Variable Rate Technology Market - A Global and Regional Analysis

Focus on, Application, Technology, Solution, and Region - Analysis and Forecast, 2022-2027

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A quick peek into the report

Market Report Coverage

Variable Rate Technology Market
Forecast Period: 2022-2027
CAGR During Forecast Period: 20.28%

Variable Rate Technology Market

Base Year

2021

Market Size in 2021

$2.02 Billion

Forecast Period

2022-2027

Value Projection and Estimation by 2027

$6.09 Billion

CAGR During Forecast Period

20.28%

Number of Tables

153

Number of Pages

236

Number of Figures

29

 

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

The top leading players include the public companies operating in the global variable rate technology market, which had a market share of around 62% in 2021. The rest of the market share, 38%, was taken by the private and start-up companies.

Some prominent names established in this market are:

Company Type 1: Public Companies
•    AGCO Corporation 
•    Climate LLC
•    CNH Industrial N.V.
•    Deere & Company
•    Farmers Edge Inc
•    Hexagon Agriculture
•    Kubota Corporation
•    Lindsay Corporation
•    Topcon Corporation 
•    Trimble Inc.
•    Valmont Industries
•    Yara International

Company Type 2: Private Companies
•    Ag Leader Technology
•    Crop Quest Inc
•    DJI

Company Type 3: Start-Up Companies
•    CropX Inc.
•    DataFarming Pty Ltd
•    HUMMINGBIRD TECHNOLOGIES LIMITED
•    OneSoil
•    Sentera

How Can This Report Add Value to an Organization?

The product segment helps the reader understand the different technologies used for variable rate application and their potential

Product/Innovation Strategy: The product segment helps the reader understand the different technologies used for variable rate application and their potential globally. Moreover, the study gives the reader a detailed understanding of the different solutions provided by the variable rate technology providers, such as hardware, software, and services. Compared to conventional agricultural methods, variable rate technology enables more exact targeting of the right quantity of planting and seeding operation at the right time and location, allowing farmers to save money by maximizing the use of their inputs.

Growth/Marketing Strategy: The global variable rate technology market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been product launch activities to strengthen their position in the global variable rate technology market. For instance, in March 2021, Deere & Company launched WeedSeeker 2, the next-generation spot spray system. When a weed passes beneath the sensor, it sends a signal to the sensor's attached spray nozzle, which delivers herbicide accurately and kills the weed, lowering the amount of chemical used by up to 90%.

Competitive Strategy: Key players in the global variable rate technology market analyzed and profiled in the study involve variable rate technology-based product manufacturers, including hardware, software, and service providers. Moreover, a detailed competitive benchmarking of the players operating in the global variable rate technology market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Industry & Technology Overview

The market was valued at $2.02 billion in 2021, and it is expected to grow with a CAGR of 20.28% during the forecast period 2022-2

Global Variable Rate Technology Market Overview

The global variable rate technology market was valued at $2.02 billion in 2021, and it is expected to grow with a CAGR of 20.28% during the forecast period 2022-2027 to reach $6.09 billion by 2027. The growth in the global variable rate technology market is expected to be driven by increasing demand for agricultural output and decreasing labor force in the agriculture industry.

Market Lifecycle Stage

The global variable rate technology market is still in the introductory phase in developing countries and reached the growth phase in developed countries. Globally, research and development activities are underway to develop highly productive variable rate technology products. The demand for variable rate technology is expected to increase in the future as the government across the nations are planning for sustainable agricultural production.

Tapping the smallholder farmer segment with affordable variable rate technology solutions for agricultural input application is one of the major opportunities in the global variable rate technology market. Many start-ups have been emerging across the global variable rate technology market with affordable variable rate technology software solutions to attain a competitive advantage by tapping the smallholder farmer segment.

Global Variable Rate Technology Market

Impact

•    The gap between the U.S. and other global countries in the pace of adoption of other precision agricultural technologies is relatively narrow. However, in the case of variable rate technology, the adoption rate is around 14.1%. Therefore, the global variable rate technology market players have room for growth across the U.S. and other global countries during the forecast period.
•    As per the World Bank data, the employment percentage in agriculture decreased by around 13% during 2000-2019. The steep decrease in the agricultural labor population has to be replaced with an efficient technological solution to bridge the supply and demand gap in the agricultural industry. Reducing the agricultural workforce and increasing labor costs is expected to bring more space for automation in the agriculture industry and, thus, the demand for variable rate technology.

Impact of COVID-19

The outbreak of COVID-19 made the farmers realize the benefits of investing in technologies rather than relying on the workforce, as they experienced the worst labor shortage during the pandemic, which negatively impacted overall production. Using variable rate technology in agriculture is a suitable solution to overcome these difficulties. Thus, COVID-19 has positively impacted the global variable rate technology market in the long run by making farmers realize the financial benefits of investing in variable rate technology.

Market Segmentation:

Segmentation 1: by Application
•    Variable Rate Fertilization (VRF)
•    Variable Rate Seeding (VRS)   
•    Variable Rate Irrigation (VRI) 
•    Variable Rate Crop Protection Chemical (VRC)     
•    Others 

The global variable rate technology market in the application segment is expected to be dominated by the variable rate fertilization segment during the forecast period. Rising awareness about the risk associated with the over-application of fertilizer to the soil and increasing fertilizer costs are the major driver which triggers the demand for variable rate fertilization in the global variable rate technology market.

Segmentation 2: by Technology
•    Map-Based Technology
•    Sensor-Based Technology

The global variable rate technology market is expected to be slightly more dominated by the map-based technology segment during the forecast period. The dominance of map-based technology is mainly due to the unavailability of appropriate sensors to collect soil and plant data.

Segmentation 3: by Solution
•     Hardware 
•     Software 
•     Service 

Based on solution, the hardware segment will dominate the global variable rate technology market during the forecast period. The requirements of high-cost components such as receivers, control systems, sensors, and others will make the hardware solution segment dominate the global variable rate technology market during the forecast period.

Segmentation 4: by Region
•    North America - U.S., Canada, Mexico, and Rest-of-North America
•    Europe - Germany, France, Italy, and Rest-of-Europe
•    Asia-Pacific and Japan - Japan, Australia, India, and Rest-of-Asia-Pacific and Japan
•    South America - Brazil, Argentina, and Rest-of-South America
•    China
•    Middle East and Africa - Israel, South Africa, and Rest-of- Middle East and Africa
•    U.K.

The U.S. generated the highest revenue of $569.7 million in 2021. The country has been experiencing a rapid growth rate in the past few years owing to rising high-value crop production as farmers enjoy short payback in variable rate technology investment for high-value crop production.

Recent Developments in the Global Variable Rate Technology Market

•    In August 2021, AGCO Corporation launched Massey Ferguson VE series planters that offer solutions for all growers from conventional to no-till operations requiring the most cutting-edge technology like variable-rate, high-speed planting, and individual row control.
•    In August 2020, Lindsay Corporation launched FieldNET with a water trend that provides growers with important crop water usage insights. It can incorporate satellite imagery, customize irrigation parameters, and receives continuously updated variable-rate irrigation prescriptions.
•    In November 2021, CNH Industrial N.V. acquired Raven Industries Inc. The acquisition was a significant step forward in CNH Industrial N.V.'s digital transformation and building on long-standing cooperation.
•    In January 2020, Lindsay Corporation partnered with Farmers Edge Inc to connect the digital platforms to give a fully integrated crop management software suite to Lindsay Corporation's producers and dealer networks.

