Variable Rate Technology Market Business Strategies | Product Developments and Innovations

Increasing average farm size and raising agricultural input costs are the key driving factors that make food producers adopt variable rate technology (VRT). A farm's operating expenses are called input costs, and they include the initial investments required to start producing. These include products such as fertilizer, pesticides, seeds, and other supplies used in production.

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The supply chain disruption (because of labor shortages) caused by the COVID-19 pandemic, followed by the worldwide lockdown, has raised farmers’ awareness of the importance of investing in autonomous technology to ensure ongoing production operations even during such crises.

The countries such as the U.S., China, Australia, and the U.K. are at the forefront of the adoption of variable rate technology. The farmers are looking for customized variable rate technology solutions that can satisfy their specific field requirements. For example, certain fertilizers or herbicides can be administered at the pre-emergence stage (before the seeds germinate), while others can be used in-season, and yet others can be applied just in time using weather monitoring to reduce risks.

Many VRT software start-ups are entering the market with low-cost pricing models, making map-based VRT technology available to smallholder farmers as well. For instance, OneSoil is a startup in the variable rate technology market. The company aims to develop technologies that will be accessible to small to large-scale farm producers. OneSoil offers a Scouting mobile app for field monitoring and an online application that assists in calculating fertilizers for variable rate applications. These applications are available for free download and usage, making them a valuable resource for farmers that don’t have access to specialized onboard computers and other equipment.

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The market growth is highly impacted by the rising requirements of food demand, reducing water resources and cropland area, agricultural labor shortage, and rising agricultural input costs.

The various opportunities in the global variable rate technology market are tapping the smallholder farmer segment with an affordable variable rate technology solution along with growing government emphasis on sustainable agricultural production. Smallholder farmers are being compelled to adopt precision agriculture technologies such as variable rate technology to meet the expanding food demand. Software manufacturers in the global variable rate technology market may take advantage of this by developing affordable VRT solutions that are tailored to the requirements of smallholder farmers. Variable rate technology has a substantial influence on environmentally sustainable agricultural production, except for a general drop in agricultural input prices and an increase in gross margins. The variable rate method lowers nitrogen levels in agriculture by streamlining fertilizer use and distributing fertilizer more effectively in accordance with the field's potential for yield.

In the long run, the impacts of the COVID-19 pandemic are projected to boost the rate of variable rate technology adoption. Farmers have realized the necessity to invest in technology rather than relying only on labor because of the pandemic since they had the greatest labor shortage during the pandemic, which had a negative effect on overall agricultural productivity in 2020.

Bis Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.