A recent report published by Infinium Global Research on agricultural drones market provides in-depth analysis of segments and sub-segments in the global as well as regional agricultural drones market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional agricultural drones market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global agricultural drones market. According to the report, the global agricultural drones market is projected to grow at a CAGR of 32.7% over the forecast period of 2020-2026.
An agricultural drone is an unmanned aerial vehicle used to help optimize agriculture operations, crop production, and monitor crop growth. The benefits offered agriculture drone such as a better understanding of the situation, gathering information, and analyzing crops helps in improving crop yields and farm efficiency. Adoption of the agricultural drone can increase crop yields, save time, reduce expenses and act with unparalleled accuracy and precision. Additionally, the current concern over the spread of coronavirus is also expected to have a positive impact on the agricultural drone market.
Although several firms and whole industries have collapsed in the wake of coronavirus, the agriculture industry is holding firm. Traditional agriculture is actually turning to agtech faster than ever before to adapt to resource issues. Even though the supply chain has been facing disruptions, the ongoing domestic demand for food will remain and food and agribusiness sectors are increasing their capabilities to respond to the crisis. Due to the current situation, robot and drone agtech startups have also seen huge increases in demand. For instance, XAG, a major agricultural drone maker also reported that the company delivered 4,000 units of their newly released agricultural drones in the first two months of 2020. Moreover, Agtech startups will also be further strengthened as several countries seek to increase domestic production and limit imports.
The global agricultural drones market is driven by factors such as rapid technological advancement in agriculture, cost-effective and efficient solutions for drones, and a significant drop in labour requirements. Moreover, agriculture drones technology is based on the internet of things (IoT) which helps improve agriculture yield and reduce crop damage. Rapid growth in digital agriculture and its related technologies such as yield mapping, GPS guidance systems, soil management, and remote analysis will propel the demand for market growth. However, inefficient security and privacy settings are the prime restraint that is likely to hamper the growth in the market. Furthermore, the growing adoption of automation, robotics, and artificial intelligence by the agriculture sector for analyzing crop quality will offer lucrative opportunities in the forecast period.
Geographically, North America generated the largest revenue in the agricultural drones market in 2019 and is expected to continue its dominance over the forecast years. Factors such as growing demand for technologically advanced agricultural equipment and increasing adoption of precision farming as well as digital farming in this region increase demand for the agriculture drone market. Furthermore, the region will offer several growth opportunities to market vendors in the forecast period. Moreover, the Asia Pacific region is anticipated to grow with the fastest CAGR owing to growing consumer awareness about the benefits associated with an agricultural drone in farming and crop management.
The report on the global agricultural drones market covers segments such as type, component, and application. On the basis of type, the sub-markets include software and hardware. On the basis of component, the sub-markets include frame, camera system, controller system, battery, propulsion system, and navigation system. On the basis of application, the sub-markets include variable rate application (VRA), crop scouting, livestock, field mapping, and agriculture photography.
The report provides profiles of the companies in the market such as Yamaha Motor Corporation (precision agriculture), DJI, GoPro, BlueSKy, Aeryon Labs, Aeryon Labs, Aero Vironment, AgEgle, Airware, and Boening.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the agricultural drones market. Moreover, the study highlights current market trends and provides forecasts from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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