Demand – Drivers and Limitations

Following are the demand drivers for the global variable rate technology market:

•    Rapid Adoption of Precision Agricultural Technologies
•    Need for Automation of Work Force in Agriculture
•    Need for Input Optimization in Agriculture

The market is expected to face some limitations too due to the following challenges:

•    Lack of Standardization Hampering VRT Performance 
•    High Cost of Investment
•    Lagging VRT Adoption among Smallholder Farmers

Analyst Thoughts

According to Rakhi Tanwar, Principal Analyst, BIS Research, "According to the U.S. Bureau of Labor Statistics, employment of agriculture workers is expected to grow only 2% between 2020-2030, which is slower than the average employment growth for all other occupations. Growing labor scarcity in the agriculture industry is one of the major drivers which is expected to accelerates the demand for variable rate technology in the forecast period.. The variable rate technology helps to automate the application of chemicals, fertilizers, irrigation water, and other farm inputs at different rates across the agricultural field without any manual intervention."

Table of Contents

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1.1    Industry Outlook
         1.1.1    Market Definition
         1.1.2    Value Chain Analysis
         1.1.3    Ongoing Programs
                     1.1.3.1    Government Initiatives
                     1.1.3.2    Key Consortiums and Associations
         1.1.4    Gap Analysis
                     1.1.4.1    Financial Barriers
                     1.1.4.2    Technological Barriers
                     1.1.4.3    Environmental Barriers
                     1.1.4.4    Gap Impact Analysis
         1.1.5    Roadmap for Future Market
                     1.1.5.1    Expected Farm Consolidation
                     1.1.5.2    Government Support in Variable Rate Technology Adoption
                     1.1.5.3    Expected Demand for VRT Contract Services among Small Farms
                     1.1.5.4    Growing Millennial Population in Agriculture
1.2    Business Dynamics
         1.2.1    Business Drivers
                     1.2.1.1    Rapid Adoption of Precision Agricultural Technologies
                     1.2.1.2    Need for Automation of Work Force in Agriculture
                     1.2.1.3    Need for Input Optimization in Agriculture
         1.2.2    Business Challenges
                     1.2.2.1    Lack of Standardization Hampering VRT Performance
                     1.2.2.2    High Cost of Investment
                     1.2.2.3    Lagging VRT Adoption among Smallholder Farmers
         1.2.3    Market Strategies and Developments
                     1.2.3.1    Business Strategies
                                    1.2.3.1.1    Product Developments and Innovations
                                    1.2.3.1.2    Market Developments
                     1.2.3.2    Corporate Strategies
                                    1.2.3.2.1    Mergers and Acquisitions
                                    1.2.3.2.2    Partnerships, Collaborations, and Joint Ventures
         1.2.4    Business Opportunities
                     1.2.4.1    Tapping Smallholder Farmer Segment with Affordable VRT Solutions
                     1.2.4.2    Growing Emphasis on Sustainable Agricultural Production
1.3    Start-Up Landscape
         1.3.1    Key Start-Ups in the Ecosystem
         1.3.2    Funding Analysis
                     1.3.2.1    Investment and Funding Analysis
                     1.3.2.2    Top Investors
1.4    Impact of COVID-19 on the Global Variable Rate Technology Market

2.1    Global Variable Rate Technology Market (by Application)
         2.1.1    Variable Rate Fertilization (VRF)
                     2.1.1.1    Barriers to VRF Adoption
                     2.1.1.2    Drivers in VRF Adoption
                     2.1.1.3    Cost-Benefit Analysis
         2.1.2    Variable Rate Seeding (VRS)
                     2.1.2.1    Barriers to VRS Adoption
                     2.1.2.2    Drivers in VRS Adoption
                     2.1.2.3    Cost-Benefit Analysis
         2.1.3    Variable Rate Irrigation (VRI)
                     2.1.3.1    Barriers to VRI Adoption
                     2.1.3.2    Drivers in VRI Adoption
                     2.1.3.3    Cost-Benefit Analysis
         2.1.4    Variable Rate Crop Protection Chemical (VRC)
                     2.1.4.1    Barriers to VRC Adoption
                     2.1.4.2    Drivers in VRC Adoption
                     2.1.4.3    Cost-Benefit Analysis
         2.1.5    Others
2.2    Demand Analysis of Global Variable Rate Technology Market (by Application)

3.1    Global Variable Rate Technology Market (by Technology)
         3.1.1    Map-Based Technology
         3.1.2    Sensor-Based Technology
3.2    Demand Analysis of Global Variable Rate Technology Market (by Technology)
3.3    Innovations in Map-Based and Sensor-Based VRT
3.4    Cost-Benefit Analysis
3.5    Global Variable Rate Technology Market (by Solution)
         3.5.1    Hardware
         3.5.2    Software
         3.5.3    Service
3.6    Demand Analysis of Global Variable Rate Technology Market (by Solution)
3.7    Patent Analysis
         3.7.1    Patent Analysis (by Patent Objective)
         3.7.2    Patent Analysis (by Patent Office)

