Shibuya-ku, Tokyo, Japan, Japan, Jan 18, 2022, 23:10 /Comserve / — According to Research Dive analysis, the global agriculture drones market is estimated to generate a revenue of $6,244.5 million by 2028, increasing from $1,480.5 million in 2020, at a healthy CAGR of 19.2%.
Impact Analysis of COVID-19 on the Agriculture Drones Market:
In 2019, COVID-19 pandemic had a huge economic, social, and political impact on people and industries across the world. The negative impact on agriculture growth reduced the demand for agriculture tools and equipment as a result in last couple of years. However, digitalization and automation have become ever more necessary in every industry. Due to a prolonged drop in food crop prices, farmers have lowered their expectations for using agricultural drones . However, after the slowdown in COVID-19 pandemic, drone business has gained momentum since the economy has returned to normalcy. Furthermore, Agritech companies have developed a number of innovative farming practices by utilizing wireless platforms, such as drone technology, in order to improve agriculture productivity. Following Covid-19, several companies are expected to move towards indigenization, looking for modes to set up facilities in their own countries to manufacture as many drone components as feasible. Furthermore, the market is likely to witness new sensors and other power electronics technology partnerships.
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Agriculture Drones Market Analysis:
According to the United Nations (UN) estimates, the global population will reach 9.7 billion by 2050, and to feed this population, food production needs to increase by at least 70%. Agriculture is becoming economically unviable and inefficient due to traditional farming techniques and decreasing farm labor availability. Therefore, modernization and automation in agriculture have become positive trends, as they are the only ways to feed a massive population.
However, some restraints such as lack of standardization of communication interfaces and stringent laws & regulations regarding prohibition of flying commercial drones in public places can impede the market growth over the forecast period.
Agriculture will be the second-largest segment amongst drone applications worldwide owing to the enormous potential for spraying crops and imagery that would allow for the detection of instances where water, fertilizer, or pesticides would need to be utilized on crop fields. Furthermore, drones will be instrumental in aiding precision agriculture devices, involving the analysis of data on many elements of farm areas in order to boost productivity. Farmers would be able to respond to crop difficulties in a more precise manner, eliminating the need to treat the entire field. Aside from increasing output, another advantage of deploying drones in agriculture is the low risk they pose to safety of people. These developments are likely to boost the market growth of agriculture drones in the coming years.
Based on type, the agriculture drone market has been sub-segmented as fixed wing, rotary, and others. The rotary sub-segment of the agriculture drones market is projected to have the fastest growth and it is projected to surpass $3,448.6 million by 2028, with an increase from $800.6 million in 2020.
Based on application, the market has been segregated into crop monitoring, soil & field analysis, planting & seeding, crop spray, and others. The crop spray sub-segment is estimated to have the fastest market growth generate a revenue of $748.1 million by 2028 with a CAGR of 20.4% over the forecast period.
Based on technology, the market has been bifurcated into manual and autonomous operated drones. The autonomous sub-segment is estimated to have the fastest market growth and generate a revenue of $2,244.0 million by 2028 with a CAGR of 19.7% over the forecast period.
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Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific agriculture drones market accounted $477.5 million in 2020 and is projected to register a revenue of $2,172.4 million by 2028.
The companies involved in the agriculture drones market are AgEagle Aerial Systems Inc., DJI, Precisionhawk, SenseFly, AeroVironment, Inc., Delair, Microdrones, Sentera LLC, Parrot SA, and Yamaha Motor Corporation, among others.
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