The Agricultural Drones Market is poised to grow by US$ 4.80 Bn by 2024
The Agricultural Drones Market is poised to grow by US$ 4.80 Bn by 2024
Blog Article
The global agricultural drones market provides real-time data and imaging that helps farmers maximize crop health and yield. Agricultural drones help to monitor crop growth, detect pests and diseases early, survey fields for issues and efficiently plan crop treatments. Equipped with cameras and sensors, drones can survey vast tracts of farmland, identifying problems that may be missed from the ground.
Global agricultural drones market is estimated to be valued at US$ 4.80 Bn in 2024 and is expected to reach US$ 19.24 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 21.9% from 2024 to 2031.
Key Takeaways
Key players operating in the agricultural drones market are Aeronavics, AeroVironment Inc., AgEagle Aerial Systems Inc., DELAIR SAS, DRONE VOLT, FlyGuys, Harris Aerial, ideaForge Technologies Pvt. Ltd., Kray Technologies, Nextech, Parrot Drones SAS, PrecisionHawk Inc., Sentera Inc., Shenzhen GC electronics Co. Ltd, Skyfront, SZ DJI Technology Co. Ltd., Vision Aerial Inc. The increasing demand for food supply and rising need for crop monitoring are fueling market growth. Agricultural drones help improve farm productivity and yield through precision agriculture techniques.
Growing demand in the market:
The global population is rising exponentially and there is increasing pressure on farmers to boost agricultural production. Agricultural Drones Market Demand help increase yields and optimize resource usage to meet this growing demand for food. Drones equipped with advanced sensors can monitor vast areas rapidly and identify problems early before they significantly impact crop health and yield. This data allows pre-emptive actions to boost productivity.
Global expansion of the market:
Leading agricultural drone companies are expanding globally as awareness and acceptance of these technologies increase. Many countries in Asia Pacific, South America, and Africa are investing heavily in agricultural drones to revive struggling farm sectors. Partnerships with local players help deploy affordable solutions and provide training. Governments also support adoption through subsidies. This widespread implementation is expected to drive the global market for agricultural drones at a high pace in the coming years.
Market Key Trends
One of the major trends in the agricultural drones market is the integration of artificial intelligence and machine learning capabilities. Drone companies are developing technologies that can autonomously identify and analyze crop conditions using computer vision and deep learning algorithms. This helps reduce the need for manual data analysis and intervention. AI-powered agricultural drones are poised to drastically transform precision agriculture and boost global food production.
Porter’s Analysis
Threat of new entrants: New entrants in the agricultural drones market face high capital requirements for R&D and manufacturing. Bargaining power of buyers: Individual buyers have low bargaining power compared to large corporate buyers due to bulk purchasing abilities and demands. Bargaining power of suppliers: A few major suppliers exist for key drone components like imaging sensors, increasing their bargaining power. Threat of new substitutes: Potential substitutes include manned aircraft and satellites for crop monitoring, limiting threat from new substitutes. Competitive rivalry: Fierce competition exists between numerous global drone manufacturers racing to develop advanced precision agriculture technologies.
Geographical Regions
The North American and Western European markets currently represent the highest concentration of agricultural drones market value. This is due to widespread technology adoption amongst large-scale corporate farms in countries like the United States, copyright, France, Germany and the United Kingdom. Advanced drones are increasingly utilized for tasks like crop monitoring, soil analysis and precision spraying across vast farmlands.
The Asia Pacific region excluding Japan is poised to become the fastest growing regional market for agricultural drones from 2024 to 2031. This is because countries like India and China are experiencing rising demand for drone-based solutions to increase farm productivity and optimize the use of resources. As mechanization increases across vast smallholder farms and the agricultural workforce grows rapidly, drones provide cost-effective means to monitor and treat large areas of crops. Significant infrastructure development and supportive regulations in the sector will drive high growth in the APAC region.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)