Agricultural Drones: How Drones Are Revolutionizing Agriculture and How to Break into this Booming Market across whole globe.
Drone technology is a phenomenal innovation that continues to have far-reaching effects across today’s society, transforming our lives and the way we do business.
The agricultural industry seems to have embraced drone technology with open arms, using these advanced tools to transform modern farming.
High-tech drones allow farmers, and the drone pilots that operate them, to increase efficiency in certain aspects of the farming process. From crop monitoring to planting, livestock management, crop spraying, irrigation mapping, and more.
Below we dive deep into the agricultural drone market and its many applications, along with a look at the future of this exciting industry and what you can do to get started as an agricultural drone business.
UNDERSTANDING THE AGRICULTURAL DRONE MARKET
The global agriculture drones market size was valued at $0.88 billion in 2020, and is projected to reach $5.89 billion by 2030, registering a CAGR of 22.4% from 2021 to 2030.
The emergence of COVID 19 has declined the growth of Agriculture Drone Market in 2020 and is estimated to witness slow growth till the end of 2021 due to implementation of partial and complete lockdown across various countries globally.
Agriculture drones are spray drone enhanced unmanned aerial vehicles designed to optimize agriculture operational efficiency, crop production, and monitoring over crop growth. Further, drone sensors and digital imaging capabilities are intended to offer farmers a richer picture of their fields. Furthermore, sudden climate changes globally are creating new layers of complexity in the agriculture industry, which boosts the need for advanced solutions such as agriculture drones to improve crop yield and firm efficiency. Moreover, aerial view provided by drone farming can reveal various issues such as soil variation, irrigation problems, and fungal infestations act as a set of instructions used in agriculture to survey crops to rapidly identify problems.
The global supply chain is at an all-time high, and commodity prices at are an all-time low because of rising demand for food production and consumption, propelling the need for a modern farming solution across the agriculture industry globally. Further, drones globally have revolutionized the agriculture industry by offering enhanced efficiency, cost-saving, and more profitability. In addition, the global agriculture drone market is still in its nascent stage; however, breakthroughs in drone technology are expected to fuel the agriculture drones market growth in the coming years.
The agriculture drone market is segmented based on offering, components, and application. On the basis of offering, the market is fragmented into hardware and software. The hardware segment dominated the market, in terms of revenue in 2020, and is expected to follow the same trend during the forecast period. Based on component, the market is segregated into camera, batteries, navigation system, and others. The camera segment was the highest revenue contributor in 2020, and is anticipated to garner significant market share during the forecast period. Based on hardware type, the market is fragmented into fixed wing, rotary wing, and hybrid wing. The fixed wing segment dominated the market, in terms of revenue in 2020, and is expected to follow the same trend during the forecast period.
From application, the market is fragmented into precision agriculture, livestock monitoring, smart greenhouse, irrigation, and precision fish farming.
The agriculture drones market share of precision agriculture segment garnered the highest in 2020, and is expected to grow at a high CAGR from 2021 to 2030.
Top Impacting Factors
Significant factors that impact growth of the global agriculture drone market include increase in number of prime vendor investments in the agriculture industry, coupled with availability of software solutions for data analytics and field survey. However, surge in air traffic management for commercial drone regulations across the globe is acting as a major barrier for early adoption, which hampers growth of the market. On the contrary, rise in number of aerial data collection tools in the farming industry is anticipated to provide remunerative opportunities for expansion of the agriculture drones industry during the forecast period.