Agriculture Drones Market Appraise to Reach USD 5.4 Billion by 2027
The increase in adoption of precision farming solutions is expected to propel the global agriculture drones market growth throughout the forecast period
The Global Agriculture Drones Market was valued at USD 1.2 Bn in 2020 and is expected to reach USD 5.4 Bn by 2027, with a growing CAGR of 24.2% during the forecast period.
The increasing shortage of labor is among the major factor that influences the growth of the agriculture drones market throughout the forecast period. With the changing era, the significant shortage of working labor in the agriculture sector across the globe is due to various reasons such as the increasing average age of farmers, the growing cost of labors, and others. Moreover, the decreasing interest of new generations to engage in farming as a profession is a considerable factor for the agriculture drones market growth. For instance, according to the World Bank, the share of total employment in agriculture in India has declined from 63.32% in 1991 to 42.60% in 2019.
Based on the component, the global agriculture drones market has been segmented into frames, controller systems, propulsion systems, camera systems, navigation systems, batteries, others. The camera systems segment in the agriculture drones industry accounts for the largest market share during the forecast period. The growth in this segment is attributed to the increasing technological advancements. A camera system is a key element of an agriculture drone due to the fact its specifications decide the application for which the drone is to be used. For instance, the hyperspectral camera is best suitable to analyze weed intrusion in farms, while the LIDAR camera is exceptional to show slopes and sun exposure on farms.
The increase in drone associated government regulations across the globe is expected to limit the growth of the market. However, the rising automation in the farming and agriculture industries is a major opportunity for drone application in the agriculture sector. Moreover, exemptions by the U.S. federal agencies in the agriculture sector is expected to provide lucrative opportunity for the agriculture drones market growth.
Global Agriculture Drones Market by Region Outlook (Revenue, USD Million, 2021-2027):
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, the Asia Pacific agriculture drone market is anticipated to grow at the highest CAGR during the forecast period. The growth in the region is mainly attributed to the increasing population. For instance, according to the United Nations Report published in 2021, the population of the Asia Pacific region is around 4 Bn which is equivalent to 59.76% of the total world population.
The Global Agriculture Drones Industry Segmentation:
Global Agriculture Drones Market by Offering Industry Outlook (Revenue, USD Million, 2021-2027)
Global Agriculture Drones Market by Component Industry Outlook (Revenue, USD Million, 2021-2027)
- Controller Systems
- Propulsion Systems
- Camera Systems
- Navigation Systems
Global Agriculture Drones Market by Application Industry Outlook (Revenue, USD Million, 2021-2027)
- Precision Farming
- Livestock Monitoring
- Precision Fish Farming
- Smart Greenhouse
- Based on the offering, the software and services segment is growing at a significant rate during the forecast period
- Based on the component, the camera systems segment is expected to account for the largest market share during the forecast period
- Based on region, the Asia Pacific is anticipated to grow at the highest CAGR during the forecast period
The key players operating in the agriculture drones market are:
- Parrot Drone SAS
- AeroVironment, Inc.
- AgEagle Aerial Systems Inc.
- Yamaha Motor Co., Ltd.
- Trimble Inc.
- DraganFLY Inc
- American Robotics, Inc.
- In August 2021, Ondas Holdings Inc., a developer of proprietary, software-based wireless broadband technology, acquired American Robotics, Inc., the main developer of highly automated commercial drone systems and the first company approved by the FAA to operate its drone’s Beyond-Visual-Line-Of-Sight (“BVLOS”) without a human operator on-site. The strategic acquisition of both companies will allow Ondas Networks and American Robotics to offer consumers in rail, agriculture, utilities, and critical infrastructure with advanced connectivity as well as data collection capabilities.
- In May 2021, AeroVironment, Inc., a global leader in intelligent, multi-domain robotic systems, acquired Telerob Gesellschaft für Fernhantierungstechnik mbH (Telerob). The acquisition with Telerob marks a considerable expansion to the AeroVironment portfolio of intelligent, multi-domain robotic systems, from small and medium unmanned aircraft systems, to tactical missile systems and now, unmanned ground vehicles.