DUBLIN–(BUSINESS WIRE)–The “Global Agriculture Drone Market – Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global agriculture drone market size is expected to reach a value of $9.01 billion by 2028 from $2.61 billion in 2022, growing at a CAGR of 22.94% from 2022 to 2028
North America took the lead in the global agriculture drone market in 2022, primarily due to its extensive large-scale farming operations and access to cutting-edge technology. The region’s dominance is further fueled by the presence of key drone manufacturers and technology providers, facilitating the proliferation of drone usage.
In the Asia-Pacific (APAC) region, notable growth has been witnessed in the agriculture drone market, particularly in countries like China, Japan, and Australia. This expansion is underpinned by increasing government initiatives and support, making APAC the region poised to achieve the highest compound annual growth rate (CAGR) in the global agriculture drone market.
The global agriculture drone market is marked by intense competition and diversity, featuring numerous established players alongside new entrants. Prominent global players in the agriculture drone market landscape include industry leaders such as DJI, Parrot SA, PrecisionHawk, Trimble Inc., AeroVironment Inc., Yamaha Motor Co., Ltd., and AgEagle Aerial Systems Inc.
These major players hold significant market shares and consistently engage in strategic initiatives such as mergers, acquisitions, partnerships, and collaborations to fortify their market positions.
MARKET DYNAMICS
Market Trends & Opportunities
One noteworthy trend emerging from the evolution of drone technology is the concept of “Drone-as-a-Service.” This innovative approach involves offering drone-based services to businesses, enabling them to harness aerial automation without the need for direct ownership of drones. Under this model, specialized companies provide tailored drone-based services to farmers, revolutionizing traditional farming operations.
Another significant trend is the shift toward smart farming, digital farming, and precision agriculture. Automation is a fundamental aspect of these practices, and agriculture drones play a pivotal role in this transformation. Drones autonomously conduct field surveys, collect data, and perform tasks like aerial spraying or seeding. This automation allows farmers to focus on higher-value activities such as data analysis and decision-making, ultimately enhancing efficiency, productivity, and crop quality.
Industry Restraints
Despite their considerable benefits, agriculture drones face challenges related to their high initial costs and regulatory barriers. Advanced drones equipped with sophisticated features and sensors can be prohibitively expensive. This cost includes not only the drone itself but also additional expenses for software, training, and maintenance.
These high upfront costs can deter adoption, especially among small-scale farmers or those in economically constrained regions. Moreover, regulatory barriers in various jurisdictions can hamper the growth of the agriculture drone market, particularly in price-sensitive markets.
INSIGHTS BY TYPE
The fixed-wing type segment dominates the global agriculture drone market. Fixed-wing drones have gained popularity in agriculture due to their ability to cover large areas efficiently. These drones offer longer flight times and carry heavier payloads, making them suitable for crop monitoring, mapping, and spraying tasks. However, fixed-wing drones cannot hover in place like multi-rotor drones, which limits their ability to perform tasks that require stationary flight.
INSIGHTS BY SENSOR TYPE
The global agriculture drone market is categorized into four types of sensors- RGB, multi-spectral, Thermal, and Lidar.
Multi-spectral accounts for the highest share of the industry as this sensor technology allows the farmer to see further than the naked eye. The multiple bands of light captured by these sensors facilitate precise analysis of plant vigor, canopy cover, leaves, and other plant parts.
Without multi-spectral data, early detection of plant diseases, weeds, and pests and calculating vegetative biomass would be nearly impossible. As a result of these factors, the demand for multi-spectral sensors in the agriculture drone market is expected to continue growing.
INSIGHTS BY PAYLOAD CAPACITY
The global agriculture drone market comprises a wide range of payload capacity of agriculture drones. Some drones fall into the range of below 10 KG, 10-30 KG, and the bigger drones fall into the above 30 KG category.
Agriculture drones with below 10 KG payload capacity held the highest share in the industry in 2022 but are likely to grow steadily during the forecast period. Drones with a payload capacity below 10 kg are typically used for small-scale agriculture operations and tasks that do not require heavy payloads. They are suitable for capturing detailed imagery of crops, detecting plant health issues, and generating accurate maps of fields.
INSIGHTS BY OPERATION MODE
The remote control operation mode held the largest global agriculture drone market share in 2022.
In this mode, operators have real-time control over the drone’s flight path, payload release, and data collection. Remote control operation provides flexibility and adaptability, as operators can adjust the drone’s movements and actions.
However, autonomous drones account for the lowest share but are likely to boost the industry with expected revenue of around USD 3.80 billion by 2028. Further, remote control drones held a bigger share than autonomous ones due to convenience and safety.
INSIGHTS BY DISTRIBUTION CHANNEL
The global agriculture drone market is segmented into two distribution channels: direct and indirect.
Indirect channels account for a bigger share than direct channels, as in this market, there are several retailers and intermediaries through which people can easily buy agriculture drones. Indirect distribution is favored by manufacturers who may not have extensive sales and distribution networks or prefer to leverage the expertise of established intermediaries.
KEY QUESTIONS ANSWERED:
MARKET DYNAMICS
Market Opportunities & Trends
Market Growth Enablers
Market Restraints
Industry Overview
VENDOR LANDSCAPE
Key Company Profiles
Other Prominent Vendors
For more information about this report visit https://www.researchandmarkets.com/r/6b4u0x
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