Agriculture Drone Market to hit $1bn by 2024

The global Agriculture Drone Market share report provides numbers for applications and regional segments of the industry covering historical as well as forecast data for decision makers.

Agriculture drone market is slated to cross a billion-dollar mark in the coming seven years with more number of farmers around the world adopting the drone technology to enhance the productivity and efficiency of their land, water, and fertilizers. This upgraded technology uses automated process to enhance the overall productivity. The drones are embedded with cameras that offer in-depth real-time data of the crop health that enables better monitoring and crop management. In addition, venture investments in UAV (Unmanned aerial vehicle) startups is expected to provide further growth opportunities for the overall industry.

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Among the various applications of agriculture drone market, field mapping led the application landscape in 2016. Growing demand for increasing the productivity by analyzing and monitoring the crops are anticipated to fuel the agricultural drones industry size in field mapping applications. Another prominent application which will witness lucrative growth opportunities in the coming years is crop scouting. Demand for proper utilization of fertilizers and pesticides by reducing its wastage due to over spraying is propelling crop scouting applications in agro-based economies. Introduction of NDVI (normalized difference vegetation index) related to crop scouting is expected to boost further penetration of agricultural drones industry in the coming time frame. Additionally, federal rules promoting implementation of upgraded technologies in the agricultural sector along with increasing financial support for UAV (Unmanned Aerial Vehicle) are factors playing a pivotal role in changing the overall market dynamics.

Geographically, U.S alone covered 30% of global agriculture drone market in 2016, in terms of revenue. Growing implementation of smart agricultural drones such as UAVs for enhancing the crop yield is driving the regional market. Spreading awareness for improvised precision agriculture is pushing the farmers to implement UAVs for field mapping as well as crop scouting. It is undoubtedly the major revenue pocket for North America market.

Europe Agricultural drones industry will also witness substantial growth, driven by the increasing manufacturing of UAVs and favorable government initiatives pertaining to the agricultural sector in this region. Venture capitalists are getting interested in these startups as the return on investments is huge. Renowned companies who are leading the trend include Syngenta, Monsanto, Mitsui, and DGI. Asia pacific is also expected to mark a footprint in the global market in the years to come, owing to the increasing number of research activities to broaden the application of these hi-tech drones in the agricultural industry.

Considering the product front, the agriculture drone market is majorly bifurcated into hardware and software. Hardware agricultural drones industry is further segmented into fixed wing, hybrid, multirotor, and nano-UAVs. Fixed wing market led the industry share in 2016, by accounting for almost 70% of the total market. Its ability to perform long distance tasks and carry heavy pay loads allows it to be the most preferred choice for farmers. Software solutions provide optimized real-time data that help the farmers to properly monitor and inspect the current condition of the fields which finally boosts the productivity.

Expansion of regional base and strategic collaborations are the key strategies adopted by the market players to proliferate their economic position. Prominent agricultural drones industry participants include 3D Robotics, PrecisionHawk, and AeroVironment,

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