Variable Rate Technology Market Size
Study Period | 2019 - 2029 |
Market Size (2024) | USD 4.31 Billion |
Market Size (2029) | USD 6.75 Billion |
CAGR (2024 - 2029) | 9.40 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Variable Rate Technology Market Analysis
The Variable Rate Technology Market size is estimated at USD 4.31 billion in 2024, and is expected to reach USD 6.75 billion by 2029, growing at a CAGR of 9.40% during the forecast period (2024-2029).
Referring to the current market dynamics of the industry, the adoption of variable rate technology is still very low even in the developed nations such as the United States. The ongoing studies by the agronomists across the world reveal that variable rate technology can have a positive impact on the crop yield, thereby aiding in the cost reduction, yield enhancement, and enhancement ofinput efficiency. Thus, the increasing awareness of the economic advantages of variable rate application adoption is likely driving the market during the forecast period.
Variable Rate Technology Market Trends
This section covers the major market trends shaping the Variable Rate Technology Market according to our research experts:
Increasing Adoption of Digital Technologies in the Agricultural Sector
Innovation and technology have led to major developments in various areas and agriculture is one of them. Sensing technologies, software applications, communication systems, data analytics solutions, and positioning technologies are some of the latest technologies used in precision farming. Various technologies, such as driverless machinery, automated milking systems, and drone crop dusters are providing important and attractive opportunities for the growth of precision agriculture. As stated by the United Nations Conference on Trade and Development in September 2019, over the years the adoption status of digital technologies in agriculture has shown a significant rise. For instance, in 2019, automatic section control, variable rate technology, precision maps, yield monitoring, satellite or aerial imaging, and chlorophyll sensors garnered the shares of 40%, 31%, 48%, 44%, 22%, and 5% respectively in the agricultural sector. Thus, the increasing adoption of digital technologies in the agricultural sector is anticipated to accelerate the growth of the variable rate technology market during the forecast period.
North America to Drive the Variable Rate Technology Market
Over the years, the increasing adoption of digital technologies has made it possible to collect huge amounts of critical data at minimal costs, thus making field operations more insight-driven, and potentially more productive and efficient. Until recently, the impact of variable rate treatment application has been limited by the granularity and timeliness of the data they use and their lack of day-to-day operational decision support. However, 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. Thus, the rising availability of the variable rate treatment application services in the United States market is likely to accelerate the variable rate technology market during the forecast period.
Variable Rate Technology Industry Overview
The global variable rate technology market is a niche market, with various small and medium-sized companies coining a very minimal share in the world. This has resulted in very stiff competition. The development of regional markets and local players in different parts of the world is the major factor for the fragmented nature of the market. North America and the Asia Pacific are the two regions showing maximum competitor activities.
Variable Rate Technology Market Leaders
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Deere & Company
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AGCO Corporation
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Topcon Corporation
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CNH Industrial N.V.
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Trimble, Inc.
*Disclaimer: Major Players sorted in no particular order
Variable Rate Technology Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Introduction to Market Drivers and Restraints
- 4.3 Market Drivers
- 4.4 Market Restraints
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4.5 Industry Attractiveness - Porter's Five Force Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Crop Type
- 5.1.1 Cereals & Grains
- 5.1.2 Fruits & Vegetables
- 5.1.3 Oilseeds & Pulses
- 5.1.4 Commercial Crops
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5.2 Application
- 5.2.1 Fertilizers
- 5.2.2 Crop Protection Chemicals
- 5.2.3 Soil Sensing
- 5.2.4 Yield Monitoring
- 5.2.5 Irrigation
- 5.2.6 Others
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.1.4 Rest of North America
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Italy
- 5.3.2.5 Spain
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 South Korea
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle East and Africa
- 5.3.5.1 South Africa
- 5.3.5.2 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Market Share Analysis
- 6.2 Most Adopted Strategies
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6.3 Company Profiles
- 6.3.1 Deere & Company
- 6.3.2 Trimble, Inc.
- 6.3.3 AGCO Corporation
- 6.3.4 Topcon Corporation
- 6.3.5 CNH Industrial N.V.
- 6.3.6 Lindsay Corporation
- 6.3.7 Ageagle Aerial Systems
- 6.3.8 Raven Industries, Inc.
- 6.3.9 AG Leader Technology
- 6.3.10 Valmont Industries, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityVariable Rate Technology Industry Segmentation
Variable Rate Technology (VRT) is defined as any tool or system that allows varying the rate of crop inputs such as fertilizers, and crop protection chemicals based on the sensed or mapped crop characteristics. For the purpose of the study, the method of applications of VRT has been limited to the map-based and sensor-based.
Crop Type | Cereals & Grains | |
Fruits & Vegetables | ||
Oilseeds & Pulses | ||
Commercial Crops | ||
Application | Fertilizers | |
Crop Protection Chemicals | ||
Soil Sensing | ||
Yield Monitoring | ||
Irrigation | ||
Others | ||
Geography | North America | United States |
Canada | ||
Mexico | ||
Rest of North America | ||
Geography | Europe | Germany |
United Kingdom | ||
France | ||
Italy | ||
Spain | ||
Rest of Europe | ||
Geography | Asia Pacific | China |
Japan | ||
India | ||
South Korea | ||
Rest of Asia-Pacific | ||
Geography | South America | Brazil |
Argentina | ||
Rest of South America | ||
Geography | Middle East and Africa | South Africa |
Rest of Middle East and Africa |
Variable Rate Technology Market Research FAQs
How big is the Variable Rate Technology Market?
The Variable Rate Technology Market size is expected to reach USD 4.31 billion in 2024 and grow at a CAGR of 9.40% to reach USD 6.75 billion by 2029.
What is the current Variable Rate Technology Market size?
In 2024, the Variable Rate Technology Market size is expected to reach USD 4.31 billion.
Who are the key players in Variable Rate Technology Market?
Deere & Company, AGCO Corporation, Topcon Corporation, CNH Industrial N.V. and Trimble, Inc. are the major companies operating in the Variable Rate Technology Market.
Which is the fastest growing region in Variable Rate Technology Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Variable Rate Technology Market?
In 2024, the North America accounts for the largest market share in Variable Rate Technology Market.
What years does this Variable Rate Technology Market cover, and what was the market size in 2023?
In 2023, the Variable Rate Technology Market size was estimated at USD 3.94 billion. The report covers the Variable Rate Technology Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Variable Rate Technology Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Variable Rate Technology Industry Report
Statistics for the 2024 Variable Rate Technology market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Variable Rate Technology analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.