Agriculture Drone Market: Innovations Shaping the Future of Farming
The global agriculture drone market size was valued at USD 4.17 billion in 2022. The market is projected to grow from USD 4.98 billion in 2023 to USD 18.22 billion by 2030, exhibiting a CAGR of 20.3% during the forecast period. Agriculture drones are Unmanned Aerial Vehicles (UAVs) designed especially for use in farming and agricultural applications. They are equipped with advanced imaging technologies and sensors, such as LiDAR, cameras, and multispectral sensors, which enable them to gather data on soil, crops, and other factors that affect agricultural production. This information is provided by Fortune Business Insights, in its report titled, “Agriculture Drone Market, 2023-2030.”
List of Key Players Mentioned in the Report:
[if !supportLists]• [endif]Drone Deploy (U.S.)
[if !supportLists]• [endif]DJI (China)
[if !supportLists]• [endif]Precision Hawk Inc (U.S.)
[if !supportLists]• [endif]AeroVironment Inc. (U.S.)
[if !supportLists]• [endif]Trimble Navigation Ltd. (U.S.)
[if !supportLists]• [endif]3D Robotics (U.S.)
[if !supportLists]• [endif]Ag Eagle (U.S.)
[if !supportLists]• [endif]Parrot Drone (France)
[if !supportLists]• [endif]Sintera LLC (U.S.)
[if !supportLists]• [endif]Delair Tech SAS (France)
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/agriculture-drones-market-102589
Segments:
Rotary Drone Segment to Dominate Due to Improved Structural Benefits
Based on type, the market is split into fixed wing, rotary wing, and hybrid. Among these, the rotary wing segment captured the largest agriculture drone market share in 2022. Rotary wing drones are available in a variety of designs and sizes. The enhanced structural benefits of the segment are aiding growth of this segment.
Hardware Segment to Lead Stoked by the Improved Ability to Collect and Process Data
As per component, the market is bifurcated into hardware and software. The hardware segment held majority of the global market share in 2022 owing to the improved capability of hardware components to collect and process the data and enable farmers to make informed decisions.
Frames Segment to Hold Major Share Due to Surging Demand for Robust Frame Structures
According to hardware, the market is divided into frames, control systems, propulsion systems, navigation systems, payload, avionics and others. Among these, the frame segment captured a significant market share in 2022 backed by the rising need for robust frames to support the drone’s hardware components, Moreover, industry leaders are focused on producing non-breakable frames, further aiding segment growth.
Imaging Software Segment to Capture Largest Share Due to its Ability to Help in Quick Problem Solving
The market by software is arrayed into imaging software, data management software, data analytics software, and others. Imaging software segment held the largest market share in 2022 as it enables the operator to detect and respond to the potential problems early, thus decreasing the risk of crop loss and improving yields.
Field Mapping & Monitoring Segment to Lead Due to Availability of Better Equipment
By application, the market is segregated into field mapping & monitoring, crop spraying, crop scouting, variable rate application, livestock monitoring, and others. The field mapping & monitoring segment dominated the market in 2022 owing to the availability of better high-tech camera equipment to monitor crops.
Geographically, the market is segregated North America, Europe, Asia Pacific, and the Rest of the World.
Drivers and Restraints:
Rising Support by Various Governments for Agriculture Drones to Propel Market Expansion
Governments across the world are announcing several policies and initiatives to support agriculture drone adoption. This includes R&D grants, tax incentives, subsides, regulatory frameworks, training and education, and others. For instance, in April 2022, the U.S. Department of Agriculture received a grant for USD 1 million for innovations in digital agriculture. By providing regulatory and financial support, governments are helping to make UAVs more accessible to farmers while also ensuring that they are used in a safe and responsible way.
On the other hand, concerns regarding data overload and inaccuracies in collected data due to hardware or software issues and environmental factors will pose as challenges for businesses operating in this domain.
Regional Insights:
Europe to Hold Largest Share Backed by Strong Research and Development Facilities
Europe captured a significant global market share in 2022 owing to the surging demand for the drones, rising funding, and strong research and development capabilities of the region. Moreover, the growing number of startups such as Gamaya, Delair, Accelerated Dynamics, and others will further aid regional market expansion.
Meanwhile, Asia Pacific is projected to record the highest growth rate in the forecast timeframe due to presence of large agricultural countries such as India, Indonesia, China, and others. The rising demand for UAVs from these countries and growing focus of market players on developing advanced products will further facilitate regional market expansion.
Competitive Landscape:
Innovative Product Launches by Leading Companies to Drive Market Expansion
Industry leaders usually make tactical moves such as collaborations, partnerships, mergers and acquisitions, and product launches to hold a dominant share in the global market. For example, in November 2021, XAG announced its plans to launch its P40 and V40 agricultural drones worldwide, thus bringing digital agriculture to rural areas with geriatric populations and poor infrastructure. The XAG V40 and P40 are fully autonomous drones capable of mapping, spraying, and farm broadcasting.
Key Industry Development:
March 2023 – Avikus and Korea Shipbuilding & Offshore Engineering, a subsidiary of Hyundai, entered into an agreement to carry out an experiment on fuel efficiency by implementing self-governing navigation systems. The venture incorporates five firms, Pan Ocean, POS SM, Korea Shipbuilding & Offshore Engineering, Avikus, and Korean Register of Shipping.