4.1    North America
         4.1.1    Market
                     4.1.1.1    Buyer Attributes
                     4.1.1.2    Key Providers in North America
                     4.1.1.3    Business Challenges
                     4.1.1.4    Business Drivers
         4.1.2    Application
                     4.1.2.1    North America Variable Rate Technology Market (by Application)
         4.1.3    Technology
                     4.1.3.1    North America Variable Rate Technology Market (by Technology)
         4.1.4    Solution
                     4.1.4.1    North America Variable Rate Technology Market (by Solution)
         4.1.5    North America (by Country)
                     4.1.5.1    U.S.
                                    4.1.5.1.1    Market
                                                      4.1.5.1.1.1    Buyer Attributes
                                                      4.1.5.1.1.2    Business Challenges
                                                      4.1.5.1.1.3    Business Drivers
                                    4.1.5.1.2    Application
                                                      4.1.5.1.2.1    U.S. Variable Rate Technology Market (by Application)
                     4.1.5.2    Canada
                                    4.1.5.2.1    Market
                                                      4.1.5.2.1.1    Buyer Attributes
                                                      4.1.5.2.1.2    Business Challenges
                                                      4.1.5.2.1.3    Business Drivers
                                    4.1.5.2.2    Application
                                                      4.1.5.2.2.1    Canada Variable Rate Technology Market (by Application)
                     4.1.5.3    Mexico
                                    4.1.5.3.1    Market
                                                      4.1.5.3.1.1    Buyer Attributes
                                                      4.1.5.3.1.2    Business Challenges
                                                      4.1.5.3.1.3    Business Drivers
                                    4.1.5.3.2    Application
                                                      4.1.5.3.2.1    Mexico Variable Rate Technology Market (by Application)
                     4.1.5.4    Rest-of-North America
                                    4.1.5.4.1    Market
                                                      4.1.5.4.1.1    Buyer Attributes
                                                      4.1.5.4.1.2    Business Challenges
                                                      4.1.5.4.1.3    Business Drivers
                                    4.1.5.4.2    Application
                                                      4.1.5.4.2.1    Rest-of-North America Variable Rate Technology Market (by Application)
4.2    Europe
         4.2.1    Market
                     4.2.1.1    Buyer Attributes
                     4.2.1.2    Key Providers in Europe
                     4.2.1.3    Business Challenges
                     4.2.1.4    Business Drivers
         4.2.2    Application
                     4.2.2.1    Europe Variable Rate Technology Market (by Application)
         4.2.3    Technology
                     4.2.3.1    Europe Variable Rate Technology Market (by Technology)
         1.1.1    Solution
                     4.2.3.2    Europe Variable Rate Technology Market (by Solution)
         4.2.4    Europe (by Country)
                     4.2.4.1    Germany
                                    4.2.4.1.1    Market
                                                      4.2.4.1.1.1    Buyer Attributes
                                                      4.2.4.1.1.2    Business Challenges
                                                      4.2.4.1.1.3    Business Drivers
                                    4.2.4.1.2    Application
                                                      4.2.4.1.2.1    Germany Variable Rate Technology Market (by Application)
                     4.2.4.2    France
                                    4.2.4.2.1    Market
                                                      4.2.4.2.1.1    Buyer Attributes
                                                      4.2.4.2.1.2    Business Challenges
                                                      4.2.4.2.1.3    Business Drivers
                                    4.2.4.2.2    Application
                                                      4.2.4.2.2.1    France Variable Rate Technology Market (by Application)
                     4.2.4.3    Italy
                                    4.2.4.3.1    Market
                                                      4.2.4.3.1.1    Buyer Attributes
                                                      4.2.4.3.1.2    Business Challenges
                                                      4.2.4.3.1.3    Business Drivers
                                    4.2.4.3.2    Application
                                                      4.2.4.3.2.1    Italy Variable Rate Technology Market (by Application)
                     4.2.4.4    Rest-of-Europe
                                    4.2.4.4.1    Market
                                                      4.2.4.4.1.1    Buyer Attributes
                                                      4.2.4.4.1.2    Business Challenges
                                                      4.2.4.4.1.3    Business Drivers
                                    4.2.4.4.2    Application
                                                      4.2.4.4.2.1    Rest-of-Europe Variable Rate Technology Market (by Application)
4.3    Asia-Pacific and Japan
         4.3.1    Market
                     4.3.1.1    Buyer Attributes
                     4.3.1.2    Key Providers in Asia-Pacific and Japan
                     4.3.1.3    Business Challenges
                     4.3.1.4    Business Drivers
         4.3.2    Application
                     4.3.2.1    Asia-Pacific and Japan Variable Rate Technology Market (by Application)
         4.3.3    Technology
                     4.3.3.1    Asia-Pacific and Japan Variable Rate Technology Market (by Technology)
         4.3.4    Solution
                     4.3.4.1    Asia-Pacific and Japan Variable Rate Technology Market (by Solution)
         4.3.5    Asia-Pacific and Japan (by Country)
                     4.3.5.1    Japan
                                    4.3.5.1.1    Market
                                                      4.3.5.1.1.1    Buyer Attributes
                                                      4.3.5.1.1.2    Business Challenges
                                                      4.3.5.1.1.3    Business Drivers
                                    4.3.5.1.2    Application
                                                      4.3.5.1.2.1    Japan Variable Rate Technology Market (by Application)
                     4.3.5.2    Australia
                                    4.3.5.2.1    Market
                                                      4.3.5.2.1.1    Buyer Attributes
                                                      4.3.5.2.1.2    Business Challenges
                                                      4.3.5.2.1.3    Business Drivers
                                    4.3.5.2.2    Application
                                                      4.3.5.2.2.1    Australia Variable Rate Technology Market (by Application)
                     4.3.5.3    India
                                    4.3.5.3.1    Market
                                                      4.3.5.3.1.1    Buyer Attributes
                                                      4.3.5.3.1.2    Business Challenges
                                                      4.3.5.3.1.3    Business Drivers
                                    4.3.5.3.2    Application
                                                      4.3.5.3.2.1    India Variable Rate Technology Market (by Application)
                     4.3.5.4    Rest-of-Asia-Pacific and Japan
                                    4.3.5.4.1    Market
                                                      4.3.5.4.1.1    Buyer Attributes
                                                      4.3.5.4.1.2    Business Challenges
                                                      4.3.5.4.1.3    Business Drivers
                                    4.3.5.4.2    Application
                                                      4.3.5.4.2.1    Rest-of-Asia-Pacific and Japan Variable Rate Technology Market (by Application)
4.4    South America
         4.4.1    Market
                     4.4.1.1    Buyer Attributes
                     4.4.1.2    Key Providers in South America
                     4.4.1.3    Business Challenges
                     4.4.1.4    Business Drivers
         4.4.2    Application
                     4.4.2.1    South America Variable Rate Technology Market (by Application)
         4.4.3    Technology
                     4.4.3.1    South America Variable Rate Technology Market (by Technology)
         4.4.4    Solution
                     4.4.4.1    South America Variable Rate Technology Market (by Solution)
         4.4.5    South America (by Country)
                     4.4.5.1    Brazil
                                    4.4.5.1.1    Market
                                                      4.4.5.1.1.1    Buyer Attributes
                                                      4.4.5.1.1.2    Business Challenges
                                                      4.4.5.1.1.3    Business Drivers
                                    4.4.5.1.2    Application
                                                      4.4.5.1.2.1    Brazil Variable Rate Technology Market (by Application)
                     4.4.5.2    Argentina
                                    4.4.5.2.1    Market
                                                      4.4.5.2.1.1    Buyer Attributes
                                                      4.4.5.2.1.2    Business Challenges
                                                      4.4.5.2.1.3    Business Drivers
                                    4.4.5.2.2    Application
                                                      4.4.5.2.2.1    Argentina Variable Rate Technology Market (by Application)
                     4.4.5.3    Rest-of-South America
                                    4.4.5.3.1    Market
                                                      4.4.5.3.1.1    Buyer Attributes
                                                      4.4.5.3.1.2    Business Challenges
                                                      4.4.5.3.1.3    Business Drivers
                                    4.4.5.3.2    Application
                                                      4.4.5.3.2.1    Rest-of-South America Variable Rate Technology Market (by Application)
4.5    China
         4.5.1    Market
                     4.5.1.1    Buyer Attributes
                     4.5.1.2    Key Providers in China
                     4.5.1.3    Business Challenges
                     4.5.1.4    Business Drivers
         4.5.2    Application
                     4.5.2.1    China Variable Rate Technology Market (by Application)
         4.5.3    Technology
                     4.5.3.1    China Variable Rate Technology Market (by Technology)
         4.5.4    Solution
                     4.5.4.1    China Variable Rate Technology Market (by Solution)
4.6    Middle East and Africa
         4.6.1    Market
                     4.6.1.1    Buyer Attributes
                     4.6.1.2    Key Providers in the Middle East and Africa
                     4.6.1.3    Business Challenges
                     4.6.1.4    Business Drivers
         4.6.2    Application
                     4.6.2.1    Middle East and Africa Variable Rate Technology Market (by Application)
         4.6.3    Technology
                     4.6.3.1    Middle East and Africa Variable Rate Technology Market (by Technology)
         4.6.4    Solution
                     4.6.4.1    Middle East and Africa Variable Rate Technology Market (by Solution)
         4.6.5    Middle East and Africa (by Country)
                     4.6.5.1    Israel
                                    4.6.5.1.1    Market
                                                      4.6.5.1.1.1    Buyer Attributes
                                                      4.6.5.1.1.2    Business Challenges
                                                      4.6.5.1.1.3    Business Drivers
                                    4.6.5.1.2    Application
                                                      4.6.5.1.2.1    Israel Variable Rate Technology Market (by Application)
                     4.6.5.2    South Africa
                                    4.6.5.2.1    Market
                                                      4.6.5.2.1.1    Buyer Attributes
                                                      4.6.5.2.1.2    Business Challenges
                                                      4.6.5.2.1.3    Business Drivers
                                    4.6.5.2.2    Application
                                                      4.6.5.2.2.1    South Africa Variable Rate Technology Market (by Application)
                     4.6.5.3    Rest-of-Middle East and Africa
                                    4.6.5.3.1    Market
                                                      4.6.5.3.1.1    Buyer Attributes
                                                      4.6.5.3.1.2    Business Challenges
                                                      4.6.5.3.1.3    Business Drivers
                                    4.6.5.3.2    Application
                                                      4.6.5.3.2.1    Rest-of-Middle East and Africa Variable Rate Technology Market (by Application)
4.7    U.K.
         4.7.1    Market
                     4.7.1.1    Buyer Attributes
                     4.7.1.2    Key Providers in the U.K.
                     4.7.1.3    Business Challenges
                     4.7.1.4    Business Drivers
         4.7.2    Application
                     4.7.2.1    U.K. Variable Rate Technology Market (by Application)
         4.7.3    Technology
                     4.7.3.1    U.K. Variable Rate Technology Market (by Technology)
         4.7.4    Solution
                     4.7.4.1    U.K. Variable Rate Technology Market (by Solution)

