The increasing demand for food owing to the rising population and advancement in technology is fueling the market growth.
New York, July 10, 2019 (GLOBE NEWSWIRE) -- Market Size – USD 1.19 Billion in 2018, Market Growth - CAGR of 22.6%, Market Trends – Digitalization of the agricultural sector.
The Global Agriculture Drone Market is forecast to reach USD 6.52 Billion by 2026, according to a new report by Reports and Data. Agriculture drones are unmanned aerial vehicles (UAV) primarily used to perform the survey of farms. This technology aids the agricultural decision in collecting information, storing it for future use, combining it, and using for analysis. They also help in maintaining the precision of the level of insecticides and pesticides used on the crops. They also monitor the irrigation system and the performance of the labor.
Factors boosting the market growth are the high awareness about agricultural drones, investment into venture funding, and advancement in farming technology that boosts productivity. Increase in demand for high yield and initiatives taken by the government to support the agricultural sector will encourage the growth of the market.
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Drones provide quick information, have a low cost of operations, and can readily access to areas that are hard to reach by cars and boats. However, drones are limited by weather conditions such as the speed of the wind.
However, lack of trained pilots and air traffic management are hampering the growth of the market. Revolution of the farming sector from traditional to digitalization will increase the demand for software used to design and maintain drones, especially in emerging nations such as China and India.
Further key findings from the report suggest
Drones provide quick information, have a low cost of operations, and can readily access to areas that are hard to reach by cars and boats.
Hardware segment held a market share of 53% in the year 2018. Amazon on June 5, 2019, announced to release its latest hybrid drone that uses a combination of thermal cameras, depth cameras and sonar to detect any hazards.
The onboard cameras can identify the obstacle and navigate around them with the help of machine learning.
Software and services segment under component is segmented into imaging software, data management software, data analytics software, and others. It is anticipated to have the highest CAGR of 23.3% during the forecast period.
Increase in development and widespread use of drone technology, availability of high-resolution images used for various tasks such as maintenance, surveying, mapping, and monitoring is boosting the market growth.
Various types of software are available that offer intelligent data analysis solutions to make unstructured drone data “actionable” and gain meaningful insights without time-consuming manual analytics.
The navigation system has a CAGR of 22.6% during the forecast period. A drone with a well-equipped GPS, high imaging camera, and an autopilot system provides plenty of aerial shots.
Field Mapping instantly captures a 2D, low-resolution field map as the drone flies so that farmers can make crop management decisions on the spot. This has made it easier for farmers to quickly identify crop stress and stomp out problem areas before they spread.
Field mapping held the largest market share of 21% in the year 2018, with a CAGR of 23.3% during the forecast period.
North America held the largest market share of 25% in the year 2018. This growth is mainly due to the exemption from the Federal Aviation Administration (FAA) under the part 107 rule, which is encouraging the adoption of the drone in the agricultural sector. The exemption is attracting increased investment from venture capitalists in the market.
Key participants include Honeycomb Corporation, Parrot SA, Ageagle LLC, DJI Technology, AeroVironment Inc., Yamaha Motor Co. Ltd., Ursula Agriculture, Delair-Tech SAS, Trimble Navigation Limited and Precisionhawk, among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/agriculture-drone-market
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global agriculture drone market on the basis of Component, Integrant, Application, and Region:
Component Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
Software and Services
Integrant Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
Application Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
Regional Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
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