Agriculture Drone Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights™
Agriculture Drone Market size is
projected to reach USD 3,697.4 million by 2027, exhibiting a
CAGR of 18.14% during the forecast period. The emergence of startups
specializing in developing unmanned aerial vehicles (UAVs) for agriculture will
significantly enhance the potential of the market.
Fortune Business Insights™ shares this
observation in its report, titled “Agriculture Drone Market Size, Share & COVID-19 Impact Analysis, By Type
(Fixed Wing, Rotary Wing, and Hybrid), By Components (Hardware [Frames, Control
Systems, Propulsion System, Navigation System, Payload, Avionics, Others] and
Software [Imaging Software, Data Management Software, Data Analytics Software,
Others]), By Application (Field Mapping & Monitoring, Crop Spraying, Crop
Scouting, Variable Rate Application, Livestock Monitoring, Others), and
Regional Forecast, 2020-2027”.
Agriculture drones have proved to be
immensely successful in raising farm yields around the globe. Given the
lucrative opportunities, several startups have cropped up in this domain,
developing UAV solutions tackling the different aspects of farming operations.
For example, Gamaya, a Swiss startup, is focused on boosting productivity and
scalability of small farms by using advanced mapping and diagnostic systems,
enabling farmers to efficiently manage their farms. Another example is HummingBird
Technologies, a UK-based startup, which develops drones with customized sensors
with machine learning algorithms and computer vision to gather accurate data
and imagery to aid precision farming. Advancements made by these and many more
such startups worldwide will create fertile ground for the growth of this
market.
The explosion of the COVID-19 pandemic
has brought the global economy on the precipice of an unforeseen recession.
Businesses are stumbling owing to the sharp economic downturn, with some suffering
more than the others. We aim to equip businesses with quantitative and
qualitative impact analysis of the current pandemic on different markets, based
on our expertise and experience in market intelligence.
The report states that the global
market value stood at USD 1,021.1 million in 2019. It also
offers the following:
- Unparalleled insights into the factors driving and constraining
market growth;
- In-depth & piecemeal analysis of the market segments;
- An exhaustive examination of the regional dynamics impacting the
market; and
- Detailed profiling and study of the key market players and their
strategies.
Market Driver
Skyrocketing Demand for Food Worldwide
to Propel the Market
The most critical factor driving the
agriculture drone market growth is the expected levels of demand for food and
grains worldwide in the next few decades. According to the UN, by 2050, the
world population will reach 9.1 billion, with sub-Saharan Africa’s population
projected to grow the fastest. To meet the food requirements of this surging
number of people, the Food and Agriculture Organization (FAO) estimates that
the overall food production will need to rise by 70% and production in
developing countries will need to double from the current levels. Agriculture
drones will play a central role in supporting the efforts of governments in
elevating their farm yields. These UAVs offer wide-ranging and decisive
advantages to farmers, who can make enormous gains from these machines. For
example, drones equipped with smart sensors can enable farmers to collect
accurate information on soil conditions. Drones can also spray crops with
insecticides and pesticides, thus minimizing farmers’ contact with these
harmful chemicals.
Regional Insights
Quick Adoption of Advanced Drones for
Agriculture to Feed Market Growth in North America
North America, with market size of USD
367.6 million in 2019, is anticipated to lead the agriculture drone market
share during the forecast period. This is mainly attributable to the rapid
uptake of advanced UAVs by farmers in the region to increase farm output.
Complementing this is the framing of friendly policies by lawmakers in the
region supporting the deployment of commercial drones and small UAVs for
agricultural activities.
Asia Pacific is expected to generate
tremendous growth opportunities for this market as the countries in the region
are heavily dependent on agriculture and are making massive investments to make
agriculture more technology-driven. In Europe, the ability of farmers to
utilize drone technology for better farm yields will augur well for the market.
Competitive Landscape
Leading Players to Focus on Tapping
Innovation Opportunities
Key companies are concentrating all
their energies towards exploiting the wide opportunities for innovation to diversify
their portfolios and entrench their position in the market in the process.
Moreover, companies are also exploring avenues to enter and expand into
developing economies, in a bid to broaden their business horizons.
List of Key Players Covered in the
Agriculture Drone Market Report:
- Delair Tech SAS (France)
- Parrot Drone (France)
- 3D Robotics (the US)
- AeroVironment Inc. (the US)
- GoPro (the US)
- Drone Deploy (the US)
- Sintera LLC (the US)
- Ag Eagle (the US)
- Trimble Navigation Ltd. (the US)
- Precision Hawk (the US)
- DJI (China)
Industry Developments:
- April 2020: DJI,
the Chinese drone maker, released its new offering called the “Mavic Air
2” drone, the successor to the company’s 2018 Mavic Air drone. The new
product comes in two variants, the standard and the Fly More, with both
being available for immediate purchase in China.
- September 2019: AeroVironment
launched the enhanced, next-gen version of its flagship Quantix VTOL
hybrid drone and the AeroVironment Decision Support System for precision
farming. Equipped with sensors and multispectral imagery capabilities,
Quantix is designed to perform crop scouting and can survey up to 400
acres within 45 minutes.
Browse Detailed Summary of Research
Report with TOC:
https://www.fortunebusinessinsights.com/agriculture-drones-market-102589
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Agriculture
Drone Market
- Impact of COVID-19 on Global Agriculture Drone Market
- Steps Taken by Industry/Companies/Governments to Overcome the
Impact
- Key Developments in The Industry in Response To COVD-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
- Global Agriculture Drone Market Analysis, Insights and Forecast,
2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Fixed Wing
- Rotary Wing
- Hybrid
- Market Analysis, Insights and Forecast – By Components
- Hardware
- Frames
- Control System
- Propulsion System
- Navigation System
- Payload
- Avionics
- Others
- Software
- Imaging Software
- Data Management Software
- Data Analytics Software
- Others
TOC Continued…!
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