5.1    Competitive Benchmarking
5.2    Market Share Analysis
5.3    Company Profiles
         5.3.1    Public Companies
                     5.3.1.1    AGCO Corporation
                                    5.3.1.1.1    Company Overview
                                    5.3.1.1.2    Role of AGCO Corporation in the Global Variable Rate Technology Market
                                    5.3.1.1.3    Product Portfolio
                                    5.3.1.1.4    Business Strategies
                                                      5.3.1.1.4.1    Market Development
                                                      5.3.1.1.4.2    Product Development
                                    5.3.1.1.5    Corporate Strategies
                                                      5.3.1.1.5.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                                      5.3.1.1.5.2    Mergers and Acquisitions
                                    5.3.1.1.6    R&D Analysis
                                    5.3.1.1.7    Analyst View
                     5.3.1.2    Climate LLC
                                    5.3.1.2.1    Company Overview
                                    5.3.1.2.2    Role of Climate LLC in the Global Variable Rate Technology Market
                                    5.3.1.2.3    Product Portfolio
                                    5.3.1.2.4    Business Strategies
                                                      5.3.1.2.4.1    Product Development
                                    5.3.1.2.5    Corporate Strategies
                                                      5.3.1.2.5.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                    5.3.1.2.6    R&D Analysis
                                    5.3.1.2.7    Analyst View
                     5.3.1.3    CNH Industrial N.V.
                                    5.3.1.3.1    Company Overview
                                    5.3.1.3.2    Role of CNH Industrial N.V. in the Global Variable Rate Technology Market
                                    5.3.1.3.3    Product Portfolio
                                    5.3.1.3.4    Business Strategies
                                                      5.3.1.3.4.1    Market Development
                                                      5.3.1.3.4.2    Product Development
                                    5.3.1.3.5    Corporate Strategies
                                                      5.3.1.3.5.1    Mergers and Acquisitions
                                    5.3.1.3.6    R&D Analysis
                                    5.3.1.3.7    Analyst View
                     5.3.1.4    Deere & Company
                                    5.3.1.4.1    Company Overview
                                    5.3.1.4.2    Role of Deere & Company in the Global Variable Rate Technology Market
                                    5.3.1.4.3    Product Portfolio
                                    5.3.1.4.4    Business Strategies
                                                      5.3.1.4.4.1    Market Development
                                                      5.3.1.4.4.2    Product Development
                                    5.3.1.4.5    Corporate Strategies
                                                      5.3.1.4.5.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                                      5.3.1.4.5.2    Mergers and Acquisitions
                                    5.3.1.4.6    R&D Analysis
                                    5.3.1.4.7    Analyst View
                     5.3.1.5    Farmers Edge Inc
                                    5.3.1.5.1    Company Overview
                                    5.3.1.5.2    Role of Farmers Edge Inc in the Global Variable Rate Technology Market
                                    5.3.1.5.3    Product Portfolio
                                    5.3.1.5.4    Business Strategies
                                                      5.3.1.5.4.1    Market Development
                                                      5.3.1.5.4.2    Product Development
                                    5.3.1.5.5    Corporate Strategies
                                                      5.3.1.5.5.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                                      5.3.1.5.5.2    Mergers and Acquisitions
                                    5.3.1.5.6    R&D Analysis
                                    5.3.1.5.7    Analyst View
                     5.3.1.6    Hexagon Agriculture
                                    5.3.1.6.1    Company Overview
                                    5.3.1.6.2    Role of Hexagon Agriculture in the Global Variable Rate Technology Market
                                    5.3.1.6.3    Product Portfolio
                                    5.3.1.6.4    Business Strategies
                                                      5.3.1.6.4.1    Product Development
                                    5.3.1.6.5    R&D Analysis
                                    5.3.1.6.6    Analyst View
                     5.3.1.7    Kubota Corporation
                                    5.3.1.7.1    Company Overview
                                    5.3.1.7.2    Role of Kubota Corporation in the Global Variable Rate Technology Market
                                    5.3.1.7.3    Product Portfolio
                                    5.3.1.7.4    Business Strategies
                                                      5.3.1.7.4.1    Market Development
                                    5.3.1.7.5    Corporate Strategies
                                                      5.3.1.7.5.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                                      5.3.1.7.5.2    Mergers and Acquisitions
                                    5.3.1.7.6    R&D Analysis
                                    5.3.1.7.7    Analyst View
                     5.3.1.8    Lindsay Corporation
                                    5.3.1.8.1    Company Overview
                                    5.3.1.8.2    Role of Lindsay Corporation in the Global Variable Rate Technology Market
                                    5.3.1.8.3    Product Portfolio
                                    5.3.1.8.4    Business Strategies
                                                      5.3.1.8.4.1    Product Development
                                    5.3.1.8.5    Corporate Strategies
                                                      5.3.1.8.5.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                                      5.3.1.8.5.2    Mergers and Acquisitions
                                    5.3.1.8.6    R&D Analysis
                                    5.3.1.8.7    Analyst View
                     5.3.1.9    Topcon Corporation
                                    5.3.1.9.1    Company Overview
                                    5.3.1.9.2    Role of Topcon Corporation in the Global Variable Rate Technology Market
                                    5.3.1.9.3    Product Portfolio
                                    5.3.1.9.4    Business Strategies
                                                      5.3.1.9.4.1    Market Development
                                                      5.3.1.9.4.2    Product Development
                                    5.3.1.9.5    Corporate Strategies
                                                      5.3.1.9.5.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                    5.3.1.9.6    R&D Analysis
                                    5.3.1.9.7    Analyst View
                   5.3.1.10    Trimble Inc.
                                    5.3.1.10.1    Company Overview
                                    5.3.1.10.2    Role of Trimble Inc. in the Global Variable Rate Technology Market
                                    5.3.1.10.3    Product Portfolio
                                    5.3.1.10.4    Business Strategies
