PRESS RELEASE
Published July 4, 2023
The Agricultural Drones Market is anticipated to be valued at US$ 3,807.0 million in 2023 and to grow at a CAGR of 14.1% to US$ 14,237.6 million by the end of 2033.
The drone industry is anticipated to grow at a 15.3% CAGR through 2023, when it is expected to ship 7.6 million units worldwide. A lot of money is spent on the use of drones in agriculture as a result of technological advancements. By the end of 2022, sales of agricultural drones held a nearly 11% market share worldwide.
A major technological advancement, in recent times, is in the area of unmanned aerial vehicles, more popularly known as drones. Originally developed for aerospace and military purposes, drones nowadays have found their way into various sectors, agriculture for instance, due to their enhanced levels of safety and the efficiency they provide.
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Major market participants in the global Agricultural drones market identified across the value chain include:
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- 3D Robotics
- AgEagle Aerial Systems Inc
- Asteria Aerospace
- ATMOS UAV
- Autel Robotics
- Ayaan Autonomous Systems Pvt. Ltd.
- Delair SAS
- DJI
- Draganfly Innovations
- General Aeronautics
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Agricultural development is one of the most essential and powerful tool to diminish poverty and to feed the growing population of the world which is expected to reach 9.7 billion people by the end of 2050. Drones provide an alternative to lack of skilled workers, heavy equipment and other expensive tools required in the field. Agricultural drones have the ability of spraying chemicals almost 40 – 60% better than humans and thereby save on the resources too.
Agricultural drones generate a plethora of data, hence burdening farm owners to make use of the same. Collection of data, analyzing it and reviewing it to derive insightful information from the same cost a lot aside from the actual cost of the drone. Most agricultural drones do not have the ability to infiltrate dense crops and foliage, only flying overhead therefore missing out on other insects which may go overlooked.
Weed and rotten crop are detected by drones, however ground-based technologies provide a better solution to clean them rather than overhead drones. Most important of all, agricultural drones, with high precision cameras and other features, have a high cost range, therefore making it inaccessible for most of the farmers.
However, with the product being launched in recent times has been relegated to only regional markets of high capita spend on agricultural equipment in certain countries. The investment costs coupled with low level of product awareness and adoption in the larger base of geographical regions across the globe is currently a restraint to the growth of agricultural drones market. This scenario is expected to transcend towards greater degree of penetration in emerging markets, provided the vendors offer economic solutions for the agriculturists.
Impact of COVID-19 on Agricultural drones market
The pandemic has disrupted most of the manufacturing and global supply chains, preventing agricultural drone manufacturers to procuring raw materials and various components essential for the assembling an agricultural drone. However, several countries imposing lockdowns and under strict social distancing norms labor availability has reduced only to boost the demand of agricultural drones even further. Most importantly, covid-19 has also exerted a shock on the global food demand, lowering purchasing power, thereby causing a deterioration in the global agricultural sector and also the agricultural drones market.
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Agricultural drones: Market Segmentation
- By Offerings :
- Fixed Wing
- Rotary Wing
- Hybrid Wing
- By End Users :
- Consumer / Civil
- Commercial
- By Coverage Distance :
- Below 3 Km
- 3-6 Km
- 6-9 Km
- Above 9 Km
- By Application :
- Precision Agriculture
- Livestock Monitoring
- Surveying & Mapping
- Irrigation
- Precision Fish Farming
- Fertilization & Spraying
- Aerial Imaging
- By Payload Capacity :
- Below 5 Kg
- 5-10 Kg
- 10-15 Kg
- 15-20 Kg
- Above 20 Kg
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
North America accounts for the highest demand of high quality crops, increasing automation and growing cost of labor, which will increase the sales of agricultural drones even further. North America is also not prone to strict regulations against usage of drones in agriculture. However due to large fields, growing population and risen food demand in the Asia – Pacific region is a more favorable region which could account for a higher growth in the agricultural drones market.
An increase in automation and attention to detail given by the drones, in farming, is one the main reasons farmers adopting them. Agricultural drones provide many advantages and features such as monitoring crop and soil data, seed planting, crop management amongst many others which ultimately contribute towards improving productivity by efficiently using fertilizers, water and soil. Different types of agricultural drones also have the ability of determining overall crop and plant health, land distribution, crop lifecycle amongst thereby maximizing yield and understand crop planting locations.
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This Press Release has been written with the intention of providing accurate market information which will enable our readers to make informed strategic investment decisions. If you notice any problem with this content, please feel free to reach us on [email protected]
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