According to the new market research report "Agriculture Drones Market by Offering (Hardware and Software & Services), Application (Precision Farming, Livestock Monitoring, Precision Fish Farming, and Smart Greenhouse), Component, and Geography - Global Forecast to 2024" 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.
Hardware to hold larger share of agriculture drones market during forecast period
Hardware is expected to account for a larger share of the agriculture drones market during the forecast period. Drones can take aerial photos of crops and fields, and as they fly at heights lower than satellites, they can also take images with the centimeter-level resolution. By now, a significant number of farmers have started experimenting with drones. The rise in the use of drones by farmers or agronomists would lead hardware to capture a major share of the market in the coming years.
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Navigation systems to register highest CAGR in agriculture drones market during forecast period
The agriculture drones market for navigation systems is expected to grow at the highest CAGR during the forecast period. A drone well equipped with a navigation system and an autopilot system, including a camera, gives plenty of aerial options. Agriculture drones with GPS receivers recognize their position within a farm, which enables them to adjust operations to maximize productivity or efficiency at that location.
Agriculture drones market in APAC to grow at highest CAGR during forecast period
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 and 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.
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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 the agriculture drones market.