The agriculture drones market is expected to grow from USD 1.2 billion by 2019 to USD 4.8 billion by 2024 at a CAGR of 31.4%. A few key factors driving the growth of this market are increase in venture funding for the development of agriculture drones, and availability of software solutions for field survey and data analytics.
Applications such as precision farming and livestock monitoring are expected to drive the growth of the agriculture drones market in next 5 years. The implementation of precision farming has the potential to transform agriculture practices, making traditional agricultural activities more efficient and predictable. Furthermore, the high adoption of drones, which are aerial data collection tools, for agriculture is growing exponentially.
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Which precision farming applications are good to invest in next 5 years?
Field mapping and crop spraying are the applications to look forward to in next 5 years. Field mapping helps to look at the condition and health of crops across different soil types and management zones to portray crop health and yield potential. Adoption of drones for crop spraying is an efficient practice to increase the yield of crops and reduce the wastage of fertilizers and pesticides.
Which are the major companies in the Agriculture Drones market? What are their major strategies to strengthen their market presence?
DJI (China), PrecisionHawk (US), Trimble Inc. (US), Parrot Drones (France), 3DR (US), AeroVironment, Inc. (US), Yamaha Motor Corp. (Japan), DroneDeploy (US), AgEagle Aerial Systems, Inc. (US), and OPTiM Corp. (Japan) are some of the major players in agriculture drones market. All these players have mainly adopted the strategy of product launches/developments to stay ahead in the competition.These strategies helped the players to efficiently cater to the growing demand for agriculture drones and also to expand their global footprint by offering their products in all major regions.
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Which is the best region to invest for this market?
The agriculture drones market in APAC is expected to grow at the highest CAGR during the forecast period. The rate of adoption of smart agriculture techniques is likely to grow at a high pace in this region, mainly led by emerging countries such as India, China, and countries in Southeast Asia. The rapidly increasing population, availability of arable farms, and government support through subsidies are the major factors driving the adoption of agriculture drones in APAC.