The global variable rate technology market is expected to grow at a compound annual growth rate of 13.2% from 2022 to 2027 to reach USD 13.7 billion by 2027. Variable rate technology (VRT) is made possible through field monitoring and equipment. By varying the rate of seeds per acre, fertilizer input, herbicide application, and water input in accordance with site-specific requirements as against to uniform pre-determined levels of application, a farmer can lower input and application costs and increase yields. The profitability of VRT changes depending on the crop, field, and technology used. Agricultural variable rate technology involves crop monitoring to avoid drought stress, plant pathogens, nutrient stress, over fertilization, and to maintain the required levels of pesticides for healthy crop production. Monitoring crop health is critical to keep it away from pests and diseases, and to maintain the water pressure and levels of nutrients for optimum yield.
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The cereals & grains segment by crop type accounts for the largest growth in the agriculture variable rate technology market.
The cereals & grains segment dominated the agricultural variable rate technology market. Cereals and grains are the largest crop type which is being harvested globally. As per the statistics from KNOEMA, around 728 million hectares of land was under cereal cultivation in 2018. Cereals such as corn, wheat and rice have the highest adoption among various crop types as these are majorly grown in large farms. The Agriculture VRT allows input application rates to be varied across fields for site-specific management of the field variability. VRT helps in reducing input usage, thereby decreasing environmental impacts such as greenhouse gas emission, soil erosion & degradation, and genetic erosion. The adoption rate of VRT is expected to be high compared to other technologies. VRT helps in applying the right amount of input at the right place on the field, which minimizes the input waste and increases the productivity of land and crop.
By application method, the sensor based VRT is projected to account for the fastest growth in the agriculture variable rate technology market.
Sensor-based VRT does not require a map or positioning system. Map-based application method is globally used in large scale; however, new technology which is sensor based which utilize active optical sensors, drone and satellite mapping are also gaining importance during the forecast period as they are real-time. However, the high cost of these sensor based VRT will be a major concern during the forecast period.
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North America is projected to be the largest market
North America accounted for the largest share of the agricultural variable rate technology (VRT) market. The increasing automation and digitization of agriculture are creating new business models for the agricultural VRT market. The agricultural variable rate technology (VRT) market in North America is actively growing every year owing to increasing adoption in various crops. As per the USDA publication, the U.S. has more than 15% of the farms which are more than 200 hectares, and in these farms commercials crops are grown, which requires these types of advanced technologies for profitable and efficient farming.
Key Market Players
The key players in this market include Deere & Company (U.S.), Trimble, Inc (U.S.), AGCO Corporation (U.S.), Topcon Corporation (Japan), CNH Industrial N.V. (U.K.), Kubota Corporation (Japan), Yara International (Norway),SJ DJI Technology Co., Ltd.(China), Valmont Industries, Inc(U.S), Lindsay Corporation (U.S), Hexagon (Brazil), AgJunction(Brazil), Teejet Technologies(U.S), AG LEADER Technology (U.S), The Climate Corporation (U.S).