July 19, 2022 03:02 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, July 19, 2022 (GLOBE NEWSWIRE) -- The global agriculture drone market size was USD 1,021.1 million in 2019 and is projected to reach USD 3,697.4 million by 2027, exhibiting a CAGR of 18.14% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled, “Agriculture Drone Market, 2020-2027.”
COVID-19 Positively Influenced Demand for Automated Robots in Agriculture Supply Chain
The novel coronavirus spread at a frightening speed in over 200 nations across the world. COVID-19 managed to infect millions of people and has reported numerous fatalities since its advent. These aspects have obstructed the health of the global economy owing to the stringent obligation of limitations to terminate the infection spread. The pandemic has also imposed long-term economic harm and commenced a global economic downturn.
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List of Key Players Mentioned in the Agriculture Drone Market Report are:
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Hybrid Drones to Grow at Faster Pace during Forecast Period
Based on type, the market is divided into rotary-wing, fixed-wing, and hybrid. The rotary-wing segment held the highest share in the market in 2019 and is estimated to maintain its spot as a leading segment during the forecast period.
Hardware Segment Led the Market in 2019
Based on components, the market is segmented into hardware and software. The hardware segment is further sub-segmented into frames, control systems, propulsion systems, navigation systems, payload, avionics, and others.
Field Mapping & Monitoring to Record a Great CAGR
In terms of application, the market is segmented into field mapping & monitoring, crop spraying, crop scouting, variable rate application, livestock monitoring, and others. The field mapping & monitoring segment held the largest share in 2019 and is anticipated to maintain its dominance during the forecast period.
Geographically, the global market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
Surging Usage of Small Drones in Agriculture to Drive Demand
In the agriculture sector, numerous technological progressions have affirmatively influenced farming productivity over the last few years. UAVs are one such prime developments and are expansively utilized in agricultural functioning currently with the assistance of next-gen hardware and software. Technological development in constituents, sensors, and sizes have effectively established mini, autonomous, and unmanned rotorcrafts. This is among the significant factors predicted to drive the growth of the market.
However, the other prime topic of worry for the market is the strict principles placed in numerous nations on the flying of unmanned aerial systems at specific heights. Furthermore, the absence of consciousness among the large farmer populations is also restraining the demand for these equipment in various nations.
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The report presents a holistic study of the agriculture drone market along with present trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions, or driving factors is also mentioned in the report. Step by step, a thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the agriculture drone market growth are shared in the report.
North America to Lead Stoked by Greater Preference for Advanced Machinery
North America held the largest agriculture drone market share in 2019 owing to the huge inclination of players towards technologically progressive machinery and drone systems to surge farm productivity.
The market in Europe is predicted to grow at a decent CAGR owing to the surging consciousness concerning smart drones to examine and monitor agricultural lands for enhancing crop yield in the region.
The market in the Asia Pacific is predicted to display healthy growth owing to the great agriculture production and export of agricultural materials across the world.
Collaborations among Companies to Reinforce Their Brand Values in Global Market
Fundamental players in the market are repetitively opting for operative strategies to encourage their products and establish their positions in the market. One such tactic is to unveil new products by forming collaborative deals with other companies to expand their reach to end-users.
February 2021: DroneDeploy declared their partnership with Corteva Agriscience to produce year-round enhanced farming conclusions through its agricultural drone fleets across the globe for accuracy farming applications.
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