                                                        5.3.1.10.4.1    Market Development
                                                        5.3.1.10.4.2    Product Development
                                    5.3.1.10.5    Corporate Strategies
                                                        5.3.1.10.5.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                                        5.3.1.10.5.2    Mergers and Acquisitions
                                    5.3.1.10.6    R&D Analysis
                                    5.3.1.10.7    Analyst View
                   5.3.1.11    Valmont Industries
                                    5.3.1.11.1    Company Overview
                                    5.3.1.11.2    Role of Valmont Industries in the Global Variable Rate Technology Market
                                    5.3.1.11.3    Product Portfolio
                                    5.3.1.11.4    Business Strategies
                                                        5.3.1.11.4.1    Market Development
                                                        5.3.1.11.4.2    Product Development
                                    5.3.1.11.5    Corporate Strategies
                                                        5.3.1.11.5.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                                        5.3.1.11.5.2    Mergers and Acquisitions
                                    5.3.1.11.6    R&D Analysis
                                    5.3.1.11.7    Analyst View
                   5.3.1.12    Yara International
                                    5.3.1.12.1    Company Overview
                                    5.3.1.12.2    Role of Yara International in the Global Variable Rate Technology Market
                                    5.3.1.12.3    Product Portfolio
                                    5.3.1.12.4    Business Strategies
                                                        5.3.1.12.4.1    Product Development
                                    5.3.1.12.5    Corporate Strategies
                                                        5.3.1.12.5.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                                        5.3.1.12.5.2    Mergers and Acquisitions
                                    5.3.1.12.6    R&D Analysis
                                    5.3.1.12.7    Analyst View
         5.3.2    Private Companies
                     5.3.2.1    Ag Leader Technology
                                    5.3.2.1.1    Company Overview
                                    5.3.2.1.2    Role of Ag Leader Technology in the Global Variable Rate Technology Market
                                    5.3.2.1.3    Product Portfolio
                                    5.3.2.1.4    Business Strategies
                                                      5.3.2.1.4.1    Product Development
                                    5.3.2.1.5    Analyst View
                     5.3.2.2    Crop Quest Inc
                                    5.3.2.2.1    Company Overview
                                    5.3.2.2.2    Role of Crop Quest Inc in the Global Variable Rate Technology Market
                                    5.3.2.2.3    Product Portfolio
                                    5.3.2.2.4    Business Strategies
                                                      5.3.2.2.4.1    Market Development
                                    5.3.2.2.5    Analyst View
                     5.3.2.3    DJI
                                    5.3.2.3.1    Company Overview
                                    5.3.2.3.2    Role of DJI in the Global Variable Rate Technology Market
                                    5.3.2.3.3    Product Portfolio
                                    5.3.2.3.4    Business Strategies
                                                      5.3.2.3.4.1    Product Development
                                    5.3.2.3.5    Analyst View
         5.3.3    Start-Up Companies
                     5.3.3.1    CropX Inc.
                                    5.3.3.1.1    Company Overview
                                    5.3.3.1.2    Role of CropX Inc. in the Global Variable Rate Technology Market
                                    5.3.3.1.3    Product Portfolio
                                    5.3.3.1.4    Business Model of CropX Inc.
                                    5.3.3.1.5    Business Strategies
                                                      5.3.3.1.5.1    Product Development
                                    5.3.3.1.6    Corporate Strategies
                                                      5.3.3.1.6.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                                      5.3.3.1.6.2    Mergers and Acquisitions
                                    5.3.3.1.7    Analyst View
                     5.3.3.2    DataFarming Pty Ltd
                                    5.3.3.2.1    Company Overview
                                    5.3.3.2.2    Role of DataFarming Pty Ltd in the Global Variable Rate Technology Market
                                    5.3.3.2.3    Product Portfolio
                                    5.3.3.2.4    Business Model of DataFarming Pty Ltd
                                    5.3.3.2.5    Business Strategies
                                                      5.3.3.2.5.1    Product Development
                                    5.3.3.2.6    Analyst View
                     5.3.3.3    HUMMINGBIRD TECHNOLOGIES LIMITED
                                    5.3.3.3.1    Company Overview
                                    5.3.3.3.2    Role of HUMMINGBIRD TECHNOLOGIES LIMITED in the Global Variable Rate Technology Market
                                    5.3.3.3.3    Product Portfolio
                                    5.3.3.3.4    Business Model of HUMMINGBIRD TECHNOLOGIES LIMITED
                                    5.3.3.3.5    Business Strategies
                                                      5.3.3.3.5.1    Market Development
                                                      5.3.3.3.5.2    Product Development
                                    5.3.3.3.6    Corporate Strategies
                                                      5.3.3.3.6.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                    5.3.3.3.7    Analyst View
                     5.3.3.4    OneSoil
                                    5.3.3.4.1    Company Overview
                                    5.3.3.4.2    Role of OneSoil in the Global Variable Rate Technology Market
                                    5.3.3.4.3    Product Portfolio
                                    5.3.3.4.4    Business Model of OneSoil
                                    5.3.3.4.5    Business Strategies
                                                      5.3.3.4.5.1    Market Development
                                                      5.3.3.4.5.2    Product Development
                                    5.3.3.4.6    Corporate Strategies
                                                      5.3.3.4.6.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                    5.3.3.4.7    Analyst View
                     5.3.3.5    Sentera
                                    5.3.3.5.1    Company Overview
                                    5.3.3.5.2    Role of Sentera in the Global Variable Rate Technology Market
                                    5.3.3.5.3    Product Portfolio
                                    5.3.3.5.4    Business Model of Sentera
                                    5.3.3.5.5    Corporate Strategies
                                                      5.3.3.5.5.1    Partnerships, Joint Ventures, Collaborations, and Alliances
                                                      5.3.3.5.5.2    Mergers and Acquisitions
                                    5.3.3.5.6    Analyst View
         5.3.4    Other Key Players

