Agricultural Variable Rate Technology Global Market Report 2024

Agricultural variable rate technology encompasses a segment of technology dedicated to the automated application specifically tailored for agricultural use. This technology relies on the automated application of agricultural data collected through sensors, maps, and GPS. Its primary applications include the precise spraying of fertilizers and chemicals, as well as the accurate planting of seeds, contributing to effective crop production management.

The key categories within agricultural variable rate technology include soil sensing variable rate technology, fertilizer variable rate technology, seeding variable rate technology, crop protection chemical variable rate technology, yield monitor variable rate technology, and irrigation variable rate technology. Sensor-based variable rate technology, distinctively, eschews the use of maps, instead employing mounted sensors to measure real-time soil properties or crop characteristics. The crops targeted by agricultural variable rate technology span cereals and grains, oilseeds and pulses, as well as fruits and vegetables. This technology finds application across diverse farm sizes, encompassing large farms, small farms, and mid-size farms, addressing aspects such as fertilizers, crop protection chemicals, soil sensing, yield monitoring, and irrigation.

The agricultural variable rate technology market research report is one of a series of new reports that provides agricultural variable rate technology market statistics, including agricultural variable rate technology industry global market size, regional shares, competitors with a agricultural variable rate technology market share, detailed agricultural variable rate technology market segments, market trends and opportunities, and any further data you may need to thrive in the agricultural variable rate technology industry. This agricultural variable rate technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The agricultural variable rate technology market size has grown rapidly in recent years. It will grow from $3.84 billion in 2023 to $4.38 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth observed in the historical period can be ascribed to several factors, including the adoption of precision agriculture, government support and subsidies, heightened awareness of sustainability, the escalating global population, increased demand for food, and the advancement of autonomous machinery.

The agricultural variable rate technology market size is expected to see rapid growth in the next few years. It will grow to $7.38 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The anticipated growth in the forecast period can be linked to the emergence of novel agtech solutions, a heightened emphasis on soil health management, advancements in autonomous farming machinery, an increasing need for resource efficiency, and a growing focus on sustainable agriculture. Notable trends expected in the forecast period encompass a concentrated emphasis on water management, the utilization of blockchain for traceability and transparency, the integration of robotic and autonomous farming machinery, a spotlight on carbon farming and emissions reduction, and the integration of data connectivity and IoT.

The expansion of government spending and policymaking in the agricultural domain serves as a substantial catalyst for the growth of the agricultural variable rate technology market. This technology encompasses automated applications specifically tailored for agricultural use. Its implementation is anticipated to yield an 80 percent reduction in labor costs. A groundbreaking innovation in agriculture involves the utilization of drones for pesticide spraying, a trend that has gained substantial traction. This advancement not only gained popularity but also contributes significantly to various agricultural aspects. Notably, in January 2022, the Indian government introduced a scheme offering a full 100% subsidy on drones valued up to 10 lakhs, aiming to promote their utilization in agriculture and alleviate the labor burden on farmers. To support this initiative, Krishi Vigyan Kendras and State Agriculture Universities have initiated training programs for farmers. Furthermore, a dedicated contingency fund of Rs. 6000/hectare has been allocated for leasing drones from Custom Hiring Centres (CHC). Hence, heightened government emphasis and investment in agricultural technologies are pivotal factors propelling the growth of the agricultural variable rate technology market.

The escalating demand for food due to the expanding global population significantly fuels the advancement of the agricultural variable rate technology market. Food, as a vital source of nourishment sustaining growth and life, experiences amplified necessity with the burgeoning population. Correspondingly, the need for high-yielding crops and crop protection amplifies. Agricultural Variable Rate Technology (VRT) assumes a crucial role in meeting this augmented food demand. By facilitating precise and efficient resource application like fertilizers, pesticides, and irrigation, VRT enables farmers to optimize crop yields while conserving resources. This technology customizes farming practices to suit distinct field conditions, ensuring that food production matches the escalating demands of the global population while minimizing wastage and environmental impact. As reported by the Food and Agriculture Organization (FAO) in 2023, nearly 2.4 billion people worldwide lacked regular access to adequate food in 2022, with between 691 and 783 million people facing hunger. Projections suggest that over 600 million people might face hunger by 2030. Thus, the mounting need for food due to the burgeoning population is anticipated to propel the agricultural variable rate technology market's growth trajectory.

Technological advancements are steering the evolution of the agricultural variable rate technology market. Prominent companies in this sector are fervently engaged in devising innovative technological solutions to fortify their market standing. For example, in February 2021, XAG, a China-based agricultural machinery manufacturer, unveiled a new generation of agricultural drones christened XAG P40 Agricultural Drone. Specifically crafted for smallholder farms, the XAG P40 features a 20L smart liquid tank and can cover 15 hectares of land per hour. Another model, the XAG P80 Agricultural Drone, caters to larger field areas, capable of carrying up to 40 kg and covering 20 hectares of land within an hour. These drones play a pivotal role in safeguarding lands against weeds, pests, and diseases. This groundbreaking launch aids medium-to-large farm owners in addressing the prevailing rural labor shortage.

Prominent corporations entrenched in the agricultural variable rate technology market continue to introduce innovative products aimed at maintaining their market position, exemplified by the advent of advanced analytics platforms. The advanced analytics platform encompasses sophisticated tools and insights tailored to optimize farming operations and agricultural analytics solutions. Notably, in April 2023, GeoPard Ag, a Germany-based precision agriculture solutions provider, unveiled its Advanced Analytics Platform - an avant-garde solution seamlessly integrated with the MyJohnDeere Operations Center, enriching the overall user experience. This portal offers cutting-edge tools and insights designed to fine-tune farming operations, elevate precision agriculture, and aid dealers in their capacity as agricultural advisors.

In a significant development from November 2021, CNH Industrial, a UK-based company specializing in designing, producing, and retailing agricultural technology products, acquired Raven Industries for an undisclosed sum. Following this acquisition, Raven Industries became an integral part of CNH Industrial, operating under its umbrella. This strategic acquisition bolsters CNH Industrial's innovation capabilities, expediting its digital strategy. Raven Industries, a US-based precision agriculture space and technology manufacturer, is renowned for its agricultural product offerings, thereby fortifying CNH Industrial's position in the precision agriculture market.

Major companies operating in the in the agricultural variable rate technology market report are The Climate Corporation, Deere & Company, Trimble Inc. , AGCO Corporation, Topcon Corporation, CNH Industrial N. V. , Yara International ASA, Valmont Industries Inc. , AgJunction Inc. , AG Leader Technology Inc. , Raven Industries Inc. , Kubota Corporation, Lindsay Corporation, Ageagle Aerial Systems Inc. , Hexagon AB, CropX Inc. , Farmers Edge Inc. , Agribotix LLC, AgriData Inc. , Agri-Trend Agrology Ltd. , CropMetrics LLC, Dickey-john Corporation, Echelon Ag Inc. , Fieldin Inc. , Granular Inc. , Iteris Inc. , Mavrx Inc. , PrecisionHawk Inc. , SST Software Corporation, Taranis AG, TerrAvion Inc. , The Yield Pty Ltd.

North America was the largest region in the agricultural variable rate technology market in 2023. The regions covered in the agricultural variable rate technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the agricultural variable rate technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The agricultural variable rate technology market includes revenues earned by entities by providing services such as yield monitoring, irrigation VRT. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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