The global agriculture drone market size is projected to reach USD 3,697.4 million by 2027, exhibiting a CAGR of 18.14% during the forecast period. The emergence of startups specializing in developing unmanned aerial vehicles (UAVs) for agriculture will significantly enhance the potential of the market. Fortune Business Insights™ shares this observation in its report, titled “Agriculture Drone Market Size, Share & COVID-19 Impact Analysis, By Type (Fixed Wing, Rotary Wing, and Hybrid), By Components (Hardware [Frames, Control Systems, Propulsion System, Navigation System, Payload, Avionics, Others] and Software [Imaging Software, Data Management Software, Data Analytics Software, Others]), By Application (Field Mapping & Monitoring, Crop Spraying, Crop Scouting, Variable Rate Application, Livestock Monitoring, Others), and Regional Forecast, 2020-2027”.
Agriculture drones have proved to be immensely successful in raising farm yields around the globe. Given the lucrative opportunities, several startups have cropped up in this domain, developing UAV solutions tackling the different aspects of farming operations. For example, Gamaya, a Swiss startup, is focused on boosting productivity and scalability of small farms by using advanced mapping and diagnostic systems, enabling farmers to efficiently manage their farms. Another example is HummingBird Technologies, a UK-based startup, which develops drones with customized sensors with machine learning algorithms and computer vision to gather accurate data and imagery to aid precision farming. Advancements made by these and many more such startups worldwide will create fertile ground for the growth of this market.
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Skyrocketing Demand for Food Worldwide to Propel the Market
The most critical factor driving the agriculture drone market growth is the expected levels of demand for food and grains worldwide in the next few decades. According to the UN, by 2050, the world population will reach 9.1 billion, with sub-Saharan Africa’s population projected to grow the fastest. To meet the food requirements of this surging number of people, the Food and Agriculture Organization (FAO) estimates that the overall food production will need to rise by 70% and production in developing countries will need to double from the current levels. Agriculture drones will play a central role in supporting the efforts of governments in elevating their farm yields. These UAVs offer wide-ranging and decisive advantages to farmers, who can make enormous gains from these machines. For example, drones equipped with smart sensors can enable farmers to collect accurate information on soil conditions. Drones can also spray crops with insecticides and pesticides, thus minimizing farmers’ contact with these harmful chemicals.
Quick Adoption of Advanced Drones for Agriculture to Feed Market Growth in North America
North America, with market size of USD 367.6 million in 2019, is anticipated to lead the agriculture drone market share during the forecast period. This is mainly attributable to the rapid uptake of advanced UAVs by farmers in the region to increase farm output. Complementing this is the framing of friendly policies by lawmakers in the region supporting the deployment of commercial drones and small UAVs for agricultural activities.
Asia Pacific is expected to generate tremendous growth opportunities for this market as the countries in the region are heavily dependent on agriculture and are making massive investments to make agriculture more technology-driven. In Europe, the ability of farmers to utilize drone technology for better farm yields will augur well for the market.
Leading Players to Focus on Tapping Innovation Opportunities
Key companies are concentrating all their energies towards exploiting the wide opportunities for innovation to diversify their portfolios and entrench their position in the market in the process. Moreover, companies are also exploring avenues to enter and expand into developing economies, in a bid to broaden their business horizons.
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