6.1    Data Sources
         6.1.1    Primary Data Sources
         6.1.2    Secondary Data Sources
6.2    Market Estimation and Forecast
         6.2.1    Factors for Data Prediction and Modeling

Table 1:    Government Initiatives
Table 2:    Key Consortiums and Associations in the Global Variable Rate Technology Market
Table 3:    Government Initiatives for Sustainable Food Production
Table 4:    Key Start-Ups in the Global Variable Rate Technology Market
Table 5:    Overview of VRT by Application
Table 6:    Key Companies Providing VRF Products
Table 7:    Key Companies Providing VRS Products
Table 8:    Types of VRI
Table 9:    Key Companies Providing VRI Products
Table 10:    Cost-Benefit Analysis of VRC
Table 11:    Key Companies Providing VRC Products
Table 12:    Key Companies Providing Other Applications in VRT
Table 13:    Global Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 14:    Outline of Input Methodologies in VRT
Table 15:    Types of Data Collection in Map-Based VRT
Table 16:    Key Companies Providing Map-Based Products
Table 17:    Key Companies Providing Sensor-Based Products
Table 18:    Global Variable Rate Technology Market (by Technology), $Million, 2021-2027
Table 19:    Comparison of Map-Based and Sensor-Based VRT
Table 20:    Types of VRT Solutions and Revenue Recognition
Table 21:    Key Companies Providing Variable Rate Hardware Products
Table 22:    Key Companies Providing Variable Rate Software Products
Table 23:    Global Variable Rate Technology Market (by Solution), $Million, 2021-2027
Table 24:    Global Variable Rate Technology Market (by Region), $Million, 2021-2027
Table 25:    North America Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 26:    North America Variable Rate Technology Market (by Technology), $Million, 2021-2027
Table 27:    North America Variable Rate Technology Market (by Solution), $Million, 2021-2027
Table 28:    North America Variable Rate Technology Market (by Country), $Million, 2021-2027
Table 29:    U.S. Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 30:    Canada Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 31:    Mexico Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 32:    Rest-of-North America Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 33:    Europe Variable Rate Technology Market, $Million, 2021-2027
Table 34:    Europe Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 35:    Europe Variable Rate Technology Market (by Technology), $Million, 2021-2027
Table 36:    Europe Variable Rate Technology Market (by Solution), $Million, 2021-2027
Table 37:    Europe Variable Rate Technology Market (by Country), $Million, 2021-2027
Table 38:    Germany Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 39:    France Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 40:    Italy Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 41:    Rest-of-Europe Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 42:    Asia-Pacific and Japan Variable Rate Technology, $Million, 2021-2027
Table 43:    Asia-Pacific and Japan Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 44:    Asia-Pacific and Japan Variable Rate Technology Market (by Technology), $Million, 2021-2027
Table 45:    Asia-Pacific and Japan Variable Rate Technology Market (by Solution), $Million, 2021-2027
Table 46:    Asia-Pacific and Japan Variable Rate Technology Market (by Country), $Million, 2021-2027
Table 47:    Japan Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 48:    Australia Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 49:    India Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 50:    Rest-of-Asia-Pacific and Japan Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 51:    South America Variable Rate Technology, $Million, 2021-2027
Table 52:    South America Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 53:    South America Variable Rate Technology Market (by Technology), $Million, 2021-2027
Table 54:    South America Variable Rate Technology Market (by Solution), $Million, 2021-2027
Table 55:    South America Variable Rate Technology Market (by Country), $Million, 2021-2027
Table 56:    Brazil Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 57:    Argentina Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 58:    Rest-of-South America Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 59:    China Variable Rate Technology Market, $Million, 2021-2027
Table 60:    China Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 61:    China Variable Rate Technology Market (by Technology), $Million, 2021-2027
Table 62:    China Variable Rate Technology Market (by Solution), $Million, 2021-2027
Table 63:    Middle East and Africa Variable Rate Technology Market, $Million, 2021-2027
Table 64:    Middle East and Africa Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 65:    Middle East and Africa Variable Rate Technology Market (by Technology), $Million, 2021-2027
Table 66:    Middle East and Africa Variable Rate Technology Market (by Solution), $Million, 2021-2027
Table 67:    Middle East and Africa Variable Rate Technology Market (by Country), $Million, 2021-2027
Table 68:    Israel Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 69:    South Africa Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 70:    Rest-of-Middle East and Africa Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 71:    U.K. Variable Rate Technology Market, $Million, 2021-2027
Table 72:    U.K. Variable Rate Technology Market (by Application), $Million, 2021-2027
Table 73:    U.K. Variable Rate Technology Market (by Technology), $Million, 2021-2027
Table 74:    U.K. Variable Rate Technology Market (by Solution), $Million, 2021-2027
Table 75:    AGCO Corporation: Product Portfolio
Table 76:    AGCO Corporation: Market Development
Table 77:    AGCO Corporation: Product Development
Table 78:    AGCO Corporation: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 79:    AGCO Corporation: Mergers and Acquisitions
Table 80:    Climate LLC: Product Portfolio
Table 81:    Climate LLC: Product Development
Table 82:    Climate LLC: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 83:    CNH Industrial N.V.: Product Portfolio
Table 84:    CNH Industrial N.V.: Market Development
Table 85:    CNH Industrial N.V.: Product Development
Table 86:    CNH Industrial N.V.: Mergers and Acquisitions
Table 87:    Deere & Company: Product Portfolio
Table 88:    Deere & Company: Market Development
Table 89:    Deere & Company: Product Development
Table 90:    Deere & Company: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 91:    Deere & Company: Mergers and Acquisitions
Table 92:    Farmers Edge Inc: Product Portfolio
Table 93:    Farmers Edge Inc: Market Development
Table 94:    Farmers Edge Inc: Product Development
Table 95:    Farmers Edge Inc: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 96:    Farmers Edge Inc: Mergers and Acquisitions
Table 97:    Hexagon Agriculture: Product Portfolio
Table 98:    Hexagon Agriculture: Product Development
Table 99:    Kubota Corporation: Product Portfolio
Table 100:    Kubota Corporation: Market Development
Table 101:    Kubota Corporation: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 102:    Kubota Corporation: Mergers and Acquisitions
Table 103:    Lindsay Corporation: Product Portfolio
Table 104:    Lindsay Corporation: Product Development
Table 105:    Lindsay Corporation: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 106:    Lindsay Corporation: Mergers and Acquisitions
Table 107:    Topcon Corporation: Product Portfolio
Table 108:    Topcon Corporation: Market Development
Table 109:    Topcon Corporation: Product Development
Table 110:    Topcon Corporation: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 111:    Trimble Inc.: Product Portfolio
Table 112:    Trimble Inc.: Market Development
Table 113:    Trimble Inc.: Product Development
Table 114:    Trimble Inc.: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 115:    Trimble Inc.: Mergers and Acquisitions
Table 116:    Valmont Industries: Product Portfolio
Table 117:    Valmont Industries: Market Development
Table 118:    Valmont Industries: Product Development
Table 119:    Valmont Industries: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 120:    Valmont Industries: Mergers and Acquisitions
Table 121:    Yara International: Product Portfolio
Table 122:    Yara International: Product Development
Table 123:    Yara International: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 124:    Yara International: Mergers and Acquisitions
Table 125:    Ag Leader Technology: Product Portfolio
Table 126:    Ag Leader Technology: Product Development
Table 127:    Crop Quest Inc: Product Portfolio
Table 128:    Crop Quest Inc: Market Development
Table 129:    DJI: Product Portfolio
Table 130:    DJI: Product Development
Table 131:    CropX Inc.: Product Portfolio
Table 132:    CropX Inc.: Business Model
Table 133:    CropX Inc.: Product Development
Table 134:    CropX Inc.: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 135:    CropX Inc.: Mergers and Acquisitions
Table 136:    DataFarming Pty Ltd: Product Portfolio
Table 137:    DataFarming Pty Ltd: Business Model
Table 138:    DataFarming Pty Ltd: Product Development
Table 139:    HUMMINGBIRD TECHNOLOGIES LIMITED: Product Portfolio
Table 140:    HUMMINGBIRD TECHNOLOGIES LIMITED: Business Model
Table 141:    HUMMINGBIRD TECHNOLOGIES LIMITED: Market Development
Table 142:    HUMMINGBIRD TECHNOLOGIES LIMITED: Product Development
Table 143:    HUMMINGBIRD TECHNOLOGIES LIMITED: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 144:    OneSoil: Product Portfolio
Table 145:    OneSoil: Business Model
Table 146:    OneSoil: Market Development
Table 147:    OneSoil: Product Development
Table 148:    OneSoil: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 149:    Sentera: Product Portfolio
Table 150:    Sentera: Business Model
Table 151:    Sentera: Partnerships, Joint Ventures, Collaborations, and Alliances
Table 152:    Sentera: Mergers and Acquisitions
Table 153:    Other Key Players in the Variable Rate Technology Market

Figure 1:    Global Variable Rate Technology Market, $Billion, 2021-2027
Figure 2:    Market Dynamics of the Global Variable Rate Technology Market
Figure 3:    Global Variable Rate Technology Market (by Application), $Million, 2021-2027
Figure 4:    Global Variable Rate Technology Market (by Technology), $Million, 2021-2027
Figure 5:    Global Variable Rate Technology Market (by Solution), $Million, 2021-2027
Figure 6:    Global Variable Rate Technology Market (by Region), $Million, 2021
Figure 7:    Global Variable Rate Technology Market Coverage
Figure 8:    VRT in Precision Agriculture Technology
Figure 9:    Functional Diagram of Variable Rate Technology
Figure 10:    Value Chain of the Global Variable Rate Technology Market
Figure 11:    Impact of Gaps in Variable Rate Technology Adoption (2021-2027)
Figure 12:    Adoption of Key Precision Agriculture Technologies by the U.S. and Other Global Countries, 2021
Figure 13:    Employment in Agriculture (Percentage of Total Employment), 2015-2019
Figure 14:    Share of Key Market Strategies and Developments, January 2019-June 2022
Figure 15:    Share of Product Developments and Innovations (by Company), January 2019-June 2022
Figure 16:    Share of Market Developments (by Company), January 2019-June 2022
Figure 17:    Share of Mergers and Acquisitions (by Company), January 2019-June 2022
Figure 18:    Share of Partnerships, Collaborations, and Joint Ventures (by Company), January 2019-June 2022
Figure 19:    Investment and Funding in Global Variable Rate Technology Market, January 2018-May 2022
Figure 20:    Share of Top Investors in the Global Variable Rate Technology Market, January 2018-May 2022
Figure 21:    Patents Filed or Granted for Variable Rate Technology Market, January 2018-May 2022
Figure 22:    Patents (by Patent Objective), January 2018-May 2022
Figure 23:    Patent Analysis (by Patent Office), January 2018-May 2022
Figure 24:    North America Variable Rate Technology Market, $Million, 2021-2027
Figure 25:    Competitive Benchmarking Matrix for Key Variable Rate Technology Providers
Figure 26:    Market Share Analysis of Global Variable Rate Technology Market, 2021
Figure 27:    Global Variable Rate Technology Market: Research Methodology
Figure 28:    Top-Down and Bottom-Up Approach
Figure 29:    Assumptions and Limitations

Market Report Coverage

Variable Rate Technology Market

Base Year

2021

Market Size in 2021

$2.02 Billion

Forecast Period

2022-2027

Value Projection and Estimation by 2027

$6.09 Billion

CAGR During Forecast Period

20.28%

Number of Tables

153

Number of Pages

236

Number of Figures

29

 

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

The top leading players include the public companies operating in the global variable rate technology market, which had a market share of around 62% in 2021. The rest of the market share, 38%, was taken by the private and start-up companies.

Some prominent names established in this market are:

Company Type 1: Public Companies
•    AGCO Corporation 
•    Climate LLC
•    CNH Industrial N.V.
•    Deere & Company
•    Farmers Edge Inc
•    Hexagon Agriculture
•    Kubota Corporation
•    Lindsay Corporation
•    Topcon Corporation 
•    Trimble Inc.
•    Valmont Industries
•    Yara International

Company Type 2: Private Companies
•    Ag Leader Technology
•    Crop Quest Inc
•    DJI

Company Type 3: Start-Up Companies
•    CropX Inc.
•    DataFarming Pty Ltd
•    HUMMINGBIRD TECHNOLOGIES LIMITED
•    OneSoil
•    Sentera

How Can This Report Add Value to an Organization?

Product/Innovation Strategy: The product segment helps the reader understand the different technologies used for variable rate application and their potential globally. Moreover, the study gives the reader a detailed understanding of the different solutions provided by the variable rate technology providers, such as hardware, software, and services. Compared to conventional agricultural methods, variable rate technology enables more exact targeting of the right quantity of planting and seeding operation at the right time and location, allowing farmers to save money by maximizing the use of their inputs.

Growth/Marketing Strategy: The global variable rate technology market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been product launch activities to strengthen their position in the global variable rate technology market. For instance, in March 2021, Deere & Company launched WeedSeeker 2, the next-generation spot spray system. When a weed passes beneath the sensor, it sends a signal to the sensor's attached spray nozzle, which delivers herbicide accurately and kills the weed, lowering the amount of chemical used by up to 90%.

Competitive Strategy: Key players in the global variable rate technology market analyzed and profiled in the study involve variable rate technology-based product manufacturers, including hardware, software, and service providers. Moreover, a detailed competitive benchmarking of the players operating in the global variable rate technology market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Industry & Technology Overview

Global Variable Rate Technology Market Overview

The global variable rate technology market was valued at $2.02 billion in 2021, and it is expected to grow with a CAGR of 20.28% during the forecast period 2022-2027 to reach $6.09 billion by 2027. The growth in the global variable rate technology market is expected to be driven by increasing demand for agricultural output and decreasing labor force in the agriculture industry.

Market Lifecycle Stage

The global variable rate technology market is still in the introductory phase in developing countries and reached the growth phase in developed countries. Globally, research and development activities are underway to develop highly productive variable rate technology products. The demand for variable rate technology is expected to increase in the future as the government across the nations are planning for sustainable agricultural production.

Tapping the smallholder farmer segment with affordable variable rate technology solutions for agricultural input application is one of the major opportunities in the global variable rate technology market. Many start-ups have been emerging across the global variable rate technology market with affordable variable rate technology software solutions to attain a competitive advantage by tapping the smallholder farmer segment.

Global Variable Rate Technology Market

Impact

•    The gap between the U.S. and other global countries in the pace of adoption of other precision agricultural technologies is relatively narrow. However, in the case of variable rate technology, the adoption rate is around 14.1%. Therefore, the global variable rate technology market players have room for growth across the U.S. and other global countries during the forecast period.
•    As per the World Bank data, the employment percentage in agriculture decreased by around 13% during 2000-2019. The steep decrease in the agricultural labor population has to be replaced with an efficient technological solution to bridge the supply and demand gap in the agricultural industry. Reducing the agricultural workforce and increasing labor costs is expected to bring more space for automation in the agriculture industry and, thus, the demand for variable rate technology.

Impact of COVID-19

The outbreak of COVID-19 made the farmers realize the benefits of investing in technologies rather than relying on the workforce, as they experienced the worst labor shortage during the pandemic, which negatively impacted overall production. Using variable rate technology in agriculture is a suitable solution to overcome these difficulties. Thus, COVID-19 has positively impacted the global variable rate technology market in the long run by making farmers realize the financial benefits of investing in variable rate technology.

Market Segmentation:

Segmentation 1: by Application
•    Variable Rate Fertilization (VRF)
•    Variable Rate Seeding (VRS)   
•    Variable Rate Irrigation (VRI) 
•    Variable Rate Crop Protection Chemical (VRC)     
•    Others 

The global variable rate technology market in the application segment is expected to be dominated by the variable rate fertilization segment during the forecast period. Rising awareness about the risk associated with the over-application of fertilizer to the soil and increasing fertilizer costs are the major driver which triggers the demand for variable rate fertilization in the global variable rate technology market.

Segmentation 2: by Technology
•    Map-Based Technology
•    Sensor-Based Technology

The global variable rate technology market is expected to be slightly more dominated by the map-based technology segment during the forecast period. The dominance of map-based technology is mainly due to the unavailability of appropriate sensors to collect soil and plant data.

Segmentation 3: by Solution
•     Hardware 
•     Software 
•     Service 

Based on solution, the hardware segment will dominate the global variable rate technology market during the forecast period. The requirements of high-cost components such as receivers, control systems, sensors, and others will make the hardware solution segment dominate the global variable rate technology market during the forecast period.

Segmentation 4: by Region
•    North America - U.S., Canada, Mexico, and Rest-of-North America
•    Europe - Germany, France, Italy, and Rest-of-Europe
•    Asia-Pacific and Japan - Japan, Australia, India, and Rest-of-Asia-Pacific and Japan
•    South America - Brazil, Argentina, and Rest-of-South America
•    China
•    Middle East and Africa - Israel, South Africa, and Rest-of- Middle East and Africa
•    U.K.

The U.S. generated the highest revenue of $569.7 million in 2021. The country has been experiencing a rapid growth rate in the past few years owing to rising high-value crop production as farmers enjoy short payback in variable rate technology investment for high-value crop production.

Recent Developments in the Global Variable Rate Technology Market

•    In August 2021, AGCO Corporation launched Massey Ferguson VE series planters that offer solutions for all growers from conventional to no-till operations requiring the most cutting-edge technology like variable-rate, high-speed planting, and individual row control.
•    In August 2020, Lindsay Corporation launched FieldNET with a water trend that provides growers with important crop water usage insights. It can incorporate satellite imagery, customize irrigation parameters, and receives continuously updated variable-rate irrigation prescriptions.
•    In November 2021, CNH Industrial N.V. acquired Raven Industries Inc. The acquisition was a significant step forward in CNH Industrial N.V.'s digital transformation and building on long-standing cooperation.
•    In January 2020, Lindsay Corporation partnered with Farmers Edge Inc to connect the digital platforms to give a fully integrated crop management software suite to Lindsay Corporation's producers and dealer networks.

Demand – Drivers and Limitations

Following are the demand drivers for the global variable rate technology market:

•    Rapid Adoption of Precision Agricultural Technologies
•    Need for Automation of Work Force in Agriculture
•    Need for Input Optimization in Agriculture

The market is expected to face some limitations too due to the following challenges:

•    Lack of Standardization Hampering VRT Performance 
•    High Cost of Investment
•    Lagging VRT Adoption among Smallholder Farmers

Analyst Thoughts

According to Rakhi Tanwar, Principal Analyst, BIS Research, "According to the U.S. Bureau of Labor Statistics, employment of agriculture workers is expected to grow only 2% between 2020-2030, which is slower than the average employment growth for all other occupations. Growing labor scarcity in the agriculture industry is one of the major drivers which is expected to accelerates the demand for variable rate technology in the forecast period.. The variable rate technology helps to automate the application of chemicals, fertilizers, irrigation water, and other farm inputs at different rates across the agricultural field without any manual intervention."

FAQ's

What is variable rate technology (VRT)?

Variable rate technology functions through variable rate application (VRA), which varies the agricultural input application rates, and avoids the time-consuming and human-error component that can arise when input applications are performed manually. The variable rate technology can adjust the rate at which agricultural inputs such as fertilizers, seeds, irrigation, and crop protection chemicals are applied throughout a field based on location and soil conditions.

What are the key trends in VRT?

The key trends in the global variable rate technology market include tapping the smallholder farmer segment with affordable VRT solutions and a growing emphasis on sustainable agriculture production.

What new strategies are being adopted by the existing market players to strengthen their market position in the industry?

The global variable rate technology market has seen major development by key players operating in the market, such as product launch activities, partnerships, collaborations, and joint ventures. According to BIS Research analysis, most companies preferred mergers and acquisitions and partnerships, collaborations, and joint ventures as a strategy to further increase their growth in the global variable rate technology market. Companies such as Valmont Industries, AGCO Corporation, and Farmers Edge Inc have majorly adopted mergers and acquisitions strategies.

For a new company looking to enter the global variable rate technology market, which areas could it focus upon to stay ahead of the competition?

New market entrants can reach and hold the market only by adopting strategies such as innovative or affordable product offerings. The new player can focus on product innovation in terms of manufacturing affordable products such as variable rate rest attack controllers to gain customer attention and market presence.

What is the USP of this report?

The following can be seen as some of the USPs of the report:

•    Extensive competitive benchmarking of the top 20 players (including established players and key start-ups operating in the market) to offer a holistic view of the global variable rate technology market landscape
•    Market ranking analysis based on product portfolio, recent development, and regional spread
•    Investment landscape including product adoption scenario and patent analysis
 

Who should buy this report?

The companies that manufacture and commercialize variable rate technology products include device or component manufacturers, software providers, and service providers.

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