The global agriculture drone market in 2020 is estimated at more than US$ 1.3 Bn
Brooklyn, New York — A report on Agriculture Drone Market has been appended into the market research report database of Reports and Insights, in recent times, that promises to offer a complete analysis to its readers on the growth forecasts and development prospects of the market, together with the potential business opportunities in the industry. The study, which emphasizes the most recent business dynamics, trends, growth drivers and opportunities that are impacting the market growth, also comprises the market size and the compounded average growth rate (CAGR) for the projected period 2022 and 2030. The report on Agriculture Drone Market also incorporates an in-depth assessment on both the macro- and micro-environmental factors that are likely to impact the market growth over the forecast period. In addition to that, analytical tools such as Porter’s five forces analysis and PESTEL analysis are utilized to reckon and gather the factors that are playing the role of the driving force for the growth of the market.
The global agriculture drone market in 2020 is estimated for more than US$ 1.3 Bn and expected to reach a value of US$ 10.5 Bn by 2028 with a significant CAGR of 35.6%.
Agricultural Drone Introduction
The agriculture industry is considered the most promising industry as it holds the responsibility to feed the constantly increasing population all across the world. The agricultural sector has been witnessing plentiful obstacles and disputes from the scratch such as unavailability of skilled laborers or farmers, extreme weather situations, lack of amount and ineffective functions of fertilizers, diseases, infections, allergies, and other health issues because of chemical application such as pesticides, fungicides, insecticides or animal/insect sting.
Although these days, the agriculture industry is fixated on evolving by employing better and technologically advanced equipment. The agricultural drone is an unmanned flying wagon, which has the potential to keep an eye on the growth of crops and elevate crop production.
The innovative technology is embedded with smart sensors as well as the capacity of digital imaging, which assists the farmers to monitor the field with an elevated view and cuts the complexities such as fungal and pest infections, irrigation issues, fluctuations within soil and many more.
Agricultural Drone Market Dynamics
The surging need for an abundant food supply coupled with the constantly rising world’s population is majorly propelling the growth of the global agricultural drones market. In addition to that, agricultural drones have the capacity to assist farmers in monitoring the fields, upsurge the crop production, and keep the crops healthy and infection-free, which in turn has accelerated the demand for agricultural drones in the global market.
Owing to this, the agricultural drones market is expected to boost in the forthcoming years. On top of that, the growing trend of precision farming, in recent times, is also projected to give a breakthrough to the growth of the agricultural drones market in the near future, owing to the soaring need for field mapping that helps in overseeing the health and conditions of crops with various soil types in a precise manner.
By the same token, the abundant funding from several governments from all across the world with regard to the adoption of smart agricultural techniques is also acting as a positive driver in order to further fuel the growth of the global agricultural drones market in the coming years.
However, the lack of knowledge among the farmers and the huge cost of agricultural drones across the world may hold back the growth of the global agricultural drones market during the forecast period.
The agriculture drone market is expected to increase at a significant CAGR over the forecast period owing to the growth of advanced software solutions that are available for data Analytics and field service, supportive government policies and incentives in order to promote the agricultural sectors, and growing awareness about the benefits of agricultural drones.
Agriculture Drone Market Key Players
Some of the key participating players in the agriculture drone market are:
ï‚§ Trimble Inc.
ï‚§ Parrot Drones
ï‚§ AeroVironment, Inc.
ï‚§ Yamaha Motor Corp.
ï‚§ AgEagle Aerial Systems, Inc.
ï‚§ OPTiM Corp.
ï‚§ Sentera Inc.
ï‚§ ATMOS UAV
ï‚§ Nileworks Inc.