The agriculture drone market was valued at US$ 987.26 million in 2021; it is estimated to grow at a compound annual growth rate (CAGR) of 31.5% during 2022–2028.
Agricultural drones are unmanned aerial vehicles that farmers can use to boost crop production and track crop growth, along with performing other important tasks such as monitoring and mapping. This drone is fitted with advanced sensors and digital imaging capabilities, allowing farmers to inspect the field from distance and identify insect & fungal infestations, and manage irrigation issues, soil variations, and other issues. An increased understanding of precision farming with the need to improve yields favors the agriculture drone market.
Farmers and crop growers can employ agriculture drones in operations such as land imaging, soil monitoring, crop spraying, sample collection, livestock movement and monitoring, irrigation monitoring, and topography surveying to enhance the efficiency of these tasks. Despite such crucial developments in agricultural technologies, agriculture operations are performed manually, with traditional methods, in many regions of the world.
MARKET DYNAMICS
The growing demand for drones in applications such as aerial imaging, crop monitoring, and crop spraying is one of the major factors driving the agriculture drone market growth. The use of these drones allows users to boost the productivity, efficiency, and profitability of farming operations. Several types of risks and challenges related to supply chains, weather uncertainty, and crop diseases can be reduced by deploying drones in agricultural applications. The need for reducing the environmental impact of pesticides and fertilizers through targeted spraying is another major factor generating the demand for drones in the agricultural sector. The spaying of an entire crop field leads to the wastage of pesticides and fertilizers outside the crop area.
MARKET SCOPE
The "Global Agriculture Drone Market Analysis to 2028" is a specialized and in-depth study with a special focus on market trend analysis. The report aims to provide an overview of the market with a detailed segmentation based on component, type, farming location, type of produce, farm size, and application. The report also provides key market statistics based on the revenue performances of leading agriculture drone market players, and offers key trends and opportunities prevailing in the market.
Strategic Insights
MARKET SEGMENTATION
The agriculture drone market is segmented on the basis of component, type, farming location, type of produce, farm size, and application. Based on component, the market is segmented into hardware and software. Based on type, the market is bifurcated into fixed wing and rotary wing. In terms of farming location, the agriculture drone market is bifurcated into indoor and outdoor. The agriculture drone market, by type of produce, the market is segmented into field crops, fruit & vegetables, dairy & livestock, and others. Based on farm size, the market is bifurcated into small & medium farms and large farms. On the basis of application, the agriculture drone market is segmented into precision farming, livestock monitoring, smart greenhouse, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the agriculture drone market, including qualitative and quantitative information. It also provides current market size and estimates for the period of 2019–2028 with respect to five major regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. The market in each region is further segmented into respective countries and segments. The report covers an analysis and forecast of 18 countries, along with current trends and opportunities prevailing in the region.
North America dominated the agriculture drone market with ~40% share in 2021, followed by Europe. The market dominance of North America is majorly attributed to the presence of a large number of agriculture drone manufacturers in key countries and the increasing popularity of precision agriculture in the region. The adoption of modern automation technologies, such as aerial drones, boosts the efficiencies of farming operations. Further, Asia Pacific is expected to be the fastest growing region in the global agriculture drone market during the forecast period. This is owing to the rising interests of customers across different countries such as India, South Korea, Japan, Malaysia, and Indonesia for the deployment of automated technologies for better farming and irrigation applications. Several government authorities have also been introducing new initiatives to boost the procurement of drone technologies in the agriculture applications. For instance, the government of India has already run an initiative called Kisan Drone under which the government is providing subsidies to the farmers for the promotion of drones in the country’s agriculture sector. Moreover, in August 2022, Indo Wings a drone company in India announced the launch of a new agriculture drone that uses unique CCMS spraying technology to provide 360-degree leaf coverage. Such instances have been catalyzing the agriculture drone market across the region.
Source: The Insight Partners Analysis
The report analyzes factors affecting the agriculture drone market from the demand and supply sides. Further, it evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, influencing the market progress. The report also provides an exhaustive Porter's Five Forces analysis of the market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has led to a huge disruption across the food & beverages and agriculture sectors. Several agriculture companies have witnessed shortages in terms of laborers, materials, and other resources. The disruption of supply chain also led to the deceleration in the progress of the agriculture industry during the pandemic period. Also, several other challenges such as the temporary shutting down of processing plants, the decline in demand for full-service restaurants and school meals, reduction in direct-to-consumer sales, and larger price fluctuations in commodities prices hampered revenues of the agriculture sector. These factors hindered agricultural production worldwide in FY 2020–2021. As a result, the demand for agritech, including drones, decreased during the COVID-19 pandemic as very few customers were able to invest in the procurement of such modern technologies. Nevertheless, with relaxations in social and commercial restrictions, and the increased costs of laborers and other commodities, the demand for automated technologies began growing gradually in the agriculture sector in 2021.
MARKET PLAYERS
The reports highlight key organic and inorganic growth strategies in the agriculture drone market. Organic growth strategies adopted by market players include product launches, product approvals, and patents and events. Further, the inorganic growth strategies witnessed in the market include acquisitions, partnerships, and collaborations. These activities have paved the way for the expansion of businesses and customer bases of market players.
The report also includes the profiles of key companies in the agriculture drone market, focusing on their SWOT analysis and market strategies. The company profile section focuses on leading industry players with information such as components and services offered, financial information for the last 3 years, and key development in the past 5 years. The list of a few companies engaged in the agriculture drone market is given below:
- AeroVironment, Inc.
- AgEagle Aerial Systems Inc
- DJI
- DroneDeploy
- PRECISIONHAWK INC
- Third Element Aviation GmbH
- Sentera
- Yamaha Motor Corporation, U.S.A.
- Trimble Inc.
- Parrot Drone SAS
The dedicated research and analysis team at The Insight Partner consists of experienced professionals with advanced statistical expertise. The team also offers various customization options in the existing study.