Variable rate fertilization (VRF), variable rate seeding (VRS), variable rate irrigation (VRI), variable rate crop protection chemical (VRC), and others are some application segments in the global variable rate technology market. During the projected period, VRF is anticipated to have a dominant market share in the global variable rate technology market. North America, South America, and China are likely to have high CAGR growth in VRF, as these countries are focusing on avoiding excessive fertilization to retain soil fertility. VRS is predicted to acquire incremental market share in the global variable rate technology market from 2021 to 2027 due to its rising adoption to offset growing agricultural seed costs.
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The input for variable rate controller is feasible by adopting either of the two technologies, i.e., map-based and sensor-based technology. The map-based technology is expected to hold dominating market share in the global variable rate technology market during the forecast period. This is mainly due to inexpensive initial investment costs (compared to sensor-based technology) and reliable results from using numerous data sources to create the prescription map.
The map-based technology is expected to have incremental market share in developing countries such as India, Brazil, and others as it makes input data collection in VRT affordable through the use of satellite imagery. Sensor-based technology, on the other hand, is predicted to gain market share in developed nations such as the U.S. and the U.K. due to its accurate and time-efficient output generation.
North America and Europe are expected to register the highest demand for variable rate technology during the forecast period. Variable rate technology is anticipated to grow rapidly in these regions because of rising agricultural input costs, particularly fertilizer costs, and growing average field size. Growing average field size or small farm consolidation would pave the way for VRT deployment by shortening the VRT payback time due to large-scale farm productivity.
Variable rate technology is progressively being more widely used in Asia-Pacific, Japan, and South America as a result of increased research and development efforts as well as experimental field studies by institutions and government organizations to assess the economic benefits of the VRT. The use of variable rate technology in China is rising due to the provision of technical training for farmers to use cutting-edge precision agricultural technologies, including VRT. In the Middle East and Africa and the U.K., the rapid growth of start-ups and the need for food production with effective input utilization to reduce production costs require the adoption of variable rate technology, thereby fueling the market.
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The global variable rate technology market is highly consolidated, with a small number of dominant established players and a smaller number of rising start-ups. The market participants compete based on product offerings, price, innovative solutions, and service customization. When it comes to product offerings, the players on the market are offering solutions that may meet the needs of various crop kinds and uses. In terms of pricing, due to the long lifespan and high component price used in hardware, the VRT providers can only leverage software and service pricing to achieve market leadership.
