ID: MRFR/A&D/2063-HCR | 100 Pages | Published By Swapnil Palwe on March 2023
The agricultural drone market share is anticipated to grow from USD 4.1 Billion in 2020 to USD 8.3 Billion in 2028, with a compound annual growth rate of 27.4% during the period of assessment.
$8.3 Billion
27.4%
North American
2020-2028
Agricultural Drone Market Overview
The agricultural drone market share is anticipated to grow from USD 4.1 Billion in 2020 to USD 8.3 Billion in 2028, with a compound annual growth rate of 27.4% during the period of assessment.
Agricultural drones are unnamed aerial vehicles that are used to survey farms. It helps the farmers in collecting, storing, and then examining it to monitor irrigation management. These drones help in precision control over the use of chemicals and fertilizers which found their application in the plantation of crops. With the help of these drones, the farmers can get an actual viewpoint of their field and proceed accordingly.
Covid-19 Analysis
The coronavirus pandemic has given a very hard time to most of the manufacturing, developing, production, and logistic units of the market. Due to this pandemic situation, restrictions were imposed by the government of different countries. The response to this pandemic situation by the government of different countries has disrupted the manufacturing and global supply chains of every single material used in the manufacturing of such types of drones. Also if this pandemic situation exists for a long period then it is anticipated that there will be a shortage of these drones and the material of which they are made in the market. But on the other hand, the already existing drones in the market are being used regularly and more demand for such drones is balancing the losses suffered by the key players of this market. It is anticipated that once these restrictions are lifted this industry will witness massive growth in a very short period.
Market Dynamics Drivers
Various functions like field mapping & crop-spraying cannot be performed precisely by the labor. In addition to it reduced costs of human error and allowing the farmers to react promptly to certain threats like drought conditions. These are major factors that are responsible for the growth of this industry. With the help of these drones, the farmers can enhance their income and get good returns on their investment which in turn is another element that will enhance the expansion of this industry. The benefits attached with the use of such drones is that cost of operation is very low, provides the information very quickly, and also have the potential to access the areas that are out of the reach of car and boats. The revenue generated by the agriculture sector is about 2.4 trillion every year and it will be enhanced by 18% by 2028 due to the growth of the agricultural drone market.
Restraints
Safe and economical air transportation is very closely related to air traffic management. Different development programs for these agricultural drones are quickly moving towards the operational stage. With the increasing number of agricultural drones in the market, an efficient air traffic management system is required to avoid collisions and accidents. This is one of the major factors that may hamper the growth of this market. Every type of agricultural device including agriculture drones communicates with each other through various interfaces, protocols, and technologies. Sometimes due to the absence of these communication interfaces and protocols, the data collected may be misrepresented and that is another factor that may act as a barrier in the expansion of this industry. Lastly, the use of these drones is limited by severe weather conditions like wind speed and gusts. This is another element that may hamper the growth of this agricultural drone market.
Technology Analysis
Many companies are focusing on managing air traffic which is probably responsible for most of the drones collisions and accidents. Also, the key players of this market are focusing manufacturing drones have high range and can reach out and analyze bigger area. Also, the new upcoming drones are coming with soil testing features and can capture the images of agricultural fields and automatically store them to the cloud drive of the user’s mobile phone. In addition to that these drones can detect weather conditions and leaks in the water distribution system.
Study Objectives
Segment Overview
Agricultural drone market share is anticipated to witness significant growth owing to the performance of different market segments. Among these, the propulsion segment will be the fastest-growing and also contribute towards this market growth more than any other segment. The reason behind the growth of this segment is that a better propulsion system increases the mobility of drones which is essential for proper and precise monitoring of the field and the yield. Also, the hardware segment will highly contribute towards the growth of this market as with the help of this system the drones can spend more time in the air. The field mapping segment will also witness good growth during the assessment period due to the rising adoption of drones in achieving precision farming. For an amplifying use the market has been segmented into the following on different bases:
Based on the type of system, it has a controller, camera, propulsion, and navigation system.
Based on application, it has field mapping, crop scouting, crop spraying, livestock monitoring, agricultural photography, and variable rate application.
Based on the type of component, it has hardware and software. The hardware segment is further segmented into fixed-wing, hybrid, and rotary wings. Also, the software segment is further classified into data analysis, imaging software, and data management.
Regional Analysis
The agricultural drone industry movement is remarkably working in 6 major regions of the world that is North America, South America, Asia Pacific, Europe, and the Middle East & Africa. Among all these regions, the North American region will dominate this market, and the reason attributed to it is the rising demand for the cultivation of high-value crops such as garlic, herbs, and wine grapes. Also, the increasing adoption of smart agriculture techniques is another factor responsible for the growth of this industry in this region. The Asia Pacific region will be the second-largest market due to the rising population and availability of ploughable farms in this region.
Competitive Landscape
To get a detailed and profound idea about the agricultural drone market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the country. All the market players are competing with each other globally in the international markets by implementing various types of strategies such as product launches and upgrades, mergers and acquisitions, partnerships, etc. The prime players of this market include:-
Recent Developments
Intended Audience
Report Overview
The agricultural drone industry report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The report discusses the impact of covid-19 on the key players of this market. The report also tells about the market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in this industry.
The expected CAGR growth would be 27.4%.
USD 8.3 Billion will be the market valuation by 2028.
The North American region is likely to have the maximum growth.