
13.6.7.3Brazil Variable Rate Technology Market By Component
13.6.7.4 Brazil Variable Rate Technology Market By Technology
13.6.7.5 Brazil Variable Rate Technology Market By Application
13.6.8 Argentina
13.6.8.1 Argentina Variable Rate Technology Market By Crop Type
13.6.8.2 Argentina Variable Rate Technology Market By Farm Size
13.6.8.3 Argentina Variable Rate Technology Market By Component
13.6.8.4 Argentina Variable Rate Technology Market By Technology
13.6.8.5 Argentina Variable Rate Technology Market By Application
13.6.9 Rest of Latin America
13.6.9.1 Rest of Latin America Variable Rate Technology Market By Crop Type
13.6.9.2 Rest of Latin America Variable Rate Technology Market By Farm Size
13.6.9.3 Rest of Latin America Variable Rate Technology Market By Component
13.6.9.4 Rest of Latin America Variable Rate Technology Market By Technology
13.6.9.5 Rest of Latin America Variable Rate Technology Market By Application
14. Company Profile
14.1 Hexagon.
14.1.1 Market Overview
14.1.2 Financials
14.1.3 Product/Services/Offerings
14.1.4 SWOT Analysis
14.1.5 The SNS View
14.2 Deere & Company.
14.2.1 Market Overview
14.2.2 Financials
14.2.3 Product/Services/Offerings
14.2.4 SWOT Analysis
14.2.5 The SNS View
14.3 Topcon Corporation.
14.3.1 Market Overview
14.3.2 Financials
14.3.3 Product/Services/Offerings
14.3.4 SWOT Analysis
14.3.5 The SNS View
14.4 AGCO Corporation.
14.4.1 Market Overview
14.4.2 Financials
14.4.3 Product/Services/Offerings
14.4.4 SWOT Analysis
14.4.5 The SNS View
14.5 Kubota Corporation.
14.5.1 Market Overview
14.5.2 Financials
14.5.3 Product/Services/Offerings
14.5.4 SWOT Analysis
14.5.5 The SNS View
14.6 CNH Industrial NV.
14.6.1 Market Overview
14.6.2 Financials
14.6.3 Product/Services/Offerings
14.6.4 SWOT Analysis
14.6.5 The SNS View
14.7 Yara International
14.7.1 Market Overview
14.7.2 Financials
14.7.3 Product/Services/Offerings
14.7.4 SWOT Analysis
14.7.5 The SNS View
14.8 Valmont Industries, Inc.
14.8.1 Market Overview
14.8.2 Financials
14.8.3 Product/Services/Offerings
14.8.4 SWOT Analysis
14.8.5 The SNS View
14.9 Trimble Inc.
14.9.1 Market Overview
14.9.2 Financials
14.9.3 Product/Services/Offerings
14.9.4 SWOT Analysis
14.9.5 The SNS View
14.10 Lindsay Corporation.
14.10.1 Market Overview
14.10.2 Financials
14.10.3 Product/Services/Offerings
14.10.4 SWOT Analysis
14.10.5 The SNS View
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
16. USE Cases and Best Practices
17. Conclusion
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