The agriculture drones market was estimated to be USD 9.9 billion in 2018 and it is expected to register a CAGR 7.13% during the forecast period (2019-2024). North America and Europe are the largest and the most advanced markets with respect to the adoption of innovative technologies in the field of agriculture, while South America has the greatest potential for growth in this market. The presence of a large share of the agricultural area as fragmented holdings in Asia, especially in regions of India, limits the potential growth of the agriculture drones market over the forecast period.
Scope of the Report
Drones are a stirring innovative technology that could change how farmers manage their operations. This technology is ultimately expected to become as pervasive as tractors. Among other uses, drones are capable of collecting data that can be used to decide if crops have enough water or to even find leakages in the irrigation system.
Key Market Trends
Increasing Adoption of Precision Farming
The concept of precision farming has a lot of advantages for the agricultural sector. Different technologies, such as global positioning systems and guided vehicles, are being developed to create an era of precision farming. The rapid growth of the agriculture sector, which is now inculcating technological innovations into its agricultural practices will continue to drive the market for precision farming, and subsequently of agriculture drones as a part of it. With the increasing demand for food, globally, there is a constant pressure to increase agricultural productivity as well as to maintain good crop health. This is expected to lead to an increase in production.
North America to dominate the global market
North America and Europe are the largest and most advanced markets with respect to the adoption of innovative technologies in the field of agriculture. As a result of declining Total Factor Productivity (TFP) in East Asia and Southeast Asia, the adoption of improved technology in agribusiness is at the center of national strategic policy goals. This is to augment food production output via enhancing cooperation between the private sector and agricultural infrastructure development.
The agriculture drones market is highly fragmented, with a number of local and regional players, in addition to the presence of major players. Relatively high capital requirements and the need for continuous R&D investments could affect new entrants. New entrants need to contend with the presence of market incumbents. This is because of their strong presence in several